If you have issues with your past credit, you still may have some options as our lenders have begun to extend new mortgage programs for people with past credit problems. Many consumers have suffered from employment and income issues that have steam rolled into becoming obstacles on their credit reports because of late payments. We understand the difficulty of finding house mortgages for people with bad credit and we try to make the process easier for our customers. For many years, we have one of the few lending sources that approve home loans for people with bad credit scores and past foreclosures.
Will the Federal Reserve Continue to Bolster Mortgage Loan Activity?
President Barack Obama announced a further step then the HARP program had gone. It's unclear whether this program would reach out to help for home loans for people with bad credit and no equity. Wednesday to revive the housing market by letting millions of homeowners refinance their mortgages, presenting a plan that is likely to encounter congressional opposition.
The President said this new round of mortgage aid would help some homeowners save $3,000 a year by realizing lower monthly payments from lower home loan rates. The new initiative would extend that opportunity to roughly one-third of all mortgages that aren't backed by federal entities and instead are owned by banks or were bundled by private firms that sold them off to investors as mortgage-backed securities. The Federal Housing Administration would instead guarantee the new loan.
The high risk mortgage proposal is already prompting debate over how aggressively the government should intervene in the flagging housing market. The debate on Capitol Hill is exactly how this proposed mortgage bailout would be funded as the cost is estimated to be somewhere between $5 billion to $10 billion.
The President has proposed taxing the large banks, something most Republicans have opposed. According to the Washington Post, Speaker John Boehner slammed the plan saying Congress has done this at least four times and "none of these programs have worked."
The Obama administration said the bank fee would be needed to cover the costs of the program because the FHA is already committed to its reserves and may be hiking mortgage insurance premiums later this year. FHA has already guaranteed nearly $1.1 trillion in home loans but had just $1.2 billion as a cushion for unanticipated losses. Get more information on home loans for people with bad credit.
Connect to a Company with Experience on Home Mortgages for People with Bad Credit
Our loan consultants will go the extra mile by helping you to connect with a lender who offers financing for people with bad credit scores. Most mortgage companies are having their doors being shut on subprime lending. We believe in second chances and our participating loan companies have the mortgage programs that may meet your needs. There are several popular subprime products that provide house loans for people with bad credit. Complete the form above and shop new lending opportunities.