Posts Tagged ‘house payment’
Every month that you pay rent is a month that you are virtually wasting money. Obviously you need somewhere to live but instead of paying someone else’s bills why don’t you pay your own and buy a home. Bad Credit is the biggest thing that stops people from buying homes. Many people believe that they can never buy a home because of bad credit and they simply give up and continue to pay rent. Well the good news is there are programs out there for people who have bad credit.
The FHA loan was created for lower income houses and people with bad credit. The down payment for these loans is only 3.5% of the total lending price. This is the first thing that attracts people to FHA loans.
An FHA loan can only be used when you are financing a primary residence. It cannot be any kind of investment property. The income and credit restrictions are very specific and you must have had 12 months straight free of any delinquencies. One of the things that catch most people’s fancy is the only 3.5 % down payment.
If you are a military veteran or are currently enlisted you could qualify for a VA loan. The VA loan was created to help our service men and women get into homes and house their families. The credit requirements are very low, and the residual income is easily achieved by most people. You must have a 12 month period of perfect payments on all debts. Spouses of military personnel are also eligible.
Now that you have a little bit of a better idea on how you can qualify for a loan with your bad credit. Even if your credit isn’t quite up to par and you have recent delinquencies, now you know that only 12 months of positive payments is all it takes. So get your finances on track and prepare to be a home owner.
Learn more about mortgages for bad credit people and about mortgages for bad credit people
