We understand how it feels to be
shunned or denied because you have credit problems. That's why
we have Bad Credit Mortgage experts standing by to help you
qualify for the loan you need. Let us work with you! Personal
Loan Consultants.
When we
consider your loan request, we generally look at three areas:
credit reputation (your credit score and history); collateral
(your loan amount relative to the home value); and capacity to
pay (your income, debt, cash reserves). As a result, we may
prefer a lower score borrower with favorable factors over a
higher score borrower with negative factors.
Credit Problems and Mortgage
Rates
If you've had credit problems in the recent past, lenders
consider you a higher risk borrower. In such circumstances, the
credit decision includes factors beyond credit scores and credit
history, often including employment, income, expenses, assets
and other factors as considerations.
Candidates for a "Bad Credit"
Loan
Here are "general" guidelines you can use as a very
rough rule of thumb to determine whether you're a
candidate for a "bad credit" loan:
* A credit score of 620 or lower
* Two (or more) 30 day delinquencies in the past 12 months
* One 60 day delinquency in the past 24 months
* A foreclosure or charge off in the past 24 months
* Any bankruptcy in the last 48 months
* Qualifying debt-to-income ratios of 50% or higher
* Limited ability to cover family living expenses each month
Remember, your overall credit history is not just about
formulas and credit scores…...and missing a credit card payment
or two does not automatically mean that you're doomed to
double-digit interest rates. The only sure way to know where you
stand is to apply for a loan with Florida Mortgage Corporation
and speak with a professional loan consultant.
