Home Mortgage Loans Bad Credit

Home Mortgage Loans For People With Bad Credit

Get home mortgage loans even with bad credit! If you have a credit score above 650, at least 20 percent of the purchase price to put down and a steady income history, getting a mortgage is fairly easy. You’ll get the best rates from most banks, and approval shouldn’t pose any hurdles for you. Home mortgage loans for low credit scores are available.

But what about everyone else? What if you’ve had some bumps in the road, financially speaking? Plenty of people go through situations such as divorce, extended illness or unemployment, and as a result they fall behind a bit on their bills. If they have the means to pay for a mortgage, why shouldn’t they be able to get one?

This is where Amansad Financial comes in. Our business is to connect our clients with alternative lending sources and private mortgage funders who are willing to invest in people. Throughout western Canada, we have helped many people who struggled to find the mortgage they needed elsewhere get into the homes they deserved and make investments in real estate that helped them restore their financial fortunes.

Poor Credit Mortgage Loans

The purpose of a credit score is to give potential lenders an idea of how likely a borrower is to pay back the money he receives. Different lenders, such as credit card companies, auto lenders, retail card merchants and personal lenders, all have different parameters that they use to make their lending decisions. Because mortgage lenders are putting the most money on the table, they have the tightest requirements with regard to credit score.

In some cases, rejecting a potential borrower is the right decision. If you only have 5 or 10 percent to put down, no other appreciable savings, and you’re still several months behind on credit cards and your car payment, you should probably get those things in order before considering a home purchase. After all, if you think being a little behind on a car payment will hurt your credit score, having to go through a foreclosure will ruin your credit profile for seven years.

But what if you went through a divorce a few years ago, and your ex-wife left you with a ton of credit card to pay off? What if it took several months for you to get caught back up after you had to pay your attorney and set up your own household? Your credit score may have taken a major hit. Even now that you’re back on good terms with your creditors and have built up several months’ worth of living expenses in your savings, your credit score can still keep you from getting loan approval from the banks.

Home Loans For Poor Credit

Amansad Financial has relationships that can help get home loans for poor credit by find the funding so that you can buy the house you want. While the alternative lending sources with which we are connected do charge interest rates that are somewhat higher than what the traditional banks and other sources charge, because of the elevated risks involved, but you can sign up for a term that’s short enough to allow you to improve your credit profile to the point where the banks will give you money.

Getting a Home Loan With Bad Credit

There are two different types of lenders to whom we refer borrowers with less-than-perfect credit. The “Alt-A” or “B” group charges interest rates that are slightly higher than the traditional banks because they are more flexible when it comes to credit scores. If your score is too low for one of these lenders, we also have connections to the “C” market, also known as private lending sources. These are individuals and companies who want profits from the mortgage market. They can charge higher interest rates because of the elevated risk, but the short term of the loan (no more than two or three years in most cases) gives borrowers the chance to restore their credit while getting into the home that they want.

Get in touch with one of our lending specialists if the banks are turning your applications down, but you have enough money in the bank to put 15 to 20 percent down on the property you want. We can find a private lender to serve your needs in many cases. Our representative will discuss your situation with you and recommend a lending scenario that meets your needs and gets you on the path to home ownership years sooner than you might otherwise have thought.

Give us a call to see if we can do the same thing for you and your family.

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