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Many bad credit banks grant mortgage loans to home buyers with bad credit. These types of bad credit mortgages usually carry higher interest rates than conforming home loans, which are often sold to fannie mae’s and freddie mac. Many of the bad credit loans are offered with a 2-year fixed rate followed by adjustable rates for the remaining 28 years. These types of bad credit home loans are designed to help poor credit home buyers purchase homes, rebuild or repair their credit profiles during the two years fixed rate period, and refinance into a conforming mortgage with better interest rates and terms.
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