Bad Credit Home Loans - Mortgage Rates - FHA - VA

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We are nationwide bad credit mortgage experts!

How can we help?

Obtaining a mortgage with poor credit has never been easy, and has gotten more difficult in recent years. Banks continue to tighten credit standards as they look at each borrower more closely every day.

At Bad Credit Mortgage Help, we have hundreds of loan programs that can fit your needs and have reasonable, fixed rates with no prepayment penalties. We are a team of professionals committed to helping individuals who have had credit problems in the past obtain a mortgage with reasonable terms.

Check out our blog for recent bad credit mortgage and market news!

How can I qualify?

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Credit

Obviously, one of the most important factors to obtaining a home loan is your credit. Generally, banks are looking for credit scores above 620, but exceptions can sometimes be made due to extenuating circumstances. What is an extenuating circumstance? It is a life event that was beyond your control that led to you past credit problems. Examples include a medical disaster or job loss. Divorce, unfortunately, does not count as an extenuating circumstance.

Besides your credit score, you must have at least 2 years "seasoning" after a bankruptcy and 3 years after a foreclosure. Your credit must be spotless since the bankruptcy. You must also re-establish credit so that you can show creditors a clean pay history on new accounts.

If you can document extenuating circumstances surrounding the bankruptcy or foreclosure, you may be eligible to qualify sooner than the 2 year mark, but it is difficult to get an exception and you must be strong in other areas such as income, job history, or assets.

Income

Income is critical to mortgage approval. You must have a 2 year history of employment in the same line of work and your documented (W2) income must be enought o support all of your debts including the new mortgage payment. If you are self-employed, the lender will look at your bottom-line income after all of your business write-offs.

Down Payment/Equity

Most loan programs require a down payment, although there are exceptions such as USDA and VA. FHA requires a 3.5% down payment. However, these programs do allow a gift from a family member which can be a good way to get into a home. The $8000 first time homebuyer tax credit can be obtained for any transaction that closes before December 1st, and many of our clients are going to use the tax credit to repay their donor.

If you are refinancing, you must have some equity in order to accomplish your goals. The exceptions are the FHA Streamline Refinance and VA IRRRL programs which do not require an appraisal and are simply a payment reduction program. You must have a current FHA or VA mortgage in order to take advantage of this program. USDA offers a similar program.

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