More Mortgage Opportunities for People with Bad Credit and Low Income

Both the mortgage market and the property market have marked a steady recovery over the past year. This has made lenders more confident about granting home loans to people with bad credit and with low income. At the same time, the lending is subject to much stricter regulations at present and this provides protection to both borrowers and lenders.

Major lenders have already dropped their credit score requirements for FHA loans. Recently, one of the leaders in the market, Wells Fargo, has announced that they will be approving applicants with credit score between 600 and 640 for FHA loans. Many small mortgage companies which have managed to survive the housing market crisis or new ones which have emerged afterwards are offering loans especially designed for subprime borrowers.

The mortgages offered to people with bad credit and low income come at a price, however. The interest rate is typically around 9% which is much higher than what people with credit score over 640 get. The down payment requirements are also higher. Home buyers have to pay around 30% of the value of the property out of their pocket.

At the same tome, borrowers are much better protected than they used to be. There are no penalty fees for early repayment. In case of default, the charging of interest rate ceases. The people who have taken advantage of these home loans will also have access to independent counseling for mortgage management arranged by the lender.

The demand for the new higher-risk mortgages is growing. They are a primary choice for first-time home buyers with low credit score and/or low income. They are also a popular option for people who have lost their homes during the housing market crisis and do not have access to conventional home loans. link building seo . They are often preferred over FHA loans due to the greater flexibility which they offer. In some cases, they are more affordable as well.

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