Bad Credit Home Mortgage [mortgage-scam.blogspot.com]
Should you use the equity in your house as collateral to acquire the financing you so crucially need? We can help you get that bad credit mortgage refinance that you are looking for!
mortgage-scam.blogspot.com A Bad Credit Home Mortgage Refinance Loan Can Help Your Family
Rates on a 30-year mortgage for households with high credit scores of 750 ..... damaged by plunging home prices, lost jobs, past overspending or bad luck. Fed Wrestles With How Best to Bridge US Credit Divide
Having been in the home mortgage loan business for 5 years, many people always ask me, "What exactly do lenders consider as bad credit?" By understanding what the lenders are looking for it will help you to formulate a credit recovery plan, or surprise you that you may be able to qualify right now for a home loan!
The Things Lenders Hate To See On Credit Reports
If you have had a mortgage within the last 4 years or have one right now, lenders DO NOT want to see mortgage lates. If you owned a home over 4 years ago lenders don't care, but if you have had mortgage lates within the last 12 months on a current mortgage you will need to wait 12 months from the last late before you can refinance or buy another home.
Foreclosures are ok to a lender if they are more than 4 years old, but if they are more recent you will have to wait until a foreclosure is 4 years old before a lender will look at approving you for another loan.
Late Payments can sometimes hamper a loan but can be worked with if you have a decent credit score or if they are more than a year old.
This can also be said of collections.TAX LIENS and Judgements are also very BAD as they take the first lien position on a mortgage loan. Lenders will automatically turn you down if you have these because it means if you default on the home mortgage and the house is sold, the tax lien and judgements would be paid off first and then the lender would get whatever is left. This is too big of a risk as the lien holder wants to be the first lien holder on the home.
Back owed child support can also kill a loan deal. Make sure you are all caught up or wait till you are all caught up with your child support before looking for a home.
The problem is that if you have back owed child support it is the same as a judgement.Bankruptcy is only an issue if you have filed within the last 4 years. If your BK is more than 4 years old you can still get prime lending rates just like everyone else.
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