Would you like to purchase a home but think it is impossible because
you have low credit scores and very little money saved for a down
payment? So you've given up the dream of owning your own home,
having to wait until your credit scores improve or until you have
saved enough for a substantial down payment.
Here is the good news: 100% financing is no longer the privilege of
those with perfect credit. In fact, there are specialty mortgage
programs designed specifically for those who have imperfect credit.
It is understood that good people all across this county may have bad
credit because of a few unexpected expenses or events; and that
these good people should not be denied the right to home ownership.
This means that having bad credit will not automatically prevent you
from purchasing a home, and you will not have to turn over one single
penny for the down payment. Imagine buying a home this month, when
you thought it was impossible because of past credit issues.
So what are some the requirements for a 100% Bad Credit Mortgage?
1. A minimum credit score of 580
2. No more than one late rent or mortgage payments in the last 12
months
3. Sufficient income to easily pay your monthly credit payments
and mortgage (your monthly debt must be less than 45-50% of your total monthly household income).
Meet the above requirements and you are eligible to apply for 100%
financing.
Concerns
Do you have concerns about collections, liens or judgments that
appear on your credit report? Well, lay your concerns to rest
because they are not even factored in the evaluation of your
application. Additionally any collections, liens or judgments may
remain open, meaning they do not need to be paid off. So not only
are you not penalized for your past financial difficulties, you do
not even need to pay for them now.
Benefits
There is nothing like owning your own home. Along with the good
feeling and pride that comes with home ownership, there are financial
benefits as well.
Unlike renting, your monthly housing payments will go towards the
building of equity. You can think of it as a savings program where
you are paying yourself instead of paying a landlord.
Homes have appreciated steadily and according to the National
Association of Realtors, the national median home price has
risen every year since 1968, regardless of periods of recessions
or declining sales. Depending on your specific situation, you may
also benefit from the any appreciation in the value of your home.
Lastly, and perhaps most importantly, there are tax benefits that
come with owning your own home. The interest that that is paid on a
mortgage is usually fully deductible on both your federal and state
income taxes. This tax deduction alone may make a difference of
several thousand dollars each year on your tax returns.
So perhaps you have been turned down for a mortgage or believed you
would never qualify. Or maybe the lack of a down payment has kept
you from buying a home. With today's specialty mortgage programs
that allow those with a minimum credit score of 580 to qualify for
100% financing, the dream of home ownership is now put within your reach.
So go out and seize the day, qualify for a loan and start looking
for your new home.
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Ascenteum Mortgage is THE SOURCE for specialty mortgage products including no doc loans, jumbo loans, and bad credit mortgages.
For additional information, visit Ascenteum Mortgage =>
Bad Credit Mortgage
About the Author
Lee Seno is Director of Consumer Education for Ascenteum
Mortgage.
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