We are your fresh start experts when it comes to alternative lending. Clients come to us for those loans that have been denied by other lenders. We have a huge portfolio of lenders that approve loans for all types of credit and mortgage history. We understand that some people are still trying to recover from the 2008 housing market crash and want to get back to owning again. Now there are more options available to those struggling to get back on track with bad credit home loan programs.
FHA Government Loans
Once upon a time, a buyer would have needed to have a 640 credit score minimum to qualify for this loan, which would make it impossible for some to buy a home with lower credit scores. Now FHA has lowered its credit guidelines to give bad credit consumers a better chance in purchasing. Here are a few loans available with this government program.
Credit scores between 550-579 would need to put a minimum of 10% and have no collections within the last 12 months. If your credit score is 580 and above only 3.5% minimum down payment will be required.
Private Lender – Credit score 500+
If your have had credit trouble in the past and you are trying to rebuild your credit, there is still loans out there for you. Providing you a second chance to home ownership. This loan is for credit scores from 500-579. Some private lenders will require you to have at least 3-6 months of reserves, as well. The minimum down payment required for these loans can range between 20%-30% depending on your credit score. The terms available are 30 year fixed or 7/1 Arm options with no prepayment penalty. So you may refinance this loan at any time, if needed.
VA (Veterans Administration) 100% financing loan
We are now able to accommodate our honored veterans as well with low credit score mortgage loan. The minimum credit score allowed is 580. All collections will still need to be paid on or before closing on the home. No down payment will be required and gift funds are allowed to help pay for closing costs.
USDA 100% financing- No Money Down
The USDA minimum credit score is now 580. No money down is required on this type of loan and still will allow for 100% financing. This type of loan does require additional qualifications, learn more HERE.
Qualifying for a Mortgage Loan after Short Sale, Foreclosure, or Bankruptcy
If you have ever experienced a Short Sale, Foreclosure, or Bankruptcy and looking to purchase a home, now you can. There was a time when you were required to wait 3-7 years after one of these events before you can buy a home. Now we have bad credit home loan programs that will allow you to buy now.
For instance, FHA has a government loan call FHA Back to Work which only requires 1 year waiting period in order to qualify, with still only 3.5%. To have this work for you, it has to be shown that you had financial hardship in which caused you to have the housing event. Such as loss of income to your household.
Then we have several private lender programs that will allow you to purchase home only 1 day out of Short Sale, Foreclosure, or Bankruptcy housing event. With only 20% down and required down payment between 10%-20%, depending upon your credit score. The lowest score allowed will as low as 500 fico credit score.
Bonus Loan Program
Self Employment Buyers
Are you self employed and find your self with several deductions that your local bank just wouldn’t approve you for, due to income that is showing on your income tax returns. Our private lenders have different solutions for you with these programs.
24 month Bank statement program
Stated Income mortgage loan program- Investment property only
Asset depletion loan program
Contact the mortgage lady for more information using the form on the side bar.
Jumbo loans with 10% down
10% down minimum
30 or 15 year fixed rate
No prepayment penalty
NO Mortgage insurance
Minimum credit score
2 years out of Bankruptcy, Foreclosure, or shortsale
What are the rates like?
While I can’t quote rates here because they are constantly changing and are adjusted to your unique scenario. CLICK HERE and complete the short application for a personalized rate quote or select the tap at the top left of the page “Request a Free Quote”. Someone will contact you withing 24 hours
This is a fully underwritten portfolio Jumbo loan. It’s NOT hard money.
Collections items do not need to be paid off on most loans
Mid FICO scores must be above 500 to qualify.
The down payment is substantial ( minimum 20% ) depending on credit score
Now throughout the entire state of Florida with offices in Cape coral, Fort Myers, Naples, Lehigh Acres