Restore your credit with a new home loan. Getting a home loan with damaged credit, fair credit, poor credit, or bad credit isn't as difficult as you may think -- in fact, we specialize in helping people with less than perfect credit obtain home loans every day.

If you've had problems getting a new home loan because of past or current credit problems, poor credit or even a bankruptcy or foreclosure, we may be able to help you get the home loan you need right now.

It's a fact that only one out of every three Americans has "perfect" credit, which means that nearly two-thirds of Americans have damaged credit, less than perfect credit, poor credit, or bad credit. Having credit problems doesn't mean that you cannot own your own home. If you're already a homeowner, poor credit doesn't have to prevent you from being able to refinance your current loan into a better loan than you may have, or getting cash out from the equity in your home for debt consolidation, home improvements or other needs.

Restore your credit - and get a New Home Loan

And while many lenders say they can get you a mortgage loan regardless of past credit problems, we can help you restore your damaged credit while you enjoy the benefits of your new loan.

We may be able to provide home loans to persons with damaged credit:

• Purchase a new home
• While in, or just out of a divorce
• To prevent a bankruptcy
• To prevent a foreclosure
• Pay off high-interest loans

• Access the cash equity in your current home
• Pay off a Chapter 13 bankruptcy
• Prevent or cure a Notice of Default
• Consolidate debts into one low payment
• Pay off judgments, collections, liens

Can you qualify for a problem credit home loan?

The type of loan you want and may qualify for depends largely on your overall credit profile. Many problem credit home loans for people with poor or bad credit are 2- or 3-year fixed rate loans that convert to an adjustable rate mortgage after the initial fixed term — this allows you to have a lower interest rate and payment than a 30-year fixed loan while your credit is repaired and reestablished — usually within two to three years' time. Requalifying for an even better loan as the end of the fixed term comes near is what most "rehabilitated credit" borrowers opt for.

On the other hand, having just a minor "bump" or two on your credit may not adversely affect your qualifications — we have many lenders that offer "A minus" or "B" grade financing programs — short or long term loans at very attractive rates. Some people assume that having even the smallest negative on a credit report means having to settle for a "subprime" loan, but are often surprised to discover how many loans are available at very good rates.

For example, if you've had a bankruptcy that's been discharged for 2 or more years and you have done a good job at reestablishing your credit, you may qualify for an excellent rate on any number of different home loans! Likewise, three years from a previous foreclosure with solid, reestablished credit can also entitle you to an excellent loan.

If your credit has been damaged by late payments on credit cards, installment loans or student loans but you've always managed to pay your mortgage payments on time, many of our lenders will not count these "consumer" loan payments against you — focusing on your good mortgage history instead. Late payments, however, do affect your total credit scores.

If you have poor credit as a result of unpaid medical collections or charge-offs that are older than two years, many of our lenders will not count these derogatory reports against you when considering your application.

Other problem credit home loan factors

Aside from your credit scores, other key factors in determining which home loan and how much you qualify for when your credit is less than perfect are:

• Your employment status (W-2, 1099, self-employed, not employed)
• Whether you can satisfactorily document your income
• The percentage of your income compared to your total debt
• The percentage of the loan amount requested compared to the value of the home
• Number of "good" versus "bad" reports of your lines of credit
• Type of derogatory information — late payments, collections, judgments, charge-offs, or liens

Regardless of whether you have fair credit, poor credit or bad credit, the best thing to do is to call me directly or inquire online for a free consultation about your credit problems. I can review your credit report with you; show you options available for new home loans; explain the different terms and specifics of problem credit loans; and help you identify which loan is best for you.

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