For borrowers who struggle with bad credit but are looking to obtain a mortgage loan, you may have options available that you are not aware of.
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Most individuals don’t realize that even with bad credit you can still qualify for an FHA loan with FICOS as low as 500 as long as there is a good payment history for the last 12 months on your mortgage. This program allows you to pull cash out up to 80% of the home value that can be utilized to assist your specific financial situation.
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Major credit issues like BK or foreclosure only need to be seasoned for 2 years with this type of program, allowing for much easier qualification. Documenting income is required with exceptions for higher debt ratios.
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With those who have bad credit (550 or higher) and are in need of a mortgage loan, have past credit issues, and need to use alternative income documentation we have programs that offer a 30 year fixed rate. This fantastic program allows you to obtain a stable fixed rate while you improve your income documentation or bad credit score so that conventional financing is available in the future.
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However, If you don’t have a good payment history for the last 12 months then you might be able to take advantage of financing with one of our private investors. These individuals are more concerned with the equity position in your home than with your creditworthiness. This option is designed for those who are self-employed and needing capital for their business, someone looking to start a business, or invest in real estate in order to build wealth.
If you have time and additional finances, we at Independent Home Finance, Inc are happy to help you design a plan of action to improve your bad credit. Or, perhaps, one of the above options can give you money you need now to quick start the process.
Give us a call at 888-315-7784 or fill out the quick quote to the right so that we can review your scenario to determine the best route for you and your family.
