"Metro NY Credit Repