FHA Mortgage Loan Opportunities with Bad Credit Mortgages
With the demise of the subprime mortgage sector, where do borrowers get a bad credit mortgage or a home equity loan with bad credit? These days, most homeowners little home equity to take cash out, and many borrowers have been delinquent on their mortgage payment because of rising interest rates or from experiencing a hardship like loss of income or employment. Bad credit scores can be a serious problem when homeowners need to refinance their mortgage. Borrowers can apply for a FHA mortgage or they can seek a loan modification in hopes their lender will lower their payments and not foreclose on their home. Last week, FHA loan applications rose 14.4%, the highest level reported since the survey’s inception in 1990.
In other mortgage news, no money down home loans are still available in a few states with FHA mortgages in states that a judge ruled that borrowers should be allowed to use the government’s $8,000 tax credit as down payment assistance. In most states the only no money loans are VA home loans and you need to be a military veteran to qualify for those mortgages.
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