BAD CREDIT LOANS
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DO YOU HAVE LESS THAN PERFECT CREDIT?
What is Bad Credit? There is no clear cut definition of bad credit. Nor is there a sign over your head saying good or bad credit. Credit is a resource to determine how much of a risk a borrower can be. If you have never missed a payment and you are current on your bills, you would be considered less of a risk compared to a person who is always late on making their bills and who has had problems paying past debts. That is why people with a higher risk factor may be charged a higher interest rate. How much bad credit can I have and still get a mortgage? It depends how poor your credit happens to be. Normally people can get a mortgage, but most of them have to take what is referred to as a "Sub Prime" mortgage loan. A Sub Prime mortgage is best put as a mortgage that requires that you have a higher interest rate because your loan is considered a greater risk by the investor due to a less than perfect credit history. Some of the types of negative listings that will put you into the Sub Prime category are late payments on credit cards, late payments on car loans, collection accounts, charge offs, repossessions, tax liens, bankruptcies and judgements. Each persons credit situation needs to be evaluated by a loan officer to determine what can be done to get you into a home. How can we help you? We work with various mortgage lenders who understand that people make mistakes, and that people deserve a second chance. We work hard to help people with less than perfect credit get the money they need to buy a home, refinance their home, or take cash out of the equity of their home. Contact us today for more information on these exciting programs or apply online! MB/2110 ML/1721 © Copyright, 2008 by Affiliated Mortgage Services Corp. All Rights Reserved.
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