Offering over 30 years of mortgage experience. This will allow the Borrower to see multiple options on their home loan. If you have a few dings on your credit report preventing you from getting a new mortgage, we can help. We have assisted home buyers get Bad Credit Home Loans for years.
With the recent economy turn down, it seems many homeowners sold or walked away from their homes. Now, they are seeing things pick back up and either cannot buy a home or cannot get a lower rate.
There are several ways to get your credit score improved. The easiest way is to dispute an item on your report. Any item disputed is removed from the score. Usually a collection item or sever lates will drag your score down. By disputing the item, the score will greatly improve. But, for mortgage approvals, you will need to un-dispute and get the real score.
The normal conventional mortgage will have a 20% equity or down payment to a borrower with a credit score over 620. If your FICO is below that, you will find it tough to get an approval. But, there are lenders who will make a new home loan to you at a higher rate.
The normal Bad Credit Home Loans rate will run between 8-12%. There may also be fees or points to get the loan. Most borrowers who are renting just say how much is the payment compared to what they pay rent now.