#Low #cost #loans #for #poor #credit
Low cost loans for poor credit
7 Low & No Down Payment Mortgage Loans (For Bad Credit)
One of my favorite TV shows is a program about people who have particularly strange homes. The episodes have highlighted just about everything you can imagine, including underground houses, converted fire stations, and even a spherical tree house, proving that the creative possibilities are endless.
Regardless of shape, size, or original purpose, though, all of the weird and wonderful houses on the show have one thing in common: they cost money — lots of money.
For most people, that means a mortgage. And mortgages, especially subprime ones, mean giant, expensive down payments, putting all those awesome abodes distinctly out of reach. Right?
Wrong. Not only are there a number of mortgage options for subprime borrowers, but most of those options come with the ability to put down little to no cash up front.
Choosing the Right Type of Loan
Determining the right type of loan can be as simple as doing a little research. You’ll want to start by researching your own finances. You should pull your credit reports from the three credit bureaus (TransUnion, Equifax, and Experian), as well as checking your credit score.
Individual loan requirements, including credit score and income level, will vary by loan type, as well as provider. Knowing where you stand will give you the best idea of which loans you may qualify for, and what kind of loan terms you should expect to see.
Once you know your own situation, start looking at the available options. You may only qualify for a few of them, making the decision an easier one. If you have multiple options available, compare loan types by affordability, including associated fees and down payment requirements.
Low Down Payment Mortgage Programs & Companies
When it comes to mortgage down payments, the bigger the down payment you can muster, the more options you will have open to you. The ideal down payment is 20% of purchase price of the home, but as little as 3.5% can qualify you for most low down payment mortgage options.
Use a Lending Network
For those who want one-stop shopping, a lending network, like LendingTree, may be the best place to search for a new mortgage. Lending networks connect dozens of lenders across the country, providing users with a variety of custom offers.