Bad Credit Mortgages
Bad credit mortgages and bad credit home loans residential and investment real estate.
People are under the impression that if you have bad credit and do not pay your debts in time, they will not be able to receive another mortgage. However, the truth is that even when you have bad credit or after being bankrupt, you can still get another mortgage. What is assumed will happen is that with bad credit the interest rates will be very high, because the banks/ financial institution feel that this is a high-risk transaction.
You have to understand that even with bad credit, you still have choices. It is not like you have to grab the first offer that it is being thrown at you. This is just another area of financing, and there are special organizations with different type of fees. You need to shop around like you would shop for a regular mortgage.
There are many ways to purchase a home if you have bad credit. A bad credit mortgage loan will result in higher rates but this can be mitigated by either increasing your down payment or going for an interest only loan. An interest only loan will allow you time to repair your credit and refinance into a more conventional loan with better terms.
Bad credit mortgages can mean something different to the borrower and depending on the current credit markets. An important number to know is your FICO score. Your FICO score is an indication of your credit health. It is the middle score on your risk based credit score. Although a risk based credit score can be obtained from your mortgage lender, a good place to monitor your consumer score are sites like Credit Karma. If your consumer score is increasing then your mortgage or risk based score is most likely increasing.
Once you know your FICO we can help you choose the best bad credit mortgage program that meets your needs. Today, a residential owner occupied home loan can be obtained with a FICO score of 550 or better. For investment loans the FICO may not even come into play depending on the loan.
The FHA provides lenders with a mortgage guarantee that allow mortgage lenders to provide these low FICO and low down payment loan. Today for instance an owner occupied home buyer that has not purchased a home in 3 years can get into their dream house for just 3% down. Investment and commercial properties can be purchased with just 10% down. To discuss your scenario or to get a pre approval click below.
Once we send you a pre-qualification you can choose a realtor and start shopping for your dream home. Any questions feel free to call
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