Bad Credit Home Loans – Mortgage Options for Single Mothers
Posted on | September 23, 2009 | 2 Comments
Getting a bad credit home loan is something many single mothers are seeking during the current recession. It continues to get harder to make the money needed to pay the bills and actually buy a home. On average, Americans are seeing a steady decline in their credit score which is making it harder to borrow money. As credit scores decline the amount borrowers are paying in interest is increasing. This is something you want to avoid especially if you are a single mother who needs the money to raise your children.
Getting a bad credit home loan is not the easiest task but bad credit mortgage lenders might be more accessible now than they ever have been. It is very likely that you have seen advertisements all over the Internet and television for these types of services. While some of these ads seem a bit over the top they are still getting their point across. By spending the extra money to market their products they are reaching their target audience.
If you are a single mother and want to buy a home to raise your children I would suggest first finding out what your credit score is before you even contact a mortgage lender. By finding out your credit score you will better know what interest rate you are likely to get on your home loan. If your credit score is below 650 you can expect to have a very high interest rate when compared to other people you know with a good credit score.
Do not let a low credit score deter you from trying to get a home loan. Even if your credit score is well below 600 there are bad credit lenders out there who will work with you to get you in a home. One of the most important things to realize is that you will need to provide some type of proof of income. These mortgage lenders need to know that you will be able to make your mortgage payment each and every month.
If you cannot provide proof of income and you have extremely bad credit then you are going to have great trouble qualifying for a mortgage. Since the credit crisis, mortgage lenders have been very strict with who they are willing to approve. They are not approving anyone who is considered extremely risky and likely to default. There have been too many foreclosures as it is, we don’t need another wave of foreclosures on the books.
Please make sure to return to Subprime Blogger for all your mortgage and financial news. To stay up to date on the current state of finances make sure to bookmark the current news category below. We offer information on everything from getting a lower mortgage rate to increasing your credit score.
Author: Heather Best
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2 Responses to “Bad Credit Home Loans – Mortgage Options for Single Mothers”
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September 23rd, 2009 @ 6:45 pm
im trying to buy a home in december but my credit is bad
September 23rd, 2009 @ 9:40 pm
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