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All About Bad Credit Mortgage Loans By Alan Amerson If you have less than a less than optimal credit score and you want to finance a home, then there are a few things you can do to better your odds of getting financing for a home. The first thing that you need to do is to get a copy of your credit report from all three major credit agencies that compile credit information in the U.S.
They are listed in the yellow pages and they have to provide you with afree credit report once a year if you request one. Pour over each one to look for mistakes and if you find any you need to contact them in writing and provide copies of the documents that prove they made a mistake.
The next thing to do is to try to do some damage repair on your bad credit by creating some good credit. If you have too many credit cards and credit card debt, pay it down but don’t pay them off because you have to have active lines of credit to create good credit. Consider buying something from a store on credit that reports credit information to credit agencies.
Then you need to get together some money to use as a down payment on the home and to cover the cost of the buying process. Then go out and see if you can find motivated seller that will carry a percentage of the note.
This means that you only have to
finance a certain percentage of the home through a finance company and you then make interest only payments to the seller at a lower interest rate on the rest that they carry over.
A deal like this is going to have a limited time frame of say two or three years, or the seller won’t go for it. In two o three years the property will have accrued some equity, that you can then use to refinance the remainder that the seller held over.
