There are several options if you are looking for mortgage loans for bad credit.
- 2/28 Loans are loans that have a low rate and a good payment for the first 2 years and then begin adjusting in the third year. The rate increases can be dramatic so it is important to fully understand the terms of this kind of loan.
- 80/20 loans are a combination of first and second mortgages which enable people to have a low or zero downpayment. Payments can be higher due to high interest rates but if you have a good income but no down payment this can be a good option.
- Longer term fixed rate loans like 40 or 50 year loans can be a good option while avoiding an ARM which many people find reassuring.
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Personal and Corporate Finance | Tags: 2/28 loans, 80/20 loans, Bad Credit Mortgage, mortgage loans for bad credit