Bad Credit Home Loans In Tennessee

Bad Credit Home Loans In Tennessee: Find out where you stand first!

About half of the people that I talk to are concerned that they may not get approved for a new home mortgage. They have had a lay off in the past. Maybe had a foreclosure 8 years ago. Some may have had a car repossessed 4 years ago. Whatever the issue, we all have dealt with it. You may be asking yourself now, “is my credit good enough now to buy a home”? With housing prices and interest rates at all time lows, the savings you can take advantage of now, it maybe worth looking into. Let me help you determine this. Follow the steps below to get a better handle on your scores.

Why do you think your credit is bad?This may seem obvious to some but the reality is this, your credit may not be as bad as you think. It may have been 7 or more years ago when you had that foreclosure or repossession. If that is the case, it may not even be on your credit report. Take the next step to find out.
Get your credit report to verify:Everyone is entitled to your credit report free every year. Go to www.annualcreditreport.com to get your free report. This will let you know what is actually affecting your score. You won’t get your credit score for free but I believe you can pay an additional cost and they will provide that to you.
Dispute old or incorrect accounts:Some accounts may have been paid. Others may have been included in a Bankruptcy ( I will talk more about bk’s later). When an account goes into collections, they are sometimes sold to other collection agencies. What happens more than not is, the collection agencies will not update your report to show that it was sold. This will create two negative items on your report and this will dramatically effect your scores. With the Fair Credit Reporting Act, you have a right to dispute this debt and by law they must respond usually within a month.
Establish new credit:Secured credit cards are probably the best way to reestablish credit. You can find many companies on the internet that will help you do this. I would recommend never to charge more that 50% of the balance of your card monthly. If you continually have a balance over this amount, it will look negatively on your credit report and decreases your score.
Bankruptcies: A bankruptcy does not automatically disqualify you for a new home loan. Fannie Mae and Freddie Mac requires 4 years from the discharged date to receive a loan (A paper loan). A Federal Housing Administration (FHA) loan requires 2 years from filling date and in some cases less than two years if you had an extenuating circumstances (ask me).

Are You Overwhelmed?

I know that all of this can a bit overwhelming. If you have a lot of negative information on your credit report, it may be best to get professional help. With that being said, a company by the name of Lexington Law Firm is a great option for some. To learn more about them please go here: Lexington Law Firm

Bad Credit Home Loans In Tennessee: What to do next?

I wanted to give you a few things to think about when considering a loan if you have less than perfect credit. If you are serious about getting a new home loan, let me help. I can look at your credit report and within minutes I can tell you what you need to do to improve your score. In most cases, you may be able to get a loan now! Fill out the form below to get started. I look forward to hearing from you soon.

Spotlight Article:

FHA Mortgage Refinance Tennessee

If you are looking for Tennessee home refinance FHA programs, you are in luck. Not only can we help home owners in Nashville ,TN, we can help many home owners in almost every city and state in the country (we focus on Tennessee in this post for the search engines to make a long story short…anyhow). This post is designed to give you an idea on why refinancing this loan could possibly benefit you. Let me give you three reasons.

Benefits Of A FHA Refinance

The obvious reason is to lower your rate and monthly payment. If you got your FHA loan a couple of years ago, interest rates may be a lot lower now compared to then. I have refinance a number of clients recently that realized an considerable savings on their mortgage payment.
You could do a FHA Streamline Refinance. This option is streamlined because in some cases you may not need an appraisal. You may also benefit from reduced paperwork. Saving you time and the process saving a few trees!
Lastly, saving a few years of your mortgage could be an option. For some, your mortgage payment may already be affordable. You possibly got a 30 Year fixed rate when you took out your mortgage. If thats the case, have you thought about a 15 Year fixed loan? Some of my clients refinance into a 15 Year Fixed FHA loan and was paying almost the same monthly compared to a 30 Year Fixed. Imagine how much you could save on the life of the loan if you were able to shave off 10 years of mortgage payments? Think about this, how much are you paying a month? Multiply this by 120 months. What figure do you come up with?

What Do You Do Now?

Give me a call! This article is designed to let you know that you may have options in saving money on your mortgage. I know that everyone situation is unique. Because of this, contact me and I will know in a few minutes if refinancing your current FHA loan is an option for you. My phone number is (615) 294-6534. If time is not on your side right now, fill out the contact link below. Just let me know what would be a good time to call.

CONTACT ME HERE

Submitted by Terrence Askew

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