Do not be discouraged by your credit problems; we can help you purchase a home.  

Many good people get into credit problems, you are not alone. Sometimes life deals bad cards to good hard working people. Illness, injury, divorce, unemployment, etc. can result in problems that have led to extensive late payments or even bankruptcy. 

Many folks with credit difficulties believe that they are unqualified to buy a home, which is not the case. Because all mortgages are credit score/risk driven and most banks handle “A” paper loans, meaning credit scores above 680, many eligible potential homeowners are rejected and told they do not qualify for a mortgage.  

If your credit score is below 680 you can qualify for a mortgage in the sub prime lending arena. These loan products are designed for homebuyers who have bad credit, have filed for bankruptcy, or had a foreclosure. They have higher interest rates; usually they have pre-payment penalties and are ARM (adjustable rate mortgage) products. If you make all your monthly mortgage payments on time, you will re-establish good credit, and after the pre-payment penalty period has expired, we can refinance you into a less expensive, lower interest rate loan.

Tips to Help Get a Mortgage  

• Save, save, save, this is particularly important after bankruptcy. Lenders will look more favorably on a homebuyer who has money for a down payment. Interest rates are credit/risk driven, if a homebuyer has no down payment the loan is riskier, the more down payment the less risk and therefore, homebuyers who put down 20% can get the best rate. The more money the borrower has in the home the less likely he is to default on the mortgage or walk away from the home in the event of financial difficulty.
• Re-established Credit, if you have filed for bankruptcy and you have not re-established new credit, we can use alternative credit such as utility bills, cell phones bills, cable, etc as long as all payments are paid on time.
• Write Explanation Letter of Late Payments or Bankruptcy
• Do not enter into a real estate contract without first being pre-approved; credit challenges can take longer to work through than the average “A” paper mortgage.

  Because each homebuyer is different mortgages companies consider many different factors, we must supply them with an application, credit report, and Items Needed To Complete A Mortgage Application. 

  Also, check our Get Started, and Credit Scores and What They Mean To You page for more information.

  Please feel free to call and discuss your mortgage needs, we will be happy to help you.