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Puppy who had tail, legs severed in train accident now need forever home

Traditionally, home hunters face an uphill task when they want to find finance to buy a new home. But the truth is that getting a home loan with bad credit is easier that many would think. What must be accepted is that compromises need to be accepted, like higher interest rates.

Lenders are usually thought of as conservative in their lending policies. This is certainly true with traditional lenders, like banks, but the rise of alternative lenders has seen the chances of securing mortgage approval increase dramatically. And with terms that are more flexible, and interest rates that are more competitive (though still not very low), these finance packages are more affordable too.

Getting approval is possible, even when an applicant has a very low credit rating. And, for any applicant, the chances of getting that home loan are improved when certain areas of the application are prepared properly.

Key Areas to Consider

There are three areas that every applicant should pay careful attention to before they submit their application for a home loan with bad credit. These relate to calculating an accurate budget (and sticking to it), the down payment, and finding the right lender with the right loan terms.

Calculating the budget is the first step, and involves making a careful assessment of existing debts and outgoings, and comparing them with income. Most lenders will stress the need to have enough excess income to cover mortgage payments for the lifetime of the loan. In fact, when it comes to securing mortgage approval, this is the core issue.

Budgeting means that the limit to what home loan is attainable is recognized so that a strategy can be devising to eventually increase that limit. For example, if the amount of existing debt is high, then lowering it by clearing some individual debts, or using a consolidation loan, then more income can be made available to cover mortgage repayments.

Increase the Down Payment

The down payment is often overlooked as an element in the overall mortgage deal, but increasing the size of the payment can have a positive impact. This is especially true when seeking a home loan with bad credit, where the monthly repayments need to be kept as affordable as possible.

Basically, the size of the required mortgage is lowered if the down payment is bigger. For example, a down payment of 5% on a home worth $200,000, means a mortgage of $190,000 is needed to complete the purchase. But a 10% payment means $180,000 is required, which could translate to a fall of perhaps $100 in repayments each month. Securing mortgage approval, therefore, become much easier.

Of course, another aspect is that providing a larger down payment tells lenders of the commitment an applicant has to getting a home loan. Saving a large sum of money relatively quickly requires real financial discipline, which is a positive attribute.

Find the Right Lender

Your choice of lender is just as important a part of any deal as anything else. They set the policy that affects the interest rate structure, as well as the range of penalties and fees that can be charged. So, getting the right one can make the task of finding an affordable home loan with bad credit easier to accomplish.

Online lenders are generally the best in the market, often charging more competitive rates and offering terms that are more suited to bad credit borrowers. For those with poor credit histories, the chances of securing mortgage approvals are increased, as long as the criteria and conditions are met.

Still, be sure to examine any home loan offer carefully for hidden charges before signing up to anything. Also, check the reputation of the online lender with the Better Business Bureau website.

Mark Venite is the author of this article and a successful financial advisor with 20 years of experience. He helps people to get approved for Bad Credit Personal Loan and Student Loans with Bad Credit.

When a homeowner is having trouble paying their mortgage or they've suffered from a change in income or financial status, the first step they usually take is to request a loan modification from their lender.

This is often a big mistake. What most homeowners don't realize is that most lenders aren't willing to modify their loan. This may come as a surprise to many people but if a lender feels like they can make more money by foreclosing on your home, you run the risk of being denied a loan modification.

Most homeowners aren't aware that there are many reasons why their lender is unwilling to help them. If you make too much money, are current on your payments, or you can't prove a hardship, your lender will likely not assist you with a loan modification. They are in the business to make money. It doesn't improve their bottom line if they reduce your payments or your interest rate.

You may even go through the lengthy loan modification process with your lender only to find out that they won't be able to help you after your loan is reviewed. In that case, you will be stuck with the mortgage you have and you will have to catch up on any payments you are behind on or you will risk foreclosure.

If you aren't able to afford your mortgage or you are concerned that your lender is unwilling to help you, you may want to start by seeking help from a third party to help you with your loan modification. A third party can perform a non-biased forensic mortgage audit on your mortgage loan documents and can provide you will the help you need.

A forensic mortgage audit can detect any errors that were made when your loan documents were processed by your lender. It is estimated that about 90% of adjustable rate mortgages have errors in their documentation. If an error is found in your loan documents, it could provide you with some leverage against your lender.

That leverage could give you the means to win the fight against your lender and prevent them from foreclosing on your house. In most cases, this leverage will also allow the homeowner to reduce the principal of their mortgage note, have more affordable mortgage payments, and forgiveness of any amount they are past due on.

If you're looking to get assistance with your current mortgage, start by seeking help from a company that specializes in forensic mortgage audits. It can be the best solution to saving the home you've worked so hard to have.

An Ohio puppy who had its rear legs and tail severed in a train accident is now up for adoption.

The 3-month-old puppy named Trooper ruptured his left eye, and lost most of the back half of his body after being hit by a train in Hamilton, Ohio, in early March.

He was taken to The Animal Friends Humane Society, where he was slowly nursed back to health.

Now, after numerous surgeries and several IV pain medications, the shelter said Trooper is ready for adoption.

Next week, the 3-month-old puppy will be fitted for a donated doggie wheelchair, which was donated by the Paw It Forward Foundation.

