Welcome to Home Mortgages
Refinance Home Mortgage Article
This is a selection made from among articles on Refinance Home Mortgage. For a permanent link to this article, or to bookmark it for future reading, click here.
Bad Credit Mortgage Loans Online - How Your Fico Credit Score Can Affect Your Loan Approval
from: Carrie ReederWhen applying for a mortgage loan when you have a bad credit history. There are a few things you should know about your FICO score that will help you know what to expect from mortgage lenders.
With a credit score below 585, you will need to put at least 10-20% as a down payment on the property. You will not likely be approved for 100% financing at this point.
If you have a credit score of between 585-599, you will probably need around a 5% down payment in order to get an approval for a home mortgage loan. You will still need to get your approval from a subprime mortgage lender. You will need to use a lender who specializes in loans for people with "less than perfect credit" or situations that make it difficult for a person to get financing for their home.
If you have a credit score of 600 - 620, you will probably be able to get an approval for 100% financing. You will also, in this situation, still need to use a subprime lender.
With a credit score of 620 or higher, you may be able to not only qualify for 100% financing, but be able to get a lower rate of only 1 - 2 percentage points above the prime rate.
If you have a recent bankruptcy or foreclosure, these estimates should still be accurate within 2 years after bankruptcy, repossession or foreclosure. After 2 years, it becomes easier to get approved for a mortgage loan, because more lenders will look at financing you after 2 years, whereas many lenders will not even consider your application until 2 years from the time of bankruptcy discharge or a foreclosure. After a 3 year mark from the time of bankruptcy or foreclosure, it becomes even easier to get an approval, in that many more lenders will consider your application after 3 years.
About the Author
Carrie Reeder is the owner of http://www.abcloanguide.com, an informational website about various types of loans. If you would like to see our list of recommended lenders for bad credit mortgage loans online, visit this page: http://www.abcloanguide.com/lessthanperfectcredit.shtml
Refinance Home Mortgage Specific links
Discover New Music
- Music Fans Discover, Enjoy & Reward The Best New Bands. Join Today.
-- http://www.ourstage.com/
Get Hired
- Earn more money with a better job now
-- http://www.hotjobs.com/
Summer Fashion Trends & Must Haves for LESS
- Women's clothing, shoes, and accessories for a fraction of the price top designers charge. Find it all for this summer.
-- http://www.movies.hollyscoop.com/
Britney Spears News and Photos
- The hottest music videos added every day. Watch full-screen, hi-res music videos now!
-- http://www.hollyscoop.com/
Kid In Space
- Watch as this kid gets launched into space
-- http://www.break.com/
Refinance Home Mortgage News
Ahead of the Bell: Mortgage Applications (AP via Yahoo! Finance)
Industry data to be released Wednesday will show whether home loan applications continued to rise as mortgage rates fell last week.
Read more...Ahead of the Bell: Mortgage Applications (INO News)
(AP:WASHINGTON) Industry data to be released Wednesday will show whether home loan applications continued to rise as mortgage rates fell last week. The Mortgage Bankers Association is scheduled to report its index of mortgage application volume for the week ended July 18 at 7 a.m. EDT.
Read more...Mortgage rates near 5-year high, hurting housing (San Diego Union-Tribune)
Mortgage rates are rising because of the troubles at the loan finance giants Fannie Mae and Freddie Mac, threatening to deal another blow to the faltering housing market. Even as policymakers rushed to support the companies, home loan rates approached their highest levels in five years.
Read more...Problems at loan giants push mortgage rates higher in the U.S. (International Herald Tribune)
The troubles at Fannie Mae and Freddie Mac could deal another blow to the housing market, as higher interest rates make it harder to refinance existing debts.
Read more...U.S. MBA's Mortgage Applications Index Decreased 6.2% Last Week (Bloomberg.com)
July 23 (Bloomberg) -- Mortgage applications in the U.S. dropped 6.2 percent last week, led declining demand for loans to purchase homes as interest rates jumped.
Read more...Mortgage applications decline 6.2 percent (AP via Yahoo! Finance)
Mortgage application volume declined 6.2 percent during the week ending July 18, according to the trade group Mortgage Bankers Association's weekly application survey.
Read more...Rescue of mortgage giants could hit $25 billion (AP via Yahoo! News)
A federal rescue of Fannie Mae and Freddie Mac could cost taxpayers $25 billion, congressional budget experts said, as the House scheduled a Wednesday vote on legislation that would tap the mortgage giants' profits to cover any losses from saving 400,000 homeowners from foreclosure.
Read more...Fannie-Freddie troubles send mortgage rates up (Denver Post)
Mortgage rates are rising because of the troubles at the loan finance giants Fannie Mae and Freddie Mac, threatening to deal another blow to the faltering housing market.
Read more...Mortgage rescue could cost $25 billion (The Tennessean)
WASHINGTON — A federal rescue of Fannie Mae and Freddie Mac could cost taxpayers $25 billion, congressional budget experts said Tuesday, as lawmakers put finishing touches on legislation that would tap the troubled mortgage giants' profits to help save homeowners from foreclosure.
Read more...Rescue of mortgage giants could hit $25 billion (Fort Worth Star-Telegram)
By JULIE HIRSCHFELD DAVIS A federal rescue of Fannie Mae and Freddie Mac could cost taxpayers $25 billion, congressional budget experts said, as the House scheduled a Wednesday vote on legislation that would tap the mortgage giants' profits to cover any losses from saving 400,000 homeowners from foreclosure. A costly rescue for Fannie and Freddie is just a worry, not a certainty at this point. ...
Read more...