Bad Credit Home Loans-get Financed to Buy Home

By: Jennifer Morva

If you want to buy a new home but are not avail to able a loan because of your bad credit status then don't worry anymore. Avail bad credit home loans. Bad credit home loans are specially designed for people like you. Also if a person is facing arrears, defaults, CCJ, IVA, bankruptcy, late payments etc he is eligible to avail bad credit home loans. Bad credit home loans are secured loans and can be availed by placing your home as collateral.

The FICO credit score ranges form 300 - 850 points. Generally a score of 600 is required to be eligible to avail any loan. But in the case of bad credit home loans the situation is different. If you are having a credit score less than 600 points then only you are eligible to avail bad credit home loans.

To avail bad credit home loans you will have to pledge one of your properties as security against the loan amount. Lenders offer bad credit home loans at low interest rate and flexible repayment duration because they have the security of their money in the form of collateral. With bad credit home loans you can avail an amount ranging from 5000 - 75000. The loan amount depends upon various factors like repayment ability of the borrower, bank details etc. The repayment duration of bad credit home loans is very flexible and ranges from 5 - 25 years.

You must meet certain criteria in order to avail bad credit home loans. You must have a full time job and regular source of income. You will have to show your job proof and also your last details of last three pay slips to the lender. Lender will also check your repayment ability before advancing loans to you. So keep all your papers ready.

Bad credit home loans can be availed both through physical lenders and online lenders. You can choose to apply through physical market but online method is much better because this way you can save lot of time and energy. Online method is much faster because it requires less paperwork. Also it is hassle free. To apply you just need to fill up an application form mentioning details like the type of loan you want to avail, amount, period, contact details etc. Lenders will then contact you with their offers. You can choose a lender keeping in mind your priorities.

With bad credit home loans, now people suffering from bad credit score can also make their dream of buying a home come true.

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