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Worried of your Bad Credit Score Avail of a Bad Credit Home

One of the things borrowers have to consider doing is lurking or even actively participating in a loan forum.

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Worried of your Bad Credit Score Avail of a Bad Credit Home

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  1. Worried of your Bad Credit Score? Avail of a Bad Credit Home Loan

  2. What is a bad credit home loan? • A bad credit home loan is a type of mortgage that is offered from a non-conforming or specialist lender that can consider all situations, in particular for those of you with black marks on your credit file. • It is designed to help “outside of the box” applications from regular people who don’t meet the bank’s guidelines.

  3. Who can qualify for a home loan? • Bad credit home loans are generally suited for people who have had something bad happen to them such as a divorce, loss of job, injury or business failure which has resulted in black marks on their credit file. • Lenders dislike people who did not want to pay for their defaults or those who keep having ongoing credit problems.

  4. Below is the list of the basic qualifying criteria: • Small paid default: If you have a small default for less than $500 and it has been paid more than six months ago then we can help you borrow up to 90% of the value of your property. • More than one small paid default: If you have less than $1,000 in paid defaults from financial institutions (e.g. banks) and less than $500 in paid defaults from non-financial institutions (e.g. phone companies) then you can borrow up to 85% or possibly 90% of the property value. • Major paid defaults: If you have up to $3,000 in paid defaults we are able to help you borrow up to 80% of the property value with a prime lender, or up to 100% of the property value if you have a security guarantee from your parents. Larger paid defaults up to $10,000 can be considered on a case by case basis if you have a very good explanation which is backed up with strong evidence. • Unpaid defaults: If you have any unpaid defaults then you can only borrow 80% of the propertyvalue, this is with a non-conforming lender. • Judgments / court writs: If you have any judgments / court writs then you can only borrow 80% of the property value, this is with a non-conforming lender. • Part IX agreement: Please refer to our Part IX agreement page for more information. • Bankruptcy: Please refer to our bankruptcy mortgages page for more information.

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