Home Loans for Credit Challenged Borrowers

Just because you have negative items on your credit report doesn't mean you can't obtain a home mortgage loan. There are options for you. Bad credit is not the end of the world. It's true that getting a bad credit mortgage loan is not always the easiest or fastest mortgage loan out there, but you can still buy your own home even with bad credit.

Bad credit shouldn't stop you from getting a home loan. There are credit repair options. Most mortgage brokers will do everything they can to get your credit in good shape for your home loan. They work with you on finding the mortgage loan option that's right for you. You can get a home loan, even if you've had a bankruptcy or a foreclosure.

There are several bad credit mortgage loan options available for the credit challenged and even people with no credit at all, such as:

? Sub-Prime Mortgage Home Loans

? Stated Income Mortgages

? No Money Down Home Loans

? Jumbo Loans

? Adjustable Rate Mortgages

Step One: Know Your True Credit Score

Perhaps you've already been turned down for a mortgage because of a negative credit report or having no credit at all. Perhaps you've filed for bankruptcy. Whatever the case may be-You know your credit is bad.

But do you know how bad?

Are you sure your credit report is accurate? Eighty percent of credit reports have mistakes. At Mortgage-Loan-Advantage.com we help you find out if your credit is really as bad as you think it is. Here's what we can help you do:

? Get a copy of your credit report.

? Verify the items listed on your credit report.

? Take steps to repair any errors on your credit report.

? Take steps to remove errors on your credit report.

? Monitor your credit regularly.

Step Two: Consider Your Options

You really have two options, once you know what your credit score is. You can contact a bad credit mortgage lender and accept that for a while you must pay a higher interest rate than you would if your credit was perfect.

Or you can wait and try to fix your credit and bring up your credit score before you buy a home.

If your credit history is not that bad, you might want to take some time to bring up your score. To improve your credit score:

? Pay off as much debt as you can.

? Pay your bills regularly and on time.

? Don't apply for too much credit.

If you absolutely must get into a home now, or it looks like it would take too long to bring up your credit score significantly, contact a bad credit mortgage lender. Be prepared to pay a higher interest rate and more "points"-which are a percentage of the loan.

Step Three: Prepare Yourself with the Facts

Before you approach a bad credit mortgage lender, prepare.

Assess your financial situation. Do you have the income to add a mortgage to your debt load? Have you made as many lifestyle changes as possible to reduce your debt? Have you done all you can to bring up your credit score?

If the adverse credit items on your credit report occurred because of some reasons beyond your control, for instance, illness, job layoff, marital problems or other temporary setbacks, you must provide a written explanation of your circumstances to the bad mortgage loan officer. This can be provided with the loan application or at some other point in the loan process. If you have had sufficient time to regain financial stability since the problems occurred and to demonstrate prompt payment, the lender may offer some consideration on the rates.

Horace Hawkins is the President of Mortgage-Loan-Advantage.com and HoraceHawkins.com. As a mortgage loan broker, Horace serves the Dallas Fort Worth Metroplex with superior home mortgage loan services.

---

Remortgage To Release Equity By Improving Interest Rate

You have been paying on your mortgage for quite sometime... Read More

The Power of a Home Equity Loan to Pay Down Debt

Households across the country are finding themselves in a similar... Read More

Home Equity Lines of Credit - the Basics

A Home equity line of credit is a loan which... Read More

Mortgage Sales Hit Problems

The housing market has been buoyant over the past few... Read More

Home Equity Loan vs. 401(K) Loan -- Which Should You Choose

Home Equity Loan vs. 401(K) LoanYou've finally decided to add... Read More

Real Estate Mortgage Loans Online

Online real estate mortgage loans enable borrowers to be sure... Read More

Mortgage Refinancing - Does Size Matter After All?

Hopefully your ego has never had to experience the words,... Read More

Poor Credit Home Equity Loan Tips

A home equity loan can help repair your poor credit... Read More

First Time Home Owner Mortgage Loans

First time home owners are sometimes surprised at the complexity... Read More

Secured Homeowners Loans ? In Case You Thought a Home is Worth Few Dollars

Money is like music, if managed well, produces a good... Read More

Refinancing Your Home - Is the Time Right?

Refinancing your home is a major decision not to be... Read More

Home Mortgage Refinancing ? What?s in Your Contract?

Are you one of the millions of Americans who will... Read More

Short-Term Interest Rates on the Rise; Adjustable Rate Mortgage Holders Prepare for Increase in Rate

Interest rates are on the rise and many home owners... Read More

Mortgage Tips For The Frantic

It is a curious fact of human nature that people... Read More

How to Get Your Home Mortgage Loan

If you are thinking of purchasing a new home soon... Read More

Bad Credit Mortgage Loans - Are You Killing Your Chances of Getting Approved?

When you have poor credit, your list of lenders that... Read More

Remortgage Serves To Rewind The Reimbursements Of Mortgage

It takes a mighty big effort to secure a home... Read More

Decision Time: Home Equity Loan or Home Equity Line of Credit?

Home equity loans and home equity lines of credit continue... Read More

Ten Things a Mortgage Processor Must Know to be Effective

From time to time, we hear a story about a... Read More

Understanding Fixed-rate Mortgages

A fixed-rate mortgage is a mortgage on which the interest... Read More

What is a Capped Mortgage?

A capped mortgage is a variable rate mortgage with a... Read More

Adjustable Rate Basics

An adjustable rate loan, most simply stated, means that your... Read More

Home Equity Loans in Texas

A few notes of importance: This only applies to... Read More

Home Equity Loan ? Good Choice for Luxury Purchases?

Home equity loans or lines of credit have increased dramatically... Read More

High Risk Home Mortgage Lenders Online

Online high risk home mortgage lenders specialize in offering loans... Read More

Look For a Great Mortgage Online

People who are looking for a mortgage today have many... Read More

Little Known Secret: Eliminate your Mortgage in 23 years or less!

Wanna know a little secret? There is an ingenious method... Read More

What the Bank Won?t Tell You About Mortgage Refinancing

So you have a mortgage, and you need to refinance... Read More

Why You Should Not Get Hung Up on the Interest Rates!!

This is what a mortgage can do for you!AND Why... Read More

How To Choose Your Mortgage Loan

Are you excited about purchasing your first home? Or maybe... Read More

Refinancing Your Mortgage Can Open Up A Lot Of Options For You And Your Family

It can happen to anyone, the roof is leaking, the... Read More

Mortgage Advice

In the US today more households have mortgages than ever... Read More

Home Loans for Credit Challenged Borrowers

Just because you have negative items on your credit report... Read More