You don’t need flawless credit to get a mortgage
Try us!
We may be able to help you buy the property
you had in mind, lower your payment, or get cash out.
Got Credit Issues? No need to fear!
These have been a couple of crazy years, so if you’ve had credit issues, then you’re in good company. There are a lot of people that have had all kinds of credit challenges. But there are all kinds of mortgage products for all kinds of challenges. Try us! We may be able to help you buy the property you had in mind, lower your payment, or get cash out.
7 Reasons for Low Credit Scores
Late Payments
Your credit history accounts for about 35% percent of your credit score.
Defaulting on Payments
If you don’t pay your credit card bill your accounts become in default.
Charge-Offs
Your accounts become written off by creditors when they think that you are not planning to pay your balances.
Collection Accounts
Creditors can hire or sell your delinquent debt to third-party debt collectors to try to obtain a payment from you.
Judgments
When a court system forces you to pay a debt. An unpaid judgement is much worse than a paid judgement.
Filing Bankruptcy
A way to clear debt that you can not pay.
Foreclosures
A legal process where your mortgage company obtains ownership of your home when you don’t pay your mortgage.
Residential Properties
Loan Types |
Typical Minimum Credit Scores |
Minimum time since Bankruptcy |
Minimum time since Foreclosure |
|---|---|---|---|
| Conventional | 620 | 4 years | 7 years |
| Jumbo | 680 | 7 years | 7 years |
| FHA | 500 | 2 years | 3 years |
| Non-Prime | 575 | 1 year | 1 year |
| Reverse | No minimum score. | No minimum | No minimum |
| 2nd Mortgages | 640 | 4 years | 7 years |
Investment Properties
Loan Types |
Typical Minimum Credit Scores |
Minimum time since Bankruptcy |
Minimum time since Foreclosure |
|---|---|---|---|
| Long Term Rental | 640 | 2 years | 2 years |
| Hard Money or Private Lending | 500+ | 1 day out of Bankruptcy or better | 1 day before a Trustee’s Sale |
| Fix and Flip | 640 | 1 year out of Bankruptcy or better | 2 years since Bankruptcy or better |
| Construction – Ground Up | 680 | 2 years | 2 years |