Bank – Learn more about FHA, VA and Rural Development loans from Arvest Bank.. for home buyers purchase a home, the U.S. government offers several options for home mortgage loans.
An 80/20 loan is where the first mortgage is 80% of the value of the home and is a traditional 30 year fixed mortgage; the remaining 20% is a 3 or 5 year adjustable rate mortgage (ARM). This is a great way for new home owners with good or bad credit get into the home of their dreams – with nothing down.
In fact, falling behind on a mortgage payment can have serious consequences for your credit scores. "Becoming 30 days delinquent on a mortgage loan can cause a high credit quality consumers’ credit.
Don’t get me wrong, bad credit. for a mortgage. Only it didn’t. First, the lender told us they’d have to go with my fiance’s score, since we were buying the house together and his name would be on.