Home Loan With Bad Credit – Fed Home Loan Centers
While not everyone will qualify for a home loan, many borrowers who have a had a prior foreclosure, bankruptcy or short sale are surprised to learn that there are home loan programs that can help them purchase real estate. Although minimum credit score requirements still apply, an isolated credit issue will not prevent a borrower from obtaining a home loan. Patterns of repeated delinquency are not acceptable. You cannot have more than one 30 day+ late payment in the previous 12 months. Recurring judgments, collections, or charge offs must be cured in order to obtain a home loan.
What Home Loans Are Available For Borrowers With Bad Credit?
Bad Credit Home Loans
FHA Home Loan
VA Home Loans
USDA Home Loans
Buying A Home With A Prior Foreclosure Or Bankruptcy
How To Apply For A Bad Credit Home Loan?
What Happens If FedHome Loan Centers Can’t Approve Me?
Still in Foreclosure and need a way out? Perhaps a Short Sale can get you moving!
What Home Loans Are Available For Borrowers With Bad Credit?
Current economic conditions have affected just about everyone and in many different ways. Many of us have experienced serious life changing events that have brought about financial challenges resulting from loss of income, catastrophic health issues, marriage conflict or heaven forbid, a combination of these.
A lot of people who previously had untarnished credit, now suddenly find their credit score has been reduced. For a person who has experienced these kinds of life events, having a damaged credit history, it is like “putting salt on a wound”, it makes it seem very difficult to make a new start and put the past behind them. This is especially true when it comes to re-establishing an affordable and sustainable home for their family.
However, several loan programs exist that will allow a borrower to obtain a home loan. The most common programs are backed by the federal government. They are the VA loan, the FHA loan and the USDA loan.
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Bad Credit Home Loans
At FedHome Loan Centers, our business is designed to help people into homeownership. We provide credit advice and homebuyer counseling for 1st time buyers, repeat buyers and for homeowners facing debt problems, underwater mortgages and foreclosure. By using a variety of specialized home loan products and by offering affordable services to our customers, FedHome Loan Centers is making a difference in people’s lives by helping them to regain a favorable credit history and to secure sustainable home ownership for their families.
As a Government Home Loan expert, FedHome Loan Centers has access to a number of loan and grant programs created specifically for assisting borrowers who have bad credit. To put these tools to work for you, contact your Government Home Loan Specialist now for a no obligation quote. Call FedHome Loan Centers at: 877-432-5626.
The federal Government has a vested interest in the economic health of our country as well as a mandate to oversee and stimulate the housing sector. In effort to ensure the availability of safe, fair and affordable housing, over the years, the U.S. government has enacted monumental legislation to help the American public achieve home ownership. Some of the most popular government home loan programs that we use at FedHome Loan Centers are as follows:
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FHA Home Loan
An FHA home loan is one of the best loan choices available today for any homebuyer seeking a low down payment combined with relatively easy qualifying standards. In addition to the other great benefits offered by an FHA loan including: low fixed interest rate, lenient credit guidelines and low cash requirements, FedHome Loan Centers also offers a lender rebate up to 2.75% toward your closing costs. All this adds up to financial freedom for you and family.
To apply for an FHA home loan, complete the loan application here
877-432-5626
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VA Home Loans
A VA loan provides an opportunity for veterans to purchase a home with little or no out of pocket expense. The most notable features of a VA loan are that there is no down payment required, there is no mortgage insurance required and qualifying is much easier than with a conventional loan. In order to be eligible, you must have military service and provide a Certificate of Eligibility from the VA.
To apply for a VA loan, visit our sister website VA Home Loan Centers here.
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USDA Home Loans
The best feature of a USDA loan is its 100% financing option. Qualifying requirements for a USDA Home Loan are much easier and forgiving than conventional loan programs. A USDA loan is ideal for buyers who are looking to cash-in on cheaper prices found on the outskirts of major cities. USDA loans are for 30 years with a low fixed rate. Besides a VA loan, a USDA loan is the only remaining 100% financing option still being used in the housing market today.
To apply for an USDA home loan, complete the loan application here
877-432-5626
.
These and other government home loans and grants are created for low and moderate income borrowers with less-than-perfect credit. Contact a Government Loan Specialist today and let FedHome Loan Centers help you to get out of a stressful situation and into a new affordable home. We offer credit counseling and loan pre-qualifications at no out of pocket cost to the consumer. To begin restoring your credit, call now: 877-432-LOAN.
