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Bad Credit - No Down Payment Mortgage Loans When
your credit history is poor, it can be difficult to get approved
for a home mortgage loan. It can be even more difficult to
get 100% financing on your loan to avoid making a down payment.
There are a few things you can do to help with the process.
1. Ask the seller of the home to pay all closing costs.
This is done very often, so sellers are usually not surprised
when the buyer asks for the closing costs to be paid as part of
the offer.
2. Shop around for the best mortgage loan. Many
mortgage brokers will tell you that if they can't help you, no
one can. It's simply not true. Most mortgage brokers
have access to many different types of mortgage programs.
Try to get at least 2-3 loan quotes before you commit to work
with a specific broker.
Recommended Bad Credit
Second Mortgage
Lenders:
See below for the Most Reputable Lenders:
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When applying for a bad credit mortgage loan, make sure you are current on your existing credit lines. You will want your current credit to be as good as possible.
Also, make sure to include all the income you have. If you have any equity in any stocks or other financial accounts, make sure to mention that to the broker as well.
The more money you can put down on the loan, the more likely it is that you can get approved. FHA loans usually only require 3-5% down. They are also usually open to working with people with credit problems.
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