Getting a home loan seems out of reach for so many dreamers of the American Dream. These financially troublesome times have put many folks in the situation of having taken some hard hits on their credit histories, due to unemployment or having made some unfortunate financial decisions. If you find yourself in this category and are looking for a bad credit no money down home loan, here are five pointers to help you make decisions and see you through the process.
Pointer One - Be Careful
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One of the worst things a borrower with bad credit can do is enter the market with a feeling of worthlessness and grab the first lender who offers a deal. If you run into a lender who acts as if he or she is doing you a big favor, they usually are not. Find another lender. It may be a relief to find someone who will not hang up on you after finding out about your credit score, but there are other lenders out there. You may even be able to shop around for better interest rates and more comfortable repayment terms. Do not be a sap and end up with interest rates far higher than you need to be paying.
Pointer Two - Do Research
As noted above, there are many lenders out there who are willing to take a risk on bad credit borrowers. Find as many of them as you can. Do not settle on one or two, find five or six. After you have touched base with each, let them know that you are seeking a quote and let them know that you have a number of other lenders preparing quotes for you. You just may find yourself in the middle of an interest rate war - good for you!
Pointer Three - Know Your Loan
Learn as much as you can about the home loan market, especially if you are seeking a no money down home loan. Know as much as you can about a bad credit no down payment loan. It could mean that you will not have to come up with any cash when closing. Of course, that is good, more cash stays in your pocket. Most home loan lenders require a down payment of 10-20% at purchase.
Pointer Four - Rebuild Your Credit
You need a budget strategy that will ensure you make payments on time, and not just your bad credit home loan payments, all of your payments. You also need to start building your savings. Paying off all your bills on time and stashing away cash could improve your credit scores by as much as 200 points in a matter of a few months.
Pointer Five - Refinance
This is the most important step. Once you have secured a better credit score, start looking to refinance your bad credit loan to one with a lower interest rate. This will save you thousands of dollars over the years. With an improved credit score and having been in your home for 6-12 months, you will find many lenders willing to refinance your high-interest loan. Even with bad credit you can be in a home and improving your credit history in no time. Go for it!
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