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The Home Loans Which People With Poor Credit Can Afford

By Author: Andersonedward
Total Articles: 1

It is nearly a wish of every newlywed couple and family with children to buy and own a home. But a house is one of the most expensive things to buy, and many people do not have enough money resources to afford the purchase in a single go. Aspiring homebuyers have to rely on numerous home loans available to them.

The home loans are offered by banks and other mortgage lending companies, but there are certain factors which the borrower must fulfill to qualify for the loans. The requirement for conventional home loans includes debt to income ratio, monthly income and most importantly credit history of the person. Credit scores are an essential tool that determines the ability of the person to repay the mortgage or not timely. Poor credit score means that a person has missed debt payments for few months and would likely to default on any new loan given to him/her.

There are many governments assisted loan program which offers poor credit home loans to give a chance for people to buy and own their desired home even while having poor or bad credit. The most popular home loans include

• FHA (Federal Housing Administration) loans
These loans are assured and backed by the government and borrowers with poor credit only have to pay 10% down payment. The interest rates of FHA loans are also lower than conventional loans

• VA (Veteran Affairs) loans
These loans also come under poor credit home loans but are offered only to war veterans and their families. The VA loans usually do not have any minimum credit score requirement, and veterans are not liable to pay any down payment or mortgage premium

• USDA (United States Department of Agriculture)
These are zero down payment loans with low-interest rate and closing costs which allow a person to buy a house in a rural area.

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