Â Apply now atÂ Â Â Â Â www.florida-mortgage-lenders.com
Applying for a Bad credit Florida mortgage isn't as easy as it was a few years ago. Nevertheless, it is not impossible as most media broadcast make it appear.Â We are still providingÂ FHA home loansÂ andÂ Florida first time home buyersÂ withÂ bad creditÂ and evenÂ no credit score Florida home loansÂ with low interest rates!Â NowÂ back to your original question,"How do I get a low interest rate Florida mortgage with a bad credit history"?Â
In order to qualify for a low interest rate with a 580 to 620 Â bad credit mortgage you must have or provide the following:
1.Â Â Â Bad credit Florida mortgage lenders what to see minimal, preferably no 30 day late payments on your credit report in the last 12 months. Its ok if your 5, 20 or 27 days late that's ok, but not 30 days late
2.Â Â Â In order to get a bad credit Florida home loan Florida mortgage Â lenders want to see stability for the past 12 months with minimal 30 day late payments reflected on your credit report.
3.Â Â Â Most bad credit Florida mortgage lenders also what to verify 1) 12 months of verifiedÂ on timely rental history or 2) 3 months of mortgage payments in your account at the time of your new purchase in addition to your down payment. You must provide either 12 months of canceled checks, money orders Â or (VOR) verification of rent from a management company. (No private landlord letters).
4.Â Â Â Bad credit Florida home loan lenders want you to have 3-6 months of future mortgage payments emergency money in your account in addition to the down payment if you cannot verify your last 12 months rental history.
5.Â Â Â In addition to verifying rental history or having reserves in your account at closing most bad credit Florida mortgage lenders would like to see 3 trade lines on your credit on time for the past 12 months. You may also useÂ non traditional creditÂ to qualify for a bad credit Florida home loan.
6.Â Â Â Bad credit Florida FHA home loans allow 3.5% Down Payment with a 580 FICO score. InÂ most casesÂ when you settle all collections or pay them in full your credit score will increase to at least 580.
REFINANCE OUT OF A BAD CREDIT FLORIDA MORTGAGE TO LOWER Â FLORIDA MORTGAGE PAYMENTS
credit Florida mortgages give you the chance to clean up your credit.
BAD CREDIT NETWORK OF FLORIDA MORTGAGE LENDERS-Â AsÂ Florida Mortgage lendersÂ are the best source for bad credit Florida home loans. We are a Florida mortgage company that work with nationwide group of bad credit Florida mortgage lenders that have home loan programs specifically designed for people with bad credit.
FLORIDA MORTGAGE WITH BAD CREDIT CREDIT SCORESÂ -Bad credit Florida home loans are typically classified as several late payments withÂ high debt. To income ratios along with credit scores which can range between 560 and 620. If you have bad credit and your looking to get pre approved for a Florida mortgage there are many things you can do to increase your credit score. The easiest way to increase your credit score the fastest is to paying down balances on your credit cards below 30% of the limit. Then by contacting all items currently in collection and settling those debts for pennies on the dollar will increase your score as well. When you speak to one of our bad credit home loan specialist you can ask them what needs to be done to help increase you score. In some cases we may recommend a credit repair service can increase your score. Even with low credit score it is still possible that you can purchase a home with little or no money down. It just depends on how bad the damaged credit is.
HOW TO BUY A FLORIDA HOME WITH BAD CREDITÂ -Florida Home buyers with past bad credit issues need to be realistic with the type of home loans they can qualify for. As a home buyer with bad creditÂ should not expect to be charged the same interest rates as homeowners with good credit history. Florida mortgage lenders who make bad credit home loans always charge a higher interest rate to justify the higher risks associated with a Bad credit loan applicant. Florida homeowners with bad credit can always refinance and enjoy a lower interest rate loan once they have established timely payment history.
BAD CREDIT FLORIDA HOME LOAN TO VALUE-Â Many times Florida mortgage brokers have access to 95% financing for borrowers with credit scores 580 and above. Many Florida home buyers feel that financial problems they have had in the past will prevent them from qualifying for aÂ mortgage today. In today's world that is just not true. Bad credit lending otherwise known as sub-prime lending is bigger and more readily available than ever before. Florida mortgage programs that ignore collections, judgments, medical bills, basically any trade line that does not affect title can be ignored by many of today's Florida mortgage lenders. Florida Mortgage lenders make these bad credit programs available to people who are consistently turned down by their local bank. A good Florida mortgage broker can turn a decline into an approval more often than not.
