House Loans For People With Bad Credit
Let’s take a look at house loans for people with bad credit.
Before, it was pretty easy to get any kind of home morgage loan with bad credit. Those little devils were called the stated income mortgage loan. And, as Im sure you are aware, these little guys were really the heart of the financial crisis that we are dealing with right now. What happened was all of these sub prime loans got out to people, and all kinds of folks that couldn’t really afford any of this, went and bought homes and got mortgages that they couldn’t afford.
From this, what happened was eventually, people counn’t keep refinancing their loanns and they couldn’t keep getting more and more easy credit. Eventually, the cards started collapsing,a nd lots and lots of foreclosures started happening. As more and more people went into foreclosure, banks started to get a bit untable, and they started to collapse as well.
What we have now is a very tight credit market, and the house loans for people with bad credit, known as the stated income loan, is virtually gone. Before when you could get a loan and basically tell the bank what you make and not have that number verified, you cannot do that anymore.
So, it is harder for people with good credit to even get loans these days. If you really want to get a house loan and have bad credit, you need to really start to get serious about fixing your credit score, and then saving money for a down payment for a solid home mortgage.
Right now, it may not be a bad idea to rent while you are getting your financial situation in order so that you can eventually get to the point where you can afford a home, and buy it the right way. so if you are looking for house loans for people with bad credit, and that person is you, rethink your strategy okay?
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Tagged with: credit crunch • loans for people with bad credit • mortgage meltdown • sub prime
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