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Adverse Credit Secured Loans - Setting Aside the Credit Report.
The debt defaults that you made in the past are not ready to let go of you so easily. It continues to show itself in the credit file, earning the debtor an adverse credit history for the nest six years, sometimes even larger. A group of loan...
Boat Loans: The Most Convenient Way To Become A Boat Owner
Buying a boat appeals to different people for different reasons.
The blue waters of deep seas, rivers and lakes fascinate many of
us. We like fishing, sailing, cruising or even living on the
high seas. All this is not feasible without a boat....
Consolidating Multiple Loans
If over time you have accumulated multiple loans it may be wise
to consider consolidating those loans into one single loan.
There are a variety of ways in which this may be accomplished.
Student Loans Multiple student loans must be handled...
Personal loans - to make a personalized financial agenda
The phrase ‘tailor-made’ ought to be made for personal loans. Personal loans have become relatively easy to acquire in UK. More and more loan providers have come forward to provide personal loans in UK and that too with innovative modifications to...
Things To Remember Before Selecting Mortgage Loans
Mortgage loans are the easiest way to own your house or
property. New low down payment and longer mortgage terms allows
people with low income or low cash to purchase their home by
taking home mortgage loans. The mortgage amount is the amount...
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100% Financing Or No Down Payment & Bad Credit Mortgage Loans
Sub-prime lenders now offer financing packages with zero down.
Interest rates are higher on these types of loans, but they make
purchasing a house easier. And unlike a conventional loan, there
is no private mortgage insurance required. There are two types
of zero-down mortgage packages, each with their own requirements.
Types Of Zero-Down Loans
100% financing, as it names implies, offers complete financing
of your property. The other option, 80/20, finances your
mortgage with two loans. Both loans may be carried by your
lender, but sometimes the seller or a second lender is required
to carry the 20% mortgage.
100% financing is easier to deal with, but not all lenders will
offer this type of home loan. 80/20 financing is more common,
but takes some negotiation if the seller is involved.
Qualifications For Zero-Down
Each lender has their own criteria for determining who will
qualify for a zero-down loan. Most sub-prime lenders require any
bankruptcies or foreclosures to have been at least twelve months
ago. A conventional loan requires these to be discharged two to
four years ago.
While a credit score of 600 or higher is best, large cash
reserves can also qualify you. Six to twelve month's worth
of
cash reserves in the form of savings, money market, or other
liquid assets are considered ideal.
If you choose 80/20 financing with the seller carrying the
second mortgage, you can qualify with sub-prime lenders with a
score of 560.
Zero-Down Sub-prime Lenders
You can find zero-down sub-prime mortgages with both
conventional and niche sub-prime lenders. Make sure that you
request quotes from as many mortgage lenders has possible to be
sure you find the lowest rate and best terms.
You will also want to decide what type of mortgage you want. An
ARM is easier to qualify for and has lower rates. A fixed rate
mortgage offers the security of a constant interest rate over
the life of your loan.
Typically an ARM will be a better deal if you plan to refinance
within a couple of years. After you have improved your credit
history, you can refinance for a conventional mortgage with low
interest rates.
About the author:
See my recommended companies for
Bad Credit Mortgage Loans. Carrie Reeder is the owner of ABC
Loan Guide, which offers help with loans for people with bad
credit.
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