Bob Diamond Ripoff – The real estate professional, Bob Diamond Real Estate mentions different solutions for the investors with low credit on how to apply for a home loan and get approval.
Many investors is assuming that they cannot qualify for a home loan if their credit score is low , but the myth is broken and there are various home loans schemes offering money with nominal rate of interest.
Bob Diamond Real Estate Reviews on Home Loans
FHA home loans :
The investors usually try out FHA home loans which are offered by lenders who are supported by FHA and these loans are not directly provided by Federal housing administration. These loans are insured and investors can avail easily, even new investors can try out this scheme as it is the safest way to apply for home loans. The risk factor is less and minimum credit score is 580 and may vary depending on the lender and he has th e rights to set the minimum credit score. Bob Diamond Ripoff
VA loans :
The second type of home loans is offered by governments which are called the VA loans. The USDA housing programs and many schemes exclusively for investors with low credit are offered with reasonable rate of interest. VA home loans are offered by private lenders for ex-military officer, veterans and for community of retired investors. The biggest advantage is that investors can buy a home without making the down payment as long as there is appreciation in the property value as well as PMI (private mortgage insurance) premium is excluded.
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The home equity is calculated by property value and outstanding debts. These loans are easy to avail than a conventional home loan having strict guidelines. Lenders usually offer equity loan if they are offering a conventional home loan. Just like VA loans, equity loan’s minimum credit score can be set by the lender according to his wish.
The 203(K) loan and home improvement loans can be availed to do home renovation. They require 5 percent down payment is required when you avail home style loans and the minimum credit score is 680. The other features are similar to FHA loans. These loans are not suitable for home upgrade, but structural modifications are allowed. The 203(k) loans are of two types –standard and streamlined. The standard version is used for rehabilitation loans. Minimum loan amount of 5000 dollars can be availed. Purchase loan can be applied if house needs major repair and structural changes. Streamlined loans are for smaller fixes like cosmetic light rehab. Maximum of 35,000 dollars can be availed for white washing etc.
Program Supports By Offering Loans
Some investors may like to invest on the outskirts of the city, the USDA program supports by offering loans for low income community and first-time homebuyers, this also includes investors with bad credit. There is an assurance that 90 percent of their loans are sanctioned and no down payment is required.
The 502 direct loans are exclusively for rural home buyers, it has no down payment and these loans are offered only if the buyer needs a primary residence.
Mobile and manufactured home loans can also be purchased through loans, the conventional home loans can be availed, apart from that mobile and manufactured home loans are also offered by several lenders. The qualifications are same as FHA loans.
Make proper research before you borrow money, there are several incidents happening which are caused by Bob Diamond Ripoff who pretend as lenders but are actually fraudste