It is very important to work with a mortgage lender that offers loan programs that meet your needs for home buying or refinancing. Finding loan programs for people with bad credit can be a time consuming process because there are not many loan companies that are providing alternative finance solutions. In the wake of the failed subprime loans, many lenders simply stopped offering bad credit mortgage programs. Our lending group understands that there is more to home loan qualifying than just credit scores. Our mortgage loan programs vary based on LTV, cash out, and credit score for FHA, subprime refinancing, equity loans, purchase money financing and 2nd mortgages for fixed rate conversion and bill consolidation. BCLM has developed solid relationships with banks, credit unions and lenders that offer the most cutting edge loan programs for people with all types of credit.
FHA Loan Program for Bad Credit - They are generally a little easier to qualify for than conventional loans and may require less of a down payment. Used often by first time home buyers.
VA Loan Programs - Loans to assist eligible people on active military duty or retired status to buy primary residences. Usually No Appraisal Required.
First Time Home Buyer Loans for People with Bad Credit Scores – Stop renting and become a homeowner even if you have little or a poor credit history.
Jumbo Loan Program- Any mortgage lien over $417,000 are considered a non-conforming or "jumbo.". Typically the underwriter will require more of money down than a conventional loan, usually 20%.
Loan defaults spiked tremendously a few years back, but loan applications began to surge again late last year. This helped us realize a significant real estate recovery forecasted to last through 2017. Home loan programs have remained conservative. Closings are down nationally but President Barrack Obama increased the pressure on Congress and Senate to offer mortgage relief and home financing solutions. Obama pushed the Home Affordable Refinance Program beyond the limitations that most experts anticipated by eliminating the loan to value standards for refinancing.
Former President George Bush successfully raised the conforming and FHA limits in his final year in office. The president has also backed the new FHA reform programs that should thousands of homeowners refinance into a fixed rate mortgage that makes sense with their current income levels. Clearly both Bush and Obama have rolled out major relief initiatives to help combat the foreclosure crisis that has strangled our economy over the last four years.
In 2015, President Barrack Obama announced an extension for government loan programs to help people that were struggling with the enduring housing crisis. The HARP loan program was revamped and the 125% loan to value restriction was lifted. The Federal Government reaffirmed their commitment to helping borrowers refinance loans that were owned by Fannie Mae and Freddie Mac or insured by the Federal Housing Administration. Today the HARP 2.0 has become a popular refinance loan programs that has helped thousands of underwater borrowers find lower fixed rate loans.
My Loan Quote announced new mortgage programs. Ask about several new no equity refinancing offers from VA and subprime lenders.
Federal Housing Finance Agency - This government entity has the task of supervising Freddie Mac, Fannie Mae and more. Compare the best loan programs sold on the secondary market. Mortgage lenders can compare underwriting guidelines online.
Bad Credit Home Financing – The time for buying a house is when credit is available and rates are low. What are you waiting for?
Refinancing with Bad Credit – Several banks and lending sources have reduced requirements for refinancing.
Bad Credit House Loan – If you had late payments and past credit issues, there still may be a few programs available offering you a second chance.
HARP Mortgage Refinance – Obama and Congress extended the Home Affordable Refinance Program through 2016.
Conforming loan amounts are quoted up to $417,000 for Fannie Mae and Freddie Mac home loan programs. Conforming-rates may vary by zip code, so you will need to speak directly to the loan company to achieve pricing accuracy. FHA loan amounts vary based on geographical location as well.
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