How to Get a Home Mortgage, Even with Bad Credit
It's no secret, the Big Banks, like Wells Fargo Home Mortgage, Chase Mortgage, Citimortgage and Bank of America Home Mortgage only lend to those with good credit.
But, you can still get a good loan, even if your credit is not that great.
That's right, there are programs that allow lower scores (under 620 and down to 500) and will allow you to purchase a home or refinance your current loan at today’s low interest rates.
The good news is that most of our new mortgage programs allow bad credit.
With these new lower credit score requirements (down to 500 credit scores) and much shorter waiting times since major credit issues like, a bankruptcy, a foreclosure or a short sale, we are obtaining more and more loan approvals.
You are probably thinking that you need a large down payment or a lot of equity to qualify with bad credit. Right?
No, you don't. In fact, these programs allow for a less than 5% down payment or equity in the property even for credit scores well below 600!
The national average credit score was 692 in 2016 according to Yahoo Finance.
So, it's true, you can have a score well below the national average and still get approved for a home mortgage with these new programs.
Here's the deal. The big banks just don’t like these loans. Most big banks have minimum credit scores of 680, or higher.
They set their credit requirements and standards this high so that the government regulators and their shareholders know that they are only lending to those who represent a very low credit risk.
But, there are companies, like ours who work directly with the nation's largest wholesale mortgage banks who love these loans and even specialize in them.
To keep it simple, you don’t need excellent credit, a big down payment or large amount of equity to qualify.
So what are you waiting for? Dont let your credit stop you.
Are you ready to see how these new mortgage programs can help you?
Call 800-607-1941 x220.
Posted by: Brian Bush
Brian and his team have been funding Home Loans for over 25 years.
Since 1991, they have funded over 2,000 loans