To fill out an adoption application, click here.
The idea that a home loan with bad credit is accessible to people wanting to buy a home may come as a surprise. After all, bad credit scores are supposed to make financing of any type more difficult to get. When it comes to a loan of more than $100,000, it only makes sense that bad credit borrowers should have a hard time.

But the truth is that lenders are happy to grant loans if the right boxes are ticked. So, securing mortgage approval with a less-than-perfect credit history is not something that needs to be ruled out.

Still, there are some realistic measures needed to improve the chances, and for every home loan applicant, knowing them can prove invaluable.

The Problem With Bad Credit

There is no avoiding the fact that having a bad credit rating is going to have a negative effect on loan applications. While the good news is that applications cannot fail on the basis of credit scores alone, they do affect the interest rate to be charged. Therefore, a home loan with bad credit part of the equation is more expensive.

Simply put, the score can raise the amount of each monthly repayment, thereby making the task of securing mortgage approval that bit harder. Depending on the size of the mortgage and the term of the loan, the increase could translate to $50 to $200 per month. So, it is nothing to be ignored.

However, lenders do look at the reasons for bad credit scores, and have a more understanding view of applicants who have suffered some financial bad luck. Applicants who have earned low scores due to bad money management are less likely to get a home loan.

Tricks to Getting Approval

Helping the application along is an important part of the overall process. And there are two key measures to take that can greatly improve the chances of getting a home loan with bad credit. The first is to provide a large down payment, while the second is to improve the credit score as much as possible in advance.

The down payment is hugely influential for the simple reason that it lowers the size of the mortgage actually needed to purchase the property. Usually, a percentage as small as 5% is acceptable, but by increasing that figure to 10%, or even 20%, securing mortgage approval becomes more likely. The principal borrowed is lower, so the monthly repayments are lower.

Improving the credit score can be done by clearing some, if not all, of the existing debt. A consolidation loan can be used to buy out all remaining debts, replacing them with a single lower monthly repayment. What is more, cleared debts immediately improve the credits score, while also freeing up extra cash for the home loan.

Show Genuine Commitment

A mortgage is probably going to be the biggest single debt that any person takes on in their lifetime. Little wonder that lenders want to see signs of commitment before approving a home loan with bad credit. There are several ways in which this can be conveyed - in fact, applicants who have either improved their credit score or saved a large down payment already have.

For both of these measures, the applicant needs to have shown great financial discipline. This tells the lender that the applicant is very serious about the loan, giving the lender every reason to feel confident. As a result, securing mortgage approval becomes more likely.

Of course, do not forget that other expenses come with buying a home, so the home loan is only the beginning. Closure fees need to be paid, as well as the need to buy furniture, fixtures and probably some minor home improvement projects too.

Usually, the chances of getting mortgage loans with bad credit might seem pretty slim. The average home loan is over $150,000, which a substantial amount of money. So, having a poor record in repaying loans on time is only going to make lenders nervous about the chances of avoiding a default.

But the good news is that bad credit status does not rule out a mortgage completely. There are online lenders that are more open to applicants with low credit scores making it possible to get approval with poor credit history. All that the applicant needs to do is meet the criteria that are set out by the lenders, and to accept a few compromises.

The biggest compromise is the fact that interest rates charged on a mortgage loan is going to be high. But for those whose lives have already been affected by bad credit scores, there is at least a chance of get the funds needed to buy a home.

Meet Basic Criteria

The starting point for anyone seeking mortgage loans with bad credit is to meet the basic criteria that lenders set. These criteria relate to age, residence status and proof of income. Only after these conditions have been confirmed will lenders even consider the finer details of the application.

All applicants must be over the age of 18, a stipulation that is laid down by law. They must also be either a citizen of the US, or have a long-term residency visa that proves they are living and working in the US legally. Finally, applicants need to show that he or she has a reliable source of income, especially if they are to get approval with poor credit history.

If the lender is satisfied, then details like the debt-to-income ratio and affordability of the mortgage loan repayments can be looked at. However, beyond setting the interest rate, the influence of a bad credit rating is very small.

Debt-to-Income Ratio

Lenders use bad credit scores to work out interest rates. For example, an excellent score of 700 will see a low interest rate charged, while a poor score, like 620, will mean a higher one is charged. Securing mortgage loans with bad credit gets more difficult the lower the score is.

However, even more significant is the debt-to-income ratio, which relates to the amount of income free to cover the loan repayments. The ratio is set at 40:60, which means that no more than 40% of income can be used to repay loans. Getting loan approval with poor credit history is possible if this ratio is adhered to.

If the repayments on the mortgage loan look set to push the rate over 40%, then it is a good idea to set about lowering the existing debt. This can be done by taking out a consolidation loan, and with each debt cleared, the credit score improves. As a result, the interest rate is lowered, helping to make the repayments more affordable.

Large Down Payment

Another hugely useful move ahead of applying for a mortgage loan with bad credit is to offer a larger down payment than usual. It is normal to offer around 5% of the purchase price, which lowers the size of the required mortgage. For example, for a home worth $200,000, a mortgage of $190,000 is needed. However, 10% sees the required sum fall to $180,000, and 20% fall to $160,000.

As the required sum falls, the chances of securing loan approval with poor credit history are increased. The interest falls and the monthly repayments fall. Also, and remember that even a saving of $100 per month translates to savings totally $36,000 over the lifetime of a 30-year mortgage loan.

Joycelyn Crawford is an expert in Easy Loans for Bad Credit and Easy Home Loans.