In the past people were buying homes with bad credit. Loans were packaged and resold to investors for a profit making this business extremely profitable. Defaults resulted in great losses and eventually loans were no more. In Houston bad credit mortgage loan are only available with a down payment. Therefore, without a doubt you can get a mortgage even if you have bad credit as long as you make a down payment. Small credit issues will need you to make a down payment from 5% down while with major credit issues you are required to make a down payment of up to 30% or more. A large down payment will help you repair bad credit as well as rebuild it.
It is easy to misunderstand the concept of credit repair in relation to making a large down payment; fact is by making a big down payment does not mean that you will get a good credit rating overnight. In practicality what happens is that repair companies will dispute on your behalf of any negative information reflected on your file and will have it removed and hence, credit repair. Continue Reading