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Bad-Credit-History-Can-Affect-Your-Chances-Of-Gett197
 

Bad-Credit-History-Can-Affect-Your-Chances-Of-Gett197

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    Bad-Credit-History-Can-Affect-Your-Chances-Of-Gett197 Bad-Credit-History-Can-Affect-Your-Chances-Of-Gett197 Document Transcript

    • Bad credit history can affect your chances of getting mortgage loan from the loanproviders. However, it is possible to get theloan from the lenders despite of having badcredit history by paying more down paymentamount. FHA loans look at the job history ofthe applicant and do not consider the credit history of the applicant.loandirectorysg
    • Mortgage loans help the individuals to satisfy their immediate demandsMortgage is the security for the loan amount that is provided to the moneylender for getting the loan Most mortgage companies do not risk the mortgageamount by providing loans to the people with bad credit scores
    • There are some bad credit mortgage companies that provide mortgage loansto bad credit holders but the interest rates charged are often higher Gettingthe mortgage loan from such companies and repaying the mortgage amounton time along with the interest rates, you can raise your credit score FederalHousing Administration (FHA): The Federal Housing Administration is thegovernment agency from United States that provides insurance on themortgage loans approved by the FHA mortgage lenders in United States
    • It provides insurance on the home for single family and multifamily that includehomes and hospitals It is the biggest company in the world providinginsurance on the mortgage loans The main objective of FHA is to stabilize themortgage market, improve the housing standards and providing adequatehome financing system by insuring mortgage loans
    • The loans provided by FHA are quite flexible and you can get them even ifyou have bad credit history For getting the mortgage loan from FHA, it isimportant that your credit score should be 3 percent down But if you havepoor credit, it is good choice to put it down to lessen the risk for the mortgagelender
    • Credit is only the part of your application but the down payment and the jobhistory are quite essential Getting FHA Loan after Having Bad Credit: You canalso get the FHA loan if you have undergone bankruptcy, late payments,foreclosure, or liens When you have filed a bankruptcy, you will have to waitfor two years after your discharge date for applying to the FHA loans
    • By holding good payment history after filing bankruptcy, you can easily qualifyfor the FHA loan Foreclosure In case you have foreclosed your home loan,you will have to wait for 2-3 years after the foreclosure date to apply for FHAloan Lender may ask you the letter for foreclosing your home loan
    • Late Payments By showing the overall positive credit history, you can beapproved FHA loans if you had made no late payments in the past Liens Forgetting the FHA loan, it is important to show the credit improvement to thelender If you have any Federal lien, that is security interest over the propertyto secure your loan, you may not qualify for the FHA loan
    • The bad credit mortgage companies are helping the individuals with bad creditscores to get the mortgage loans and improve their credit scoreloandirectorysg By showing continuous improvement in the credit, you can geteasily qualified for the FHA loans Article Tags:
    • loandirectorysg