Factors To Think About With Bad Credit Mortgages

Paying rent can be such a difficult thing to do. It feels like you are throwing money down the toilet every month. When you are paying a mortgage you are actually heading towards owning something and not paying someone else’s bills. So why not make the change and buy a home? Let me guess, bad credit is stopping you from achieving this dream? Well fret no more because there is an answer to your problem, an FHA or a VA loan.

FHA which stands for the Federal Housing Administration insures the loan. This gives the lender protection if the home owner defaults on the loan. FHA loan payments tend to be less than a conventional loan payment.

It’s a huge difference compared to the 10% down payment on a conventional loan. You must have at least 12 months of perfect payment history on your credit score to qualify, as well as your debt to income ratio to be low. Lastly you must use the property for your permanent residence. Using the property for any type of rental is against regulations.

If you are a military veteran or are currently enlisted you could qualify for a VA loan. The VA loan was created to help our service men and women get into homes and house their families. The credit requirements are very low, and the residual income is easily achieved by most people. You must have a 12 month period of perfect payments on all debts. Spouses of military personnel are also eligible.

If you are tired of renting and are ready to be in your very own home now is the time to do it. Rates and home prices are historically low. There are many opportunities for you and your family to move into the home of dreams. So don’t procrastinate, and begin taking your steps towards a home.

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