Purchasing a home is a dream for many people. Whether you are an individual or raising a family, home ownership is a great way to build wealth. However, it generally takes a good credit score to get a home loan. Here are five things to consider if you are looking for a home loan with bad credit.
1. Put More Money Down On The Home
Most banks require at least 10 percent of the purchase price upfront. Putting down 20 percent of the purchase price shows you have the means to make timely payments.
Coming up with more cash also lowers the risk your lender is going to take. Giving you a loan for $80,000 is less risky as opposed to making a loan for $100,000.
2. Think About A FHA Loan (more…)Read More »