FLORIDA MORTGAGE WITH BAD CREDIT MORE THAN 12 MONTHS OLD?Â Did you know you may actually qualify for an FHA home loan with bad credit? Under new FHA guidelines FHA loan require only 3.5% down payment to purchase a Florida home. With a minimum Â 580 FICO score the FHA loan program will allow bad credit Florida loan applicants with 96.5% financing. Yes there are stipulations on these bad credit Florida home loan programs, you must have no collections in the past 12 months and you must verify your last 12 months rental history. Verified rental history requires either by 12 months canceled checks or a verification of rent from a management company. In addition, you may be capped at 1.5 x your current rental payment.
Getting a Bad CreditÂ Florida MortgageÂ with bad credit isn't as easy as it was a year or two ago. However, it isn't as impossible as some news reports make it seem. Even Floridians with bad credit reports which reveal past financial sins still sometimes get to the promised land of mortgage approval. MostÂ Home BuyersÂ andÂ RefinanceÂ clients do so with the help of a skilled and experienced Florida mortgage lender who specializes inÂ FloridaÂ bad credit home mortgages.
If you have what is known in general as bad credit, and you are trying to obtain a home loan in Florida, then we encourage you to work with an experiencedÂ Mortgage LenderÂ with a record of funding even the most difficult loans.
At 1st Continental Mortgage, we have been helping borrowers with bad credit find the right lenders, gather their loan documents, and present complete loan packages to lenders for over a decade. Our technique really comes down to understanding what a underwriter is looking for and putting together a complete and thorough loan package.
For some borrowers, it's the only way to get a lender to say yes to a home loan. This is especially the case for a borrower withÂ bad credit mortgageÂ issues.
At 1st Continental Mortgage, we know that a temporary set back like a job loss or car accident can leave you with damaged credit even though you have worked hard to meet all of your financial obligations for most of a lifetime. This episode can affect credit ratings quickly and adversely affect the loan process when applying for your Fl home mortgage.
We feel the borrower with less than perfect credit is the one who benefits the most from working with an experienced Florida mortgage lender. A good Florida mortgage lender knows which lenders have the best programs for borrowers with poor credit and knows how to present an application truthfully and ethically in the strongest light possible. No, we won't exaggerate or misrepresent the facts on your behalf; however, we will work to properly represent you and explain why the situation you are in exists.
Your credit report is the key factor for many of the mortgages we offer, but it is not the only factor. With an experienced FloridaÂ MortgageÂ professional from 1st Continental mortgage working on your behalf, you may be pleasantly surprised at theÂ bad credit home loanÂ quote you get from our network of quality Florida lenders.
We can help you take an objective look at your home loan options regardless of your past credit history. Our experienced loan officers are very skilled at examining your credit report. And ourÂ FloridaÂ bad credit home loanÂ specialists are happy to offer you free advice on how to clean up your credit report in preparation for your home loan process.
For someÂ bad credit mortgageÂ applicants, the hardest lifting takes place weeks before the mortgage application. It's never too soon to call 1-800-570-0448 to speak to one of our mortgage officers. If you have a weak credit report but want to get a mortgage or refinance your existing one, now is the time to get started. Use ourÂ quick applicationÂ to find out more.
At 1st Continental Mortgage, we have excellent rapport with many lenders who underwrite and service their own loans in house. Because they don't resell the loans they originate, these lenders can say yes to a borrower when banks that are more conservative have said no.
It's actually better for borrowers with bad credit right now than it was before 1990. Before 1990, if a borrower did not qualify for a conventional or government loan, he or she was out of home loan options. The emergence of lenders willing to serve those with poor credit has been a godsend for the borrower who recognizes that aÂ bad credit home loanÂ is a temporary loan.
Used properly with good financial planning, a subprime home loan serves the bad credit borrower for 2-4 years while he or she demonstrates the discipline to pay financial obligations on time. Once the healthier financial pattern yields a higher middle credit score, the borrower can apply for a government insuredÂ FHAÂ home mortgage or a fixed rate conventional mortgage.
Even for mortgage borrowers with bad credit, 1st Continental Mortgage has found ways to secure financing for a decade.
Don't let credit dings prevent you from applying for a mortgage from one of Florida's fastest growing mortgage lenders. Call 1-800-570-0448 or apply for aÂ Florida bad credit mortgageÂ online using ourÂ quick applicationÂ right now!