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CONSTRUCTION - BAD CREDIT

WE MAY BE ABLE TO HELP!

 

 

NEW CONSTRUCTION

 

 

 

We offer a construction-perm loan for borrowers with bad credit and a poor credit history. If you are thinking of building a new home, Florida Mortgage Corporation may be able to help.

If you've had credit problems in the recent past, lenders consider you a higher risk borrower. In such circumstances, the credit decision includes factors beyond credit scores and credit history, often including employment, income, expenses, assets and other factors as considerations.

When Florida Mortgage Corporation considers your loan request for a construction-perm loan, we generally look at three areas: credit reputation (your credit scores and history); collateral (your loan amount relative to the home value); and capacity to pay (your income, debt, cash reserves). As a result, we may prefer a lower score borrower with favorable factors over a higher score borrower with negative factors.

Single Family Residence, owner-occupied, second home and investment property. NO manufactured homes.

Rule of Thumb:  The "lower" the middle credit score, the "higher" down payment required. Low credit scores are considered "high risk" loans, and therefore require a larger cash down payment. Middle credit scores as low as "520" will be considered on a case-by-case basis for a construction-perm loan.

 

 

MORTGAGE PROGRAMS  -  CLICK HERE

 

 

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