If you have low credit scores and derogatory comments on your credit report, you will need a bad credit lending program that offers borrowers a second chance. Even if you are a first time home buyer, you will need bad credit lending assistance from a government or subprime loan company. Recently, rates hit their lowest point ever, but qualifying is more difficult because the conventional lenders have stopped offering bad credit mortgage programs. Therefore it is important to connect with companies that specialize in bad credit lending.
What mortgage lending options are available for borrowers with low credit scores? Most new home buyers are utilizing the FHA loans because they approve mortgages for people with credit scores as low as 500. Military applicants have a significant advantage with VA loans, because there is no minimum credit score for purchase or refinance loans. With FHA, borrowers must come up with a 3.5% down-payment and will be required to pay mortgage insurance monthly. With VA, borrowers do not need anything for a down-payment and there is no mortgage insurance to pay. For the last ten years, BCLML has been helping consumers better understand their options of lending with bad credit.
Our loan company understands the difficulties of buying or a refinancing a home if you have damaged credit. FHA home finance programs continue to be the most popular lending choice for borrowers who are strapped with below average credit scores.
We provide significant opportunities by matching people with lenders for affordable financing with our bad credit lending because our underwriters are considering the "big picture."
If you have compensating factor that have helped you overcome income and equity problems, then we want to lend you money. Are you looking for cash refinance with bad credit? FHAHLR announced new opportunities with from the FHA with only 15% equity needed to gain access to money.
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