Article: Financing A Home With Bad Credit
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Financing A Home With Bad Credit
Financing a home with bad credit is a common problem for people. Over 25% of homes in the US are financed through sub prime lenders, who offer financing to high-risk borrowers. While sub prime lenders charge higher rates and fees, through comparison shopping you can find a competitive financing offer.
Check Your History
Check your credit score to know what type of rates you can expect. If you have a score of 600 or lower, a down payment will be required between 5% and 20%. You should also check that the information on your credit report is correct.
Place A Down Payment
The larger a down payment, the better terms you can secure for financing your home. One of the benefits of a down payment of 20% is that you do not have to pay PMI...
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