How many of you out there have bad credit and are looking to buy a house or need to refinance a previous home mortgage? I know a lot of you out there are in this situation but a bad credit home loan mortgage is not as simple as it once was. I remember those glory days when you can go into any mortgage shop and have 10 different offers from sub prime mortgage lenders who would accept a 500 FICO score and be willing to finance you 100% loan to value. Well for those of us with not so good credit looking to get a mortgage, times have changed.
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Luckily, there still is a solution. That solution is a FHA loan. The FHA is the Federal Housing Administration and for some would be borrowers, the FHA is willing to insure your loan. So if you need a bad credit home loan mortgage, your best bet would be a FHA loan.
Here is how it works. As long as you meet FHA guidelines, you can go to any FHA approved lender and get your financing done. The FHA will then go about insuring your loan as long as you meet their guidelines. The FHA has their own underwriting principles that allow for less down payment and more lenient lending practices. The FHA knows that there are still good people out there with bad credit and little available cash that are looking to purchase a home or refinance. This program is perfect for such individuals.
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