Mortgages For Bad Credit

Posted by admin on November 24th, 2009 at 04:51pm

Question:
Looking for mortgage for bad credit?
Hello everyone. I am trying to find mortgage companies or advice on how to get mortgages for bad credit. My credit has been damaged because of credit cards while i was in school. My credit score is around six hundred now and has been more than a little hard to build back up. Could someone help me on how to get a mortgage on a home for about 120,000? How high of a down payment would be needed? How much can I generally expect for closing costs? Are there alternatives for people who don’t have a high down payment?

Answers:
It is based a lot on the region you are in. In Texas, it is becoming a lot more difficult. You would require a large down payment and a steep interest rate. I got into my house two years ago with two months worth of escrow ($2,500) but now it is a lot more difficult. I suggest that you contact a mortgage broker.

Under Bad Credit Mortgages