Bad credit mortgages - pros and cons:
People with a bad credit score have got too many options to get their mortgages.It was difficult to get the bad credit mortgages some years ago.But situation has changed and there are many lenders who are specifically targeting the people with poor credit history.As you might be knowing,the major disadvantage of getting these mortgages is the high interest rate.There is no other way to get a low rate except giving a higher down payment.But if you are a first time home buyer,i am sure that you will find it hard to pay the down payments.
Getting the government grants and the USDA mortgage:
I know two solutions that might e of immense help to the first time home buyers.They are :
1.government grants,
2.USDA mortgages
There are many government grants which can be obtained by the Americans to use for their personal purposes.You can use this for the closing costs and the down payments.But a big problem exists in the case of the grants.It will be very hard to get the details about the grants.You need to be updated and search the internet so as to get details about them.Instead you can opt for the USDA mortgages.These mortgages are zero down mortgages and there is no need for you to pay the down payments.These are better than the FHA loans.But a major disadvantage is that people are given the loans only if they agree to buy a home in the rural areas.There are no insurance requirements for these loans.
People with a bad credit score have got too many options to get their mortgages.It was difficult to get the bad credit mortgages some years ago.But situation has changed and there are many lenders who are specifically targeting the people with poor credit history.As you might be knowing,the major disadvantage of getting these mortgages is the high interest rate.There is no other way to get a low rate except giving a higher down payment.But if you are a first time home buyer,i am sure that you will find it hard to pay the down payments.
Getting the government grants and the USDA mortgage:
I know two solutions that might e of immense help to the first time home buyers.They are :
1.government grants,
2.USDA mortgages
There are many government grants which can be obtained by the Americans to use for their personal purposes.You can use this for the closing costs and the down payments.But a big problem exists in the case of the grants.It will be very hard to get the details about the grants.You need to be updated and search the internet so as to get details about them.Instead you can opt for the USDA mortgages.These mortgages are zero down mortgages and there is no need for you to pay the down payments.These are better than the FHA loans.But a major disadvantage is that people are given the loans only if they agree to buy a home in the rural areas.There are no insurance requirements for these loans.
SHARE
