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Here's an up-to-date report of
personal loans with collateral for bad credit
100% Financing Or No Down Payment & Bad Credit Mortgage Loans
Sub-prime lenders now offer financing packages with zero down. Interest rates are higher on these types of loans, but they make purchasing a house easier. And unlike a conventional loan, there is no private mortgage insurance required. There are two types of zero-down mortgage packages, each with their own requirements.
Types Of Zero-Down Loans
100% financing, as it names implies, offers complete financing of your property. The other option, 80/20, finances your mortgage with two loans. Both loans may be carried by your lender, but sometimes the seller or a second lender is required to carry the 20% mortgage.
100% financing is easier to deal with, but not all lenders will offer this type of home loan. 80/20 financing is more common, but takes some negotiation if the seller is involved.
Qualifications For Zero-Down
Each lender has their own criteria for determining who will qualify for a zero-down loan. Most sub-prime lenders require any bankruptcies or foreclosures to have been at least twelve months ago. A conventional loan requires these to be discharged two to four years ago.
While a credit score of 600 or higher is best, large cash reserves can also qualify you. Six to twelve month's worth of cash reserves in the form of savings, money market, or other liquid assets are considered ideal.
If you choose 80/20 financing with the seller carrying the second mortgage, you can qualify with sub-prime lenders with a score of 560.
Zero-Down Sub-prime Lenders
You can find zero-down sub-prime mortgages with both conventional and niche sub-prime lenders. Make sure that you request quotes from as many mortgage lenders has possible to be sure you find the lowest rate and best terms.
You will also want to decide what type of mortgage you want. An ARM is easier to qualify for and has lower rates. A fixed rate mortgage offers the security of a constant interest rate over the life of your loan.
Typically an ARM will be a better deal if you plan to refinance within a couple of years. After you have improved your credit history, you can refinance for a conventional mortgage with low interest rates.
About the author:
See my recommended companies for Bad Credit Mortgage Loans. Carrie Reeder is the owner of ABC Loan Guide, which offers help with loans for people with bad credit.
More Useful Resource and Updates on personal loans with collateral for bad credit
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- (AFX UK Focus) 2008-10-19 05:49 UPDATE 2-Spanish banks face income hit, restructuring (Interactive Investor)
MADRID, Oct 18 (Reuters) - Rising loan defaults, slowing business and higher financing costs are likely to hurt Spanish bank income and lead to restructuring, bank leaders said in a television programme broadcast on Saturday. Spain's banks face falling business and must accept credit growth will not return to past levels, Bank of Spain Governor Miguel Angel Fernandez Ordonez said. "The banks ...
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