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Believe it or not there are bad credit home loans and other real estate mortgages available for those stuck with a bad credit score. In some cases your employment, income or assets can help compensate for a low credit score. For other home buyers it may be necessary to use credit repair services before obtaining a home loan.
Most real estate lenders focus on four items to approve you for a home or other real estate loan; these items directly impact your approval for bad credit home loans:
1. Income or Employment and Length of Employment
2. Credit Score and Overall Credit History
3. Assets (Savings or Other Assets)
4. Amount of Down Payment
A low credit score is not the only factor and it can be offset to some degree with strong assets, income or both.
Loan options available include FHA and VA Loans, Conventional Mortgages and Non-Conventional Direct Lending. Often direct lender options are designed to work with less than perfect credit situations.
FHA and VA Loans also offer lower credit underwriting standards which may be appropriate for your personal situation.
If you find there are no bad credit home loans available for your situation another solution is to try looking for a property owner that wants to sell and is willing to work with you in a seller-financed transaction. Many buyers find working directly with property owners to be an effective solution for their credit score.
If you are looking for a home loan but have bad credit focus on building the other three areas of your borrower profile. Be prepared to make a larger down payment in order to show lenders that you are serious about the property and transaction. A long-term employment history is also important. Get started today by completing our pre-application form below.
If you are self employed you have probably experienced some challenges when applying for a home loan. home loan for self employed business owners can be difficult especially if you aren’t working with a home lender that specializes in home loans for self employed business owners.
Many lenders group self employed borrowers in with other less than prime groups like subprime borrowers. This unfortunate practice can be overcome by working with a home lender that understands the intricacies of self employment and provides home loans for self employed borrowers.
There are some tips that can help with securing a home loan when you are self employed. Try using these techniques the next time you apply for a home loan if you are currently self employed.
A low credit score or other credit problems doesn’t necessarily mean you cannot qualify for a home loan. There are home loan with low credit score available in the present market. You can also take some steps to improve your credit score and credit profile before you apply for a home loan. These same steps are used by mortgage professionals, credit repair professionals and legal professionals to help their clients secure low credit score home loans.
1. Review all 3 credit reports and contact the credit bureaus if there are any incorrect items. This is one of the biggest steps you can take to improve your credit score. This process usually results in one and possibly two actions by the credit bureaus. Upon receiving your inquiry about incorrect items the credit bureaus will often remove the incorrect items temporarily while they complete their investigation. This temporary removal will usually create a temporary increase in your credit score. If the investigation determines there are incorrect items they will be removed permanently which will result in a long-term credit score increase.
2. Make sure all regular monthly bills are paid on time. This includes credit cards, student loans, other loans, car payments, insurance, cell phone, etc. Paying these bills on time will gradually increase your credit score.
3. Pay down debt if possible. Making extra payments toward your credit card balances and other debt can also result in an increased credit score. It is still important to continue using your credit cards but paying down the balances is generally positive in the eyes of the credit bureau and home lenders.
4. Avoid new debts. Taking on new debt can be helpful once you have had time to start repaying the debt. If you are applying for low credit score home loans you should avoid taking out new debts. There are two reasons: 1) taking on new debt can affect your debt to income ratio which can prevent you from qualifying for low credit score home loans and 2) applying for new credit results in a credit inquiry which will usually lower your credit score in the short term.
Following these steps can result in a fast increase to your credit score. This is especially helpful if you are applying for a home loan in the short-term. If you have more time you may be able to incorporate additional steps to increase your credit score.
Bad Credit Home Loans
Believe it or not there are bad credit home loans and other real estate mortgages available for those stuck with a bad credit score. In some cases your employment, income or assets can help compensate for a low credit score. For other home buyers it may be necessary to use credit repair services before obtaining a home loan.
Most real estate lenders focus on four items to approve you for a home or other real estate loan; these items directly impact your approval for bad credit home loans:
1. Income or Employment and Length of Employment
2. Credit Score and Overall Credit History
3. Assets (Savings or Other Assets)
4. Amount of Down Payment
A low credit score is not the only factor and it can be offset to some degree with strong assets, income or both.
Loan options available include FHA and VA Loans, Conventional Mortgages and Non-Conventional Direct Lending. Often direct lender options are designed to work with less than perfect credit situations.
FHA and VA Loans also offer lower credit underwriting standards which may be appropriate for your personal situation.
If you find there are no bad credit home loans available for your situation another solution is to try looking for a property owner that wants to sell and is willing to work with you in a seller-financed transaction. Many buyers find working directly with property owners to be an effective solution for their credit score.
If you are looking for a home loan but have bad credit focus on building the other three areas of your borrower profile. Be prepared to make a larger down payment in order to show lenders that you are serious about the property and transaction. A long-term employment history is also important. Get started today by completing our pre-application form below.
Home Loans for Self Employed
If you are self employed you have probably experienced some challenges when applying for a home loan. home loan for self employed business owners can be difficult especially if you aren’t working with a home lender that specializes in home loans for self employed business owners.
Many lenders group self employed borrowers in with other less than prime groups like subprime borrowers. This unfortunate practice can be overcome by working with a home lender that understands the intricacies of self employment and provides home loans for self employed borrowers.
There are some tips that can help with securing a home loan when you are self employed. Try using these techniques the next time you apply for a home loan if you are currently self employed.
Low Credit Score Home Loans
A low credit score or other credit problems doesn’t necessarily mean you cannot qualify for a home loan. There are home loan with low credit score available in the present market. You can also take some steps to improve your credit score and credit profile before you apply for a home loan. These same steps are used by mortgage professionals, credit repair professionals and legal professionals to help their clients secure low credit score home loans.
Secure Low Credit Score Home Loans By Improving Your Credit Profile
1. Review all 3 credit reports and contact the credit bureaus if there are any incorrect items. This is one of the biggest steps you can take to improve your credit score. This process usually results in one and possibly two actions by the credit bureaus. Upon receiving your inquiry about incorrect items the credit bureaus will often remove the incorrect items temporarily while they complete their investigation. This temporary removal will usually create a temporary increase in your credit score. If the investigation determines there are incorrect items they will be removed permanently which will result in a long-term credit score increase.
2. Make sure all regular monthly bills are paid on time. This includes credit cards, student loans, other loans, car payments, insurance, cell phone, etc. Paying these bills on time will gradually increase your credit score.
3. Pay down debt if possible. Making extra payments toward your credit card balances and other debt can also result in an increased credit score. It is still important to continue using your credit cards but paying down the balances is generally positive in the eyes of the credit bureau and home lenders.
4. Avoid new debts. Taking on new debt can be helpful once you have had time to start repaying the debt. If you are applying for low credit score home loans you should avoid taking out new debts. There are two reasons: 1) taking on new debt can affect your debt to income ratio which can prevent you from qualifying for low credit score home loans and 2) applying for new credit results in a credit inquiry which will usually lower your credit score in the short term.
Following these steps can result in a fast increase to your credit score. This is especially helpful if you are applying for a home loan in the short-term. If you have more time you may be able to incorporate additional steps to increase your credit score.