MORTGAGE PROGRAMS - CLICK HERE
My Community Mortgage
At Florida Mortgage Corporation, we understand how
it feels to be shunned or denied because you have bad credit problems. That's why
Florida Mortgage Corporation has Bad Credit Mortgage experts experienced to help you
qualify for the mortgage you need. Let us work with you! Call to speak to our
Personal Loan Consultants.
When Florida Mortgage Corporation considers your
mortgage request, we generally look at three areas: credit reputation (your credit
score 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.
Credit Problems and Mortgage Interest Rates:
If you've had credit problems or issues in the recent past, mortgage 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.
Candidates for a Florida Bad Credit
Mortgage:
Listed below are "general" guidelines you can use as a
very rough rule of thumb
to determine whether you're a candidate for a "bad credit" mortgage:
* A FICO score of 620 or lower
* Two (or more) 30 day delinquencies in the past 12 months
* One 60 day delinquency in the past 24 months
* A foreclosure or charge off in the past 24 months
* Any bankruptcy in the last 48 months
* Qualifying debt-to-income ratios of 50% or higher
* Limited ability to cover family living expenses each month
But remember, your overall creditworthiness is not just about formulas and
credit scores….....and missing a credit card payment or two does not
automatically mean that you're doomed to double-digit interest rates.
The only sure way to know where you stand is to
apply for a mortgage with Florida Mortgage Corporation and speak with a
professional loan consultant.
Hard Money
Loan - Click Here (For
VERY Bad Credit)
