12 Sep, 2009
Want an Auction Home But Need a Hard-to-Get Loan?
Posted by: Kimberly Edwards In: Auction Home Resources
We all know that auction homes are probably the most economical way to purchase a property because they are at such a phenomenal price, it’s tough to pass up!
That’s why you’re here anyway – whether you’re an investor or someone who wants to purchase a home for their family…
Problem is, who has cash-in-hand like that? I mean, most people don’t have access to that kind of money immediately to bring down to the auction in a suitcase, do they?
Another problem is people are having a tough time getting home mortgages with bad credit.
Yes, you can use a mortgage to purchase an auction home – you can purchase an auction home “traditionally”. If you’re the winner, the contract must be executed on the Monday morning following the Sunday evening round robin phone auction.
Pre-approval letters for mortgages will play a part in determining the best bid that wins.
The thing with having bad credit, though, is the fact that if you had a lot of money, you probably wouldn’t have bad credit, right? That means, a deposit may be stopping you from being able to get financed for a loan.
AdvantageHomeRates.com is a website many of our buyers have been checking into because instead of the conventional 10% you often need to obtain a home mortgage, they specialize in bad credit loans and can find a way to give you a 3% Low Down Payment Mortgage.
If you’re worried about these newer types of loans, they have a solution for you too.
They provide Fixed Rate Mortgages, which are the most common type of mortgage around. So, in this instance a person’s credit score at the time they’re approved for the mortgage correlates to the interest rate they get on the loan.
Just wanted to provide you with a few useful options that will keep you in the bidding for an auction home.
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I hope this was a helpful Auction Home Resource on Buy DFW Auction Homes! Until next time…
Happy Bidding,
Kimberly Edwards 
P.S. Be sure to Subscribe to Buy DFW Auction Homes!
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