Bad Credit Home Purchase Loans
Our mortgage lenders specialize in subprime lending offers with the fixed rate purchase rates, terms and costs to meet your home buying needs. Bad credit home mortgages are not as accessible today as it once was. Therefore it is imperative that you get matched with bad credit lenders that actually have access to subprime and government mortgages created for people with less than perfect credit. It is possible for people with bad credit to finance a new home.
The more money you have to put down on the home, the easier it will be to qualify for a home loan with bad credit.
FHA home loans are great lending programs that help first time home buyers and people with low credit score borrowers become homeowners. Smart Home Mortgage Loans can help you see if you qualify to purchase a new home today!
At Smart Home Mortgage Loans, we are a national leader in providing home financing to people with credit challenges. You will appreciate our low-interest home purchase loans for qualified 1st time homebuyers.
Our biggest priority is to help our clients find home purchase loan that they can afford.
NAR: 1 in 3 Homebuyers Put Up No Cash
Nearly one in three buyers between June 2006 and June 2007 had no skin in their deals, according to new research that represents further evidence of the poor quality of loans that helped fuel the rising tide of delinquencies and foreclosures. Though the study of nearly 10,000 transactions by the National Association of Realtors did not note whether the loans were prime or subprime, it found that 29% of all buyers -- and 45% of all first-timers -- financed the entire purchase price. Somewhat surprisingly, considering that they usually have money from the sale of their previous residence to put into the transaction, 18% of repeat buyers also put up none of their own money. In addition, the study found that more current home buyers than new-home purchasers used 100% financing, 30% vs. 25%. More than half -- 53% -- of all buyers made down-payments of 10% or less, and almost three out of four -- 72% -- financed 80% or more of what they paid. As for the source of their down-payments, 10% of all buyers used money from gifts, 8% sold stocks or bonds, 6% raided their retirement accounts, and 3% got a loan from a relative or a friend. The NAR study was released at the group's annual convention in Las Vegas. The association can be found online at http://www.realtor.org.
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