There are "Prime" lenders, who make loans to people with the best credit. Those rates are the ones you see advertised on the freeway; then there are "Sub-Prime" lenders, and they make loans to everyone else. Years ago these would have been considered bad credit loans and not made, but now, it is easy to borrow up to 100% even with bankruptcies and foreclosures still showing on your credit report.
You do still need to have at least a middle credit score of 500 or more for the bad credit loans, but most people have that. It is easy to borrow 80% of the value of the home, even with a 500 score. This because at that point you would have 20% equity in the property and the lender feels if they make you a real estate loan, you have too much to lose to walk away from the property. So, you get your "bad credit home loan."
If you let me run your credit for you, I can tell you what has to be done to bring you score up so you can borrow more than 80% of the value of the home. Also, there are special case real estate bad credit home loans made for purchases of property where family members are involved. You can have a gift of equity from the seller if they are related to you. I have done this quite a few times. There are many ways to structure bad credit home loans so you can buy that house you really want. Just call me and we will work on it so you won't have to pass up home ownership because you have to get a bad credit home Loan.
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Contact Judy Sellens at www.SellensLending.com
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