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2014-02-05 15:36:31
Have Down Payment but Bad Credit - You can still b

During the collapse of the economy in 2008, several good people suffered bad times and lost much. Now we are rebuilding as a nation and as individuals. Financial issues likes foreclosures, short sales and bankruptcy hurt a lot of people and their credit. Forcing many previous home owners to rent.

However, there are new loans available that over look credit issues. In particular, Security National Mortgage announced a program where no credit is required to purchase a home. However, a large down payment is required. This program can be used by persons with credit issues or even used as stated income by self employed individuals. There are several details to consider and would be best to contact a representative. For more information call Russell Wheelwright at 801-860-1003, a loan officer at Security National Mortgage.

If a large down payment is not available to the buyer, then FHA may still work. Most FHA lenders require a minimum credit score of 620. Also, FHA requires a 2 year waiting period after a discharged bankruptcy or three years after a foreclosed or short sale home. However, stated income is not available as it is in the previous loan option.

Slowly, as we are recovering from the fall, new loan programs are immerging. This is signaling the willingness for lenders to lend again and that the real estate market is improving.

However, whenever purchasing a home, be sure the to pick the loan that best secures your future. Even if a lender will lend a higher amount to you does not mean that you should buy a higher amount. It is important to always make a budget and choose the payment you are comfortable with first and then see if a lender will lend.

We have learned several lessons from the past and there is no need to repeat any of them. A little bit of planning and forethought can go a long ways.

By Jerome Bennett - Realty Experts - 801-913-1385



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2014-02-05 16:14:57
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2014-02-05 15:36:31
Have Down Payment but Bad Credit - You can still b

2014-02-05 15:12:15
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