If you've had credit problems in the past it becomes very hard to get a home loan that seems worth the trouble. You get stuck with high interest and high payments. Why would someone want to go through all of that? So they can own their own home.
Is owning your own home worth all the hassle of getting a bad credit loan? Many people who rent and have bad credit would like to own their own home, but most don't think they can get a loan and the ones that have looked into it find that the loans may not be worth the trouble.
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If you have bad credit and want to purchase a home, you can look at paying thousands of dollars more than you would if you had decent credit. What would be the point in getting a bad credit loan? Bad credit can be cleared up and a bad credit loan that you pay on time can actually help clear up your credit. When it comes to credit every point counts. If you are in the market for a home and you can actually afford to pay a little more than what would be normal, then you should consider a bad credit loan. It may take you a few years to get your credit cleaned up enough to get a good loan, but this is something you can work on while paying toward your home. Once your credit is good, you can refinance with a better loan.
This type of thing is not for everyone. You should check out all of your options and make sure you can afford the loan and still clean up your credit (payoff credit cards or other loans) before go through with a bad credit loan. You do not want to hurt your credit anymore by getting in over your head with a new loan.
I suggest talking to a loan consultant and finding out what they can do for you. When applying for a new loan you should not talk to more than three lenders because you will get your credit score pulled by all of them. The more your score gets pulled the worse your credit will become, so deal with as few lenders as possible to get the best loan.
A loan consultant usually works with hundreds of lenders and can get you a great deal on a loan. Plus they don't work for any one lender, they work for you, this makes them look at all kinds of loan programs and find one or two that fit you the best. If you are working with bad credit then a loan consultant is probably your best bet, they have a loan program for every occasion.
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