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Buying A Home With A Prior Foreclosure Or Bankruptcy
Many people with damaged credit simply give up on their dream of home ownership and resign themselves to renting a home instead. Still feeling the “sting” and humiliation of bankruptcy, short sale or foreclosure, many just want to forget about using credit ever again. In today’s market, however, the decision to rent over buying could prove to be a very bad choice in the long run.
Most economists feel that there has never been a better time to buy a home in American history. Interest rates are still historically low!
By purchasing a home now, you can lock in an unprecedented interest rate that won’t change for the next 30 years! This will insure a low and manageable payment and make it possible to even completely payoff your mortgage, owning your home free and clear. It is expected that a home purchased today will increase in value in the coming years. To top it off, because of the financial crisis, the federal government is doing everything in its power to stimulate the housing industry by passing temporary legislation that facilitates forgiveness toward homeowners with a troubled past. But it won’t last forever, so time is of the essence!
Renting on the other hand, means that you do not have control over your future. All the surveys indicate that rental rates are steadily climbing! Gaining equity in a home is one of the best ways to achieve financial freedom.
If you have less-than-perfect credit or even a bankruptcy or foreclosure on your record, don’t be discouraged! While conventional lenders have shut the door to borrowers with bad credit, there are lots of affordable opportunities still available with government loans and grants. Even if you have a credit score of 580 or you are just 2 years out of bankruptcy or foreclosure, FedHome Loan Centers can help you back to a place of secure and sustainable home ownership.
Call a Home Loan Specialist now for a no cost quote. Call:
877-432-5626
.
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How To Apply For A Bad Credit Home Loan?
Applying for a loan with FedHome Loan Centers, even if your credit is not so good, is a painless process. Just pick up the phone and call 877-432-LOAN. You will be connected with a friendly Government Loan Specialist who is an expert in government loans and grants. Your Government Loan Specialist will counsel you as to the best loan products for your particular situation. If you decide to move forward with a government loan, FedHome Loan Centers makes the loan application process fast and easy. We will do the paper work on your behalf. We will not run a credit check without your permission.
Applying for a government home loan through FedHome Loan Centers is simple and easy! Simply call 877-432-5626 to get started!
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What Happens If FedHome Loan Centers Can’t Approve Me?
In the event that your particular credit defaults are too recent or extensive for FedHome Loan Centers to help at the present time, our Specialist can work with you to help improve your credit profile. So, even if you are fresh out of bankruptcy or foreclosure, it is a good idea to contact FedHome Loan Centers now to get a jump on the process. Your Government home Loan Specialist can provide invaluable advice to help you get started on the right foot and to shorten the time it takes to get your credit back up to speed. Most borrowers who are denied credit are able to purchase home once they have made minor improvements to their credit profile.
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Still Facing Foreclosure and need a way out? Perhaps a Short Sale can get you moving!
A short sale is a way to sell your home for less than you owe without having to pay all or part of the ‘short fall’ from your own funds.
Scores of homeowners across the country have lost the equity they worked so hard to build up in their home. Owing more on a home than it is worth seriously prevents the homeowner from selling, refinancing or even modifying the loan thus blocking their ability to get themselves into a better situation. A short sale is valid solution not only for the homeowner but also for the lender.
FedHome Loan Centers is thoroughly committed to helping homeowners who want to get out of this type of situation and move on to achieve stable home ownership again. If done correctly, opting for a short sale will have less of a consequence to your credit in the long run than a foreclosure will. Sellers who short sell may be able to buy again within immediately (if you are current on your mortgage) or in 2-3 years (if you have defaulted on your mortgage). A short sale is preferable to a foreclosure as a foreclosure may have longer lasting affects to your credit.
Agents with FedHome Loan Centers specialize in short sales. Coordinating short sales to stop foreclosure is currently one of our most common sale transactions. If you are interested in a short sale, don’t wait! Put our experience to work for you now!
Speak with an approved
FedHome Loan Centers agent
today by calling
877-432-5626
.
IMPORTANT NOTICE:
If you choose to have FedHome Loan Centers represent you in selling your home as a short sale, you can stop using our services at any time. FedHome Loan Centers charges no up-front fees to assist you with your short sale. Our partner real estate brokerages will charge a real estate commission but if the bank agrees to a short sale, this is paid for by your lender. FedHome Loan Centers is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change the terms of your mortgage including approving your short sale. It is recommended that you continue to make payments on your mortgage throughout the process. Should you default on your payments, you can see a negative impact to your credit report and your home could be foreclosed upon.