Bad Credit Home Loans – First Time Buyers Tax Credit
Posted on | September 18, 2009 | 3 Comments
Bad credit home loans are becoming extremely popular because credit scores have suffered through the recession. The one saving grace for first time home buyers is that the $8000 tax credit could greatly make up for the higher interest rate you are going to pay. If you do have bad credit, it is highly likely that you are not going to be able to qualify for the low mortgage interest rates being advertised all over the Internet and television.
If you are planning getting a mortgage in the next few months you are in luck. Mortgage interest rates are near all time lows and President Obama has worked very hard to encourage mortgage lenders to lend money to all types of borrowers. Even if you are considered bad credit, it is likely that you can still get a home loan in this economy. It will not be easy, but you will have much more access to a home loan now than you would have a year ago.
The $8000 tax credit that ends in November is something that has attracted many first time home buyers. If you want to get this tax credit you need to get on the ball because the closing must be done by November 30th. The get a closing done by November 30th you need to start as soon as possible or there is no way that it can be done. This is basically $8000 you will be putting in your pocket so don’t miss out.
If you are not concerned about the tax credit and you are more concerned with finding the house that you want you might also want to consider improving your credit score while going through this process. The first thing you will want to do to improve your credit score is to actually buy a credit report. By purchasing a credit report you will be able to spot any inaccuracies or lines of credit that you need to work on. It is advisable to report the inaccuracies as soon as possible so your credit score will increase.
This is one of the best times in history to buy a home. With low mortgage rates and a tax credit available there is no reason you should not consider buying a home. With that being said, it is also a good idea to do your research and find out as much as possible before you dive in head first. You do not want to sign a 30 year home loan when you have no idea what you are doing.
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Author: Jeremy North
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3 Responses to “Bad Credit Home Loans – First Time Buyers Tax Credit”
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September 18th, 2009 @ 1:46 pm
this is ridiculous. All anybody buying a house gets is 10% of the purchase price.
How many first time homebuyers pay $800,000 for a house, and if they did, $8000 isn’t even a drop.
If I buy a $200,000 house, I get $2000, whupteedoo.
September 19th, 2009 @ 10:41 am
You are thinking 1% not 10%. If you buy a 100,000 dollar home you can get the full 8000 credit because 10% of 100,000 is 10,000.
September 21st, 2009 @ 3:14 pm
Enjoying that public school education lisa?