I meet someone almost every day that says “You know, what, Kris? I would love to buy a home but my credit is lousy.”
Now, this is something you don’t want to say to me because I take it as a challenge, and I’m not one to turn one of those down! Plus, I have a secret weapon against the “bad credit” demons out there: my lending partners. These people are amazing and have even been known to get loans for folks with credit scores in the 500s.
If you’ve been turned down elsewhere or are so convinced you won’t qualify for a loan that you haven’t even tried to get one, you owe it to yourself to give me a call. I am happy to put you in touch with the magicians of the lending world who will work their hineys off to get you qualified.
What is a Bad-Credit Mortgage?
For a while, as the country tried to recover from the explosion of the housing bubble, folks with poor credit were locked out of the housing market. You probably heard the term “sub-prime mortgage” floating around during this period of time. That term is just another word for a loan that is given to someone with less-than-perfect credit.
Sub-prime loans of today, however, aren’t like those back then. Yes, lenders are more cautious, but they’re also quite interested in making loans.
While the lenders go about protecting themselves in the sub-prime market, what about the borrower? Are these loans dangerous?
One of the best things to come out of the whole mortgage meltdown was beefed up consumer protection, mandated by the Consumer Financial Protection Bureau. Sub-prime loans can’t carry interest rates that go up after a default or those nasty prepayment penalties so common in the past. The lender must also provide the borrower with homeownership counseling.
Candidates for Bad Credit Mortgages
Our lending partners are in the best position to analyze your credit data and determine whether you qualify for a bad-credit mortgage. But, if your dream is to own a home and you’re afraid you can’t get a loan to purchase one because of your credit, you owe it to yourself to contact us. We may just be able to help your realize that dream.