Mortgages, refinances, and home loans are approved daily for borrowers with bad credit. There are many bad credit mortgage lenders out there. They are also known as sub-prime mortgage lenders. Do not apply with each of the bad credit mortgage lenders! Select up to 3 bad credit mortgage lenders you feel comfortable with. Never pay any upfront fees.
We have aligned ourselves with national bad credit mortgage lenders who want to approve your bad credit mortgages. We will deliver your bad credit mortgage application to a mortgage lender who understands that bad credit can happen to good people! It is a myth that mortgage lenders do not want to do business with someone who has bad credit. There are numerous mortgage lenders who deal strictly with borrowers with bad credit. You need to locate this type of mortgage lender.
Each bad credit mortgage lender has different requirements. While one may turn you down, another will gladly say YES. You must understand what the mortgage lender wants, and their particular underwriting guidelines. The truth is that a bad credit mortgage lender does want to lend people money. These mortgage lenders make money when they lend money. Therefore, they do want your business!
First, they are going to review your credit. How do you pay your bills? What is your credit score? Do you have any liens, collections or judgments? Although there can be reasonable explanations for these, too many will reflect how you may pay your debts in future.
Second, can you repay the new mortgage? Even though a mortgage lender will approve your mortgage with bad credit, they do not want to take your house from you through a foreclosure process. You need to prove you have the ability to repay the debt. Therefore they will look at job time, job history and the likelihood you will continue to generate enough income to satisfy the debt. Oftentimes a self-employed borrower will have trouble proving income. There are also special programs for the self-employed borrower. These can range from no income verification mortgage programs, bank statement mortgage programs, etc.
Finally, how much equity do you have in your home, or, if you are purchasing a new home, how much money do you have for a down payment? If you have bad credit, a mortgage lender will want MORE equity or a stronger down payment. This is because the mortgage lender is going to feel more comfortable lending money when you, the borrower, have put cash into the transaction or equity into the property. The thought here is that with you having a stake invested in the property, you will be more likely to make the mortgage payments. Think of it as overcompensating for the bad credit.
If you have bad credit, there are many mortgage lenders who will lend you money. Maybe you are strong in two areas, but weak in one. The overall picture will be looked at when determining if you can qualify. There are also many benefits to a new mortgage even with bad credit. Here at MortgageCreditProblems.com, we work with these bad credit mortgage lenders and help you get the mortgage financing you deserve. Bad credit DOES NOT mean there is not a mortgage lender who will help you. You just need to find the right one!
Take a closer look at who we can help get a bad credit mortgage approval. We want your business and will work hard to get you your bad credit mortgage approval. Simply complete our FREE, EASY online bad credit mortgage form and we will get to work on it right away for you. You are in the right hands!
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