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Less Then Perfect Credit Score

Unless your credit is truly horrible, you can probably get a home loan. You will, however, pay a high rate of interest and your loan will likely be an adjustable rate loan with a two year fixed term. But, take that loan and start repairing your credit so you can refinance after two years into better terms. Set a budget and stick to it, stop using credit cards, and consider meeting with a financial planner who can assist with these steps.

Over the past few years lenders have come out with new programs to fit nearly every type of customer. Even if you have a recent bankruptcy there are many lenders who can approve you for the purchase of a new home, in some cases as soon as 1 day after your discharge.

Many Americans think that they need to continue renting and they will never be able to realize the great American dream of homeownership. This, however, could not be further from the truth. There are home loans for people with all types of credit and there are many mortgage brokers who can assist, educate, or direct consumers on what to do or where to go to help increase their credit scores so that they can qualify for financing that makes sense to them. There are many short term programs to assist people into getting into a home and then within a couple of years refinance out of the short term program into something a little more long term with much better terms. Consult a mortgage consultant now to find out what you can qualify for.

Understand that having bad credit is still undesirable. Even though you can get a loan, the terms won't be as favorable as if you had good credit. You may not be able to get 100% financing, a low rate, or low closing costs.

Mortgage Rates NY will be happy to advise you on what loan type and program is right for you. 

Call Mortgage Rates NY today, at (888) 996-9529.