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The following article was published in our article directory on December 14, 2012.
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Don t Be Surprised  What to Expect from Poor Credit Mortgages

Article Category: Real Estate

Author Name: Equity

A FICO score of at least 750 will give you an assurance that your application for financing or mortgage loan will be approved. What if your score is below 500 or even 400? What a poor score. Fortunately, there are lenders that offer poor credit mortgages. They are much like the regular mortgage loan but they are designed for people who have poor credit score.

With a Regular Mortgage

Someone who has a FICO score of 550 may see a glimpse of hope for a mortgage loan. The people who have the best chances are those who have a score of over 700.

There are absolutely many benefits if you have a good credit score. One is that you get higher chances for loan approval. Another is that you can get loans with a lower interest rate.

With a Poor Credit Mortgage

The poor credit mortgages are much like the regular mortgages. The two work the same way. The bank or lender grants a certain amount of money in exchange for the right to take your property in case you can no longer pay. However, the lenders ignore that you have a poor credit score in bad credit mortgages. They will proceed to processing your application even if you have a very low FICO score, which is very unlikely for a regular mortgage application.

The criteria vary widely but most lenders also consider important things like your source and stability of income, age, and financial obligations. Normally, they would disregard your low credit score as long as you no longer have debts by the time that you file a mortgage application.

Lenders are almost the same thinking that those who have poor credit are high risk. This is why they apply a higher interest rate than the ones that offer regular mortgage. Because there is higher interest rate, there is the possibility that you will be paying a higher amount every month. These are the disadvantages of applying for a mortgage with a low credit score. Nonetheless, many people grab the opportunity rather than to wait for years; for their FICO score to improve.

There Are Other Things Considered

As mentioned, lenders that offer poor credit mortgages would disregard a low credit score but that does not mean that they will blindly approve every application for mortgage. There are other things considered. For instance, debt to income ratio is still taken into account. You may have a poor credit and that will be okay as long as you don t have a big outstanding balance in other banks, lending companies, etc. You need to have a stable source of income, too. You have to be a permanent employee or your business must be running for a year or two.

Pay 5 to 20 Percent of the Selling Price

There may be no down payment mortgage loans but they usually cannot be combined with the poor credit mortgages. No bank or company would probably be so foolish to lend someone with no poor credit without a down payment. Note that the down payment can range from 5 to 25 percent of the property s selling price.

Keywords: Mortage Financing, Financing, Home Equity Loans ,Bad Credit Mortgages ,Poor Credit Mortgages, Self Employed Mortgages

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