Credit Problems?  We can help!

The gigantic mortgage and credit crisis which exploded onto the scene in early 2007 has made bad credit and bruised credit loans extremely difficult to find. MOST lenders don't like people with bruised credit. If you are denied by a lender, please contact us. You may be surprised at what you hear.

If your LOAN-TO-VALUE IS OVER 80% - THERE IS NOTHING ANYONE CAN DO TO HELP YOU IN TODAY'S MARKET.  (Loan-to-Value = How much you owe versus how much the home is worth)

What’s Your Credit Grade?
Every lending facility uses guidelines to determine your credit worthiness. Upon reviewing your application, you’re given a credit grade and a determination regarding your loan’s approval or denial. MOST lenders DO NOT give loans to those with bruised credit. If you are denied by a lender, please contact us. You may be surprised at what you hear. Click here for some general criteria used within the lending industry to determine credit.

CREDIT PROBLEMS & ANSWERS

Late Payments
If your credit has 30, 60, or 90 plus day lates, you probably still qualify. Especially if those late payments occurred more than two years ago. Check HERE for some general criteria used within the lending industry when you have late payments.

Collections
If your credit history indicates unpaid collection accounts, "A" grade loan lenders will require these amounts to be paid off before the loan is funded.  We have programs that DO NOT require these items to be paid off.  Typically if they are under $500, and more than 2 years old. Medical collection "usually" are ignored. Judgments' (you went to court & lost), are REQUIRED to be paid off before approval under 99% of all mortgage loan options!
On the other hand, if these are the only "bad" items on your credit, paying them off should is highly suggested as it should allow you to qualify for an "A" loan.

Bankruptcy & Foreclosures

If your bankruptcy was discharged at least 1 day or your foreclosure was recorded at least one year ago, you may qualify for an non-conforming credit rated loan with 30% down payment.

If your bankruptcy is more than one year old, but less than 18 months, or your foreclosure was recorded at least one year ago, you may qualify for an non-conforming credit rated loan with 20% down payment.

If your bankruptcy is more than 18 months old, but less than two, or your foreclosure was recorded at least two year ago, you may qualify for an non-conforming credit rated loan with 10% down payment.

If your bankruptcy is more than two year old, but less than four, or your foreclosure was recorded at least three year ago, you may qualify for an non-conforming credit rated loan with as little as 3-5% down payment.

If your bankruptcy is older that 4 years, and you have good re-established credit, you may now qualify for an "A" loan.

High Debt Ratios
If your income-to-debt ratios are too high, you can either reduce your personal debt (i.e., pay down your debt), obtain a debt consolidation loan, pay down your debt with funds from the sale of personal assets (boat, camper, etc.), select a lower interest rate ARM loan, or add a co-mortgagor. You may also qualify for a "stated income" loan, where you do not have to prove your income (we are experts at these loans!).

Is a debt consolidation loan for you?
If you have any late payments on your record, part of the reason may be because of high credit card debt. If you qualify, you can pay off all of your high-interest credit cards into a low debt reduction refinance loan which may be tax deductible (unlike credit cards, which are NOT tax deductible).

Even if you don't qualify for an "A" credit loan, you probably still qualify for a non-conforming loan.

Call us at (651) 552-3681. Speak to a mortgage professional who can help determine your credit status - its a FREE service!