You must have seen the horribly bad days of mortgage in the United States. Though it is still possible to purchase a new house for people with bad credit history. Actually in that situation you must be aware that you are not in a position to buy a new house – but still you do not have to give up your hope. There are lenders who have designed programs to meet such conditions. Not that you are day-dreaming, but it is made possible through bad credit new home mortgage.
There are some options from which you can choose -
Mortgage zero down – They still exist in the market. In this case you do not need to use your cash for down payment. If you are lucky enough you can even find a lender who might offer 107% loan amount including the closing cost.
Down payment – One may also get a chance of bad credit new home mortgage by placing a down payment. In this case the rule of thumb is more is the amount of your down payment better is the scope of getting approved.
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