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Construction Loans- Good as an Interim Measure of Financing Construction Activity
Construction of your house is going on at a normal pace when the depleting finances threaten to disrupt the process. The derailment in the construction activity will significantly increase the cost of construction. If arranging finance within such a...
FHA Home Loan and FHA Home Loans
FHA home loans have basic requirements that must be met before qualifying for an FHA loan. FHA home loan requirements are standards that allow first time homebuyers the opportunities to meet mortgage qualifications. FHA home loans are easier to...
Getting Fast Loans Online
If you're in need of additional money to cover your expenses and you need it as quickly as possible, you might want to consider looking into getting fast loans online. A variety of lenders offer fast loans online, allowing you to access their secure...
Loans
The cost of borrowing money in the UK is at its lowest level for some years. Interest rates as set by the Bank of England have stabilised at a low lending rate, enabling consumers to take out loans and credit agreements that are altogether very...
What are Personal Loans?
As the term implies, Personal loans are simply loans for any personal use. They're known as personal loans because the money is for personal use, such as buying a car or home improvements. Most lenders do not stipulate what you can spend your...
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Poor Credit Home Mortgage Loans - The Role of the FICO Score
If you have bad credit history and are looking to get a home mortgage loan, then chances are you are going to need to know all about how the FICO credit scoring system works.
FICO – Fair ISAAC & Company – is the leading credit reporting agency that lenders turn to when it comes time to credit scoring your home loan mortgage application; so if you do have bad credit history, these guys will know.
The formula used by FICO cannot be disclosed because of a decision made by U.S. Congress. There are some things generally known about FICO which that could help you understand why and how you can get approved:
1. The higher your FICO score, the better chance you have of getting that home mortgage loan. Also, the higher your score, the more room you have to negotiate a lower interest rate.
2. If you have a FICO score lower than 500, there is very little chance you’ll be getting a mortgage home loan.
That said, if you have a score of:
500 – 600 you should be able to get a home mortgage loan, provided you are willing to make a down payment.
600 – 640 You should get a 100% home loan financing. Thats right, with no money down.
640 - 700 You should be able to be approved for a 125% home mortgage loan. 700+ You’re in the drivers seat! You should be able to get an excellent rate with excellent terms.
3. FICO depends on each credit report, so before you apply for a home mortgage
loan, if you have bad credit history, get a copy of your credit report and make sure there is nothing on there that shouldn’t be there. If there is, get it changed before you apply for the home mortgage loan.
4. Wait until after you have purchased or refinanced your home before you buy anything additional on credit. More loans or higher balances can have a dramatic effect on your mortgage approval, regardless of whether or not you had over a 600 FICO score before you bought on credit.
5. Remember, the FICO score is only a part of your home mortgage loan application, so if at first you don’t succeed in getting your home loan mortgage, don’t give up. Some lenders may still be willing to lend to you!
People with bad credit often don't understand how the credit scoring system works. It is beneficial to find out more about it when looking to get a home loan with less than perfect credit to bad credit or when dealing with sub prime mortgage lenders.
To view our list of recommended bad credit mortgage lenders online, visit this page: Recommended Bad Credit Mortgage Lenders
About the Author
Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans. The site has many informative articles and the latest finance news.
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Loan Guaranty Service, Home Page (U.S. Department of Veterans Affairs) |
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Compare over 200 UK loans including personal loans, secured loans, and unsecured loans. Search all loans and apply online. |
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Service network of lenders that enables consumers to compare rates, apply for and get approval for competitive auto loans online. |
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Direct Loan Home Page |
The US Department of Education's lending arm for students in participating schools and student loan consolidation. |
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Personal, home equity loans for union members at Union Plus |
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Secured Loans UK - Secured Personal Loans - accepted.co.uk |
We search over 200 secured loan plans to find the best deal from our lenders - accepted.co.uk. |
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