Getting aÂ BAD CREDIT 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 Florida mortgage applicants 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 Florida bad credit home mortgages. Â Â FLORIDA MORTGAGE LENDERS
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.
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.
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 mortgageissues.
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 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 Florida 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 1-954-667-9110 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.
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, our mortgage company 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 1-954-667-9110 or
apply for aÂ Florida bad credit mortgageÂ online using ourÂ Quick ApplicationÂ right
Apply now atÂ Â Â Â Â www.florida-mortgage-lenders.com
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