Nitty-Gritty Mortgage Woes
Library staff member Eric Deatherage provided the following annotated Web site suggestions for persons with poor credit who are in search of fiixed-rate mortgages:
http://www.homeloans.va.gov/
VA home loan. Not credit score driven. Driven by credit history rather than credit score. Certificate of eligibility required; the site explains how to get this certificate. Zero down. Debt to income ratio must be between 30 and 40%.
http://www.fha.gov/owner/loans.cfm#1
FHA home loan. Fixed rate product. Requires 3% down, but there are local donation programs that will cover that amount. 43% debt to income, including home, needed.
http://www.freddiemac.com/homepossible
Freddie Mac program. Zero down.
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