JJ Max asked:




If you need a bad credit mortgage loan, you should also try to improve your score. This is because your score can really impact how much you will pay for your home loan. Take a few steps to fix your credit, and you may be able to get a much better deal – and it’s not as difficult as you may think.

Check Your Credit Report

Look carefully for any mistakes. Do you see a bill that you don’t recognize or one that you thought you paid? Sometimes simple issues come up, that can be fixed with a phone call or letter to that credit card company or vendor. If you missed a $5 invoice, that could be dragging down your credit score by 30 points or more! This could mean the difference of paying hundreds of dollars a month more in higher interest charges.

Do not cancel any credit cards. To improve your score you should keep all cards open, even if you do not use them. If you cancel a card, it lowers your total amount of available money available to you, and your ratio of debt to total available debt worsens. Also, do not open any new cards or make any other large purchases. If more inquiries or large purchases hit your report, then it can negatively affect your score. So tread carefully with purchases or new cards right before you get a home mortgage loan or any other loan. Check out our website for more tips on improving your credit and getting a bad credit mortgage loan.

Connie

Debbie V asked:


What Happen with the Senate mortgage rescue plan? was that a new plan create for first time home buyer’s?

I’m getting ready to buy my first home I was pre-approve for a FHA loan of 180k do you think any of this will affect me.
I have a good job and the 3% down, and my credit score is 710

Jessie

Shannon Hurn asked:




No doc mortgage loans are becoming more and more popular due to the fact that they do not require the borrower to provide proof of their income or employment status when applying for their mortgage. They are available from a number of mortgage lenders, though you may find yourself having to search a bit harder to find the best deals.

Who Needs a No Doc Loan?

No doc mortgage loans are great for those who, for one reason or another, cannot prove their income. For example, you may have made your money earlier on in life through investments, or perhaps you a self-employed or even unemployed. They are also used by people that do not want to divulge their personal financial details. It is a little known fact that while not everyone requires a no doc loan they are actually open to anyone that wants to apply for one!

Things To Know About a No Doc Mortgage Loan

When you sign up for no doc mortgage loans your income or your assets will not be included on the mortgage form. The bank may check your reliability via your credit score as a way of determining whether you are a trustworthy borrower as well as perform a property appraisal.

Whilst no doc mortgage loans can be an extremely convenient option, there can be a few drawbacks. For example, the lender may charge you a higher interest rate than on a traditional mortgage as a way of protecting themselves. You may also have to make a higher down payment at the time of purchasing your home. However, no doc mortgage loans are still often the best option for many people.

Fred