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Mortgages for People with Less Than Perfect credit
The most important factor in determining an individual's ability to qualify for a home mortgage loan is the credit profile s/he presents to a mortgage lender by way of the requisite credit report, a compilation of the person's historical borrowing and repayment patterns. A lender's decision depends on three criteria: Income, Assets and Credit.
Income can be readily determined and sourced by documentation (W2 forms, pay stubs, employer verification(s), etc.) provided by the mortgage applicant; and assets can be verified by way of bank statements, savings passbook(s), investment statements and other such financial documents.
Credit verification on the other hand is provided primarily through an individual's credit report, and a mortgage lender must rely on this report to decide whether or not a particular borrower can be entrusted with the loan and repayment of it. Factors that go into such a decision depend on the borrower's past record of handling credit obligations.
A questionable or bad credit history implies that the borrower's appeal would be generally unattractive and therefore might well be rejected by most lenders. Some things that show up on a person's credit report which would be grounds for immediate loan denial are: Released Bankruptcy Petition within the last 12 to 24 months; Property Foreclosure within the last 3 to 5 years; Open (unpaid/unsatisfied) Judgments; Unpaid Collection and Charged-Off accounts.
That having been said, it must also be pointed out that there are differing degrees of credit report problems. Some of the minor variety of credit report problems can be resolved in a manner satisfactorily enough that would induce a lender to issue a mortgage loan approval to borrowers that fall into this category. So the belief shared by some that home loans are not available for people with blemished credit histories is baseless.
For this category of mortgage loan borrower, the words “bad credit” or “bad credit history” ought not be used, since – with proper documentation in support of “reasonable explanations” for credit report blemishes – there are certain mortgage loans available to people that show a blemished credit history.
Since the sub-prime mortgage crises of recent years there is no longer such descriptions as “Bad Credit Loans” and “Mortgages For People with Bad Credit” or even “Loans Available, Bad Credit No Problem.” No, in this post recession real estate and mortgage environment, lenders are more guarded, and lending policies in general are more reserved; but this does not mean that individuals with less than perfect credit can't find a kind of loan.
On the contrary, people who can show a stable work history, along with adequate savings and a reasonable report showing (FICO scores ranging from 640 to 680) can apply and – in most cases – be approved for a FHA-insured mortgage through a lender authorized to FHA-insured mortgage loans. Keep in mind however, that although a mortgage might be insured by FHA (Federal Housing Administration), any decision to lend still rests with the mortgage lender because FHA does not lend money since it is not a lender.
Things that the borrower should be concerned about, are making sure s/he obtains the lowest interest rate and best terms possible. Specifically a borrowers with less than perfect credit history and modest credit score should make sure that s/he makes careful inquiries with a number of different lenders in order to make practical comparison between different mortgage loan quotes, instead of making several applications (more than one application will result in multiple inquiries and drag down a credit score), or getting locked in with a less than desirable situation.
If you are familiar with the term 'Horizontal Content' then you may recognize a similarity to that method of publishing in the various TPJaveton blogs and websites.
If you are not familiar with the term, it simply means "publishing across a wide spectrum of different and varied subjects/topics sites" as opposed to just one subject/topic ('Vertical content'), which is the traditionally accepted method of publishing.
'Horizontal Content' is gaining popularity among publishers of websites, blogs and articles. Here's the link to a comment I posted in response to a "Web Pro News" article on 'Horizontal Content'. The Our Local eStore represents more of the TPJaveton unique brand of 'Horizontal Content' publishing.
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