Loans for
People With Bad Credit
FHA
Loans Basics
From: Kate Rieger,
President
Second Opinion Solutions Group, LLC
Corydon, Southern Indiana
Saturday 11:14am
If you live
in Louisville or Indiana and have poor
credit you still have options.
Guest author Mike Clover lays out the
advantages of FHA loans and what you
have to do to qualify...
FHA
loans are loans that are insured by
(HUD) Housing Urban and Development. FHA
loans have been around since the 1930's
right after the "Great Depression." This
was when 4 out of 10 households owned a
home.
(FHA) Federal Housing
Administration is the savior for our
current market just like it was back
during the roaring 30's.With FHA
loans especially during a credit
crunch like we are currently are in,
you can rest assure banks are
willing to be more lenient to
approve credit challenged borrowers
with FHA financing. The reason is
FHA loans are insured by HUD, and if
the borrower looses the home HUD
will pay a claim to lender for the
loss. FHA is the largest single
insurer of loans in the world.
FHA
Advantages.
- Lower interest rates, typically
interest rates are lower on FHA
loans with the banks since they are
government insured loans
- Only requires minimum investment
from borrower of 3% down payment,
which can be eliminated by Down
Payment Assistance. So essential you
can get a 100% financing with FHA
loans. Note: Requires Seller
participation
- If you have less than perfect
credit you can typically can get a
loan with FHA, they usually like to
see 12 to 24 months clean credit
report history. You can even get a
loan while in chapter 13 bankruptcy.
- No Credit Score Requirement
- Recent loan limits
increased-varies from state to
state. For example you can buy a
home in the state of Texas with FHA
up to $271,050. Depending on if your
state is a high cost area; obviously
this loan limit would be higher.
- Will allow alternate lines of
credit if not good history is on
credit report.
Example:
1. Letter from any utility company
stating you have been on-time with
your payment history for that last
12 months.
2. 12 month payment history from car
insurance company, cell phone
company and even daycare will work.
If you are currently in the
market to buy or maybe you feel like
you need credit repair, what ever
your direction is, getting a FHA
loan is not as hard as you think.
FHA gets people approved that may
not get approved with other loan
types. The first step is to examine
where you are at with a lender and
get the ball rolling. IN this
current market some lenders are
requiring you to either have a 580
credit score or higher. They will
also allow no credit score but your
interest rate is higher than current
market rates. This is going on even
though FHA has no credit score
requirement; this is due to bad
performance of loans below the
credit score benchmark of 580.
About the Author: Mike
Clover is the owner of
http://www.creditscorequick.com/
CreditScoreQuick.com
is the one of the top
on-line resources for
free credit score
report, fico score,
identity theft
protection, secured
credit cards, student
credit cards , mortgage
loans, auto loans,
insurance and a BLOG
with a wealth of
personal credit
information. The
information within this
website is written by
professionals that know
about credit, and what
determines ones credit
worthiness.
|
FHA loans
are simply the way to go anymore.
The days of easy loans are forever gone.
If you are considering a home mortgage
be sure to talk to a lender about FHA
loans as a option for repair loans with
bad credit. If you live in
Kentucky or Indiana, Andrea at A
Mortgage Doctor can help you out.
You can look her up by clicking on the
link below in my Premier Partners
section.
Be sure to tell her where you found
about her company.
You can
find out more advice in my
"Extreme Debt Reduction & Credit Score Boosting Strategies That 98% Of Borrowers
Will Never Know -- And How
You Can Learn These Strategies Too..."
This course has 7 concise lessons that you can
review and refer back to at any
time.
To
start this free, online mini-course, please complete the short form below
and you can start immediately -
Yes Kate - I
want to start today!
What others are saying...
Hi Kate,
I do want to thank you so much for your quick and thorough responses to my questions. I am amazed at the amount of information you manage to deliver. Your
program is terrific.
You give an awful lot of personal attention that can never come from a computer
program.
Thanks for everything - I mean it!
Melissa
Louisville, KY
__________________________________________________
Dear Ms Rieger,
God Bless You!
You treated me like I was someone
important. I thank you for that and for showing me how to improve my FICO
scores. You are truly amazing!
Sincerely,
Roberta D.
Jeffersonville, IN
__________________________________________________
Credit Rejuvenations Rocks!
Dave
|
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P.P.S.
If you haven't done it yet, make sure you
get your free Special
Mini-Course entitled "Extreme Debt Reduction &
Credit Score Boosting Strategies That 98% Of Borrowers Will Never Know --
And How You Can Learn These Strategies Too..." by completing
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Warmest Regards,
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