Bad Credit Loans Information

100% Financing – 100% Financing allows you to buy a home with no money down.100% home loans are widely available nowadays. Not only do government loan programs such as FHA and VA offer Zero Down mortgages, conventional loan programs with No Money Down feature are also offered by many traditional mortgage banks.

100% financing can be a great loan even for those who do have access to a downpayment. Down payment funds can many times can be better kept aside for things such as other investment oportunities, a reserve account for emergencies and future home improvements.

Many people wait to receive income tax money, a big bonus at the end of the year, or a large gift from an immediate family member before they begin looking to buy a new home. A 100% zero down loan eliminates this waiting period and allows you to obtain the home you want now. Especially now with the uncertainty of interest rates and where they will be in the next 6-12 months. Now is the time to begin looking for your dream home. Waiting may cause you to accept a higher interest rate because the rates have increased during the time you waited. Even if you do have money available for a down payment it is always a good idea to keep some money put away for a rainy day or for an old furnace that needs to be fixed, an old water heater that needs to be replaced or some other basic home repairs. Also, you may want to have some money left to help pay for some of the costs associated with buying a new home, such as buying window treatments, decorating, new furniture, etc…

Almost all lenders allow this now and it can even be done with poor credit. Down to a 560 currently, although the interest rate will be reflective of your credit score!

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1003 Application – The first step in the official loan approval process; this form is used to record important information about the potential borrower necessary to the underwriting process.Contact us for an application or apply online. The 1003 is the first step in the loan process that includes the information about the borrower and property. The 1003 is a expanded financial statement to analyze the borrowers ability to support a home loan.There are five types of mortgages that the 1003 is used for:

- VA
- FHA
- Conventional
- USDA/RURAL
- Other (Lot and Construction Loans typically fit into this category)

It is crucial to have as much and the most accurate information available for your mortgage broker when you are applying for a loan. Every blank on the 1003 is there for a reason and this is why your mortgage professional will ask you so many questions in the process.

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Combo Loan – There are 2 different meanings of the phrase “combo loan” in the mortgage industry. The original combo loan was considered to be a combination loan consisting of a first mortgage and second mortgage. This type of loan was brought about to avoid the mortgage insurance you have when financing more than 80% of the value on the home.

Most recently this term has been used in advertising to denote a loan where by the borrower combines all of his debt into one loan on the home. Or better known as the debt consolidation loan.Debt consolidation is when one takes their credit card debt, their car loans, and other loan type payments and roll it into their mortgage. Why would anyone want to do this? Tax advantages. The interest one pays on their mortgage is tax deductible. The interest one pays on credit card debt, car loans, etc is non tax deductible. Rolling this non preferred debt into preferred debt is one of the ways people are able to make lower payments, increase tax advantages and increase savings. Cary Donham is able to help you with this, so contact them now at 800-207-2892 x101.

Combo loans are available in a wide variety of terms. Most often you will see a term of 360/180, meaning your 1st payment is your regularly 30 year amortized loan and your 2nd payment is a 15 year loan. However, there are many other options available. [name] can help you choose which one is best for you. You can reach us at 800-207-2892 x101.

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Texas zero down home loans – In Texas there are many opportunities to buy a home with little or no money down. There are 80/20 loans, 100% financing with and without Private Mortgage Insurance, stated income 100% loans, 100% loans for people with credit scores below 600, and many, many other types of programs for people looking to buy a home with zero money down.Zero down home financing is becoming an extremely popular option because it allows homebuyers to enjoy options that were formerly only available with VA loans. Using some loan options it is possible to roll the closing costs into the loan and actually receive your upfront fees back at closing. Ask you loan officer if you qualify for this loan.

Zero down home loans are still a good choice for families who have money to put down. You can take your money you would have put down on a home and use it for investment purposes. Even if you put your money in an investment that yields the same interest rate as what you are paying on your mortgage you will still be making ground on your money due to the tax write-offs you have on your interest payment on your home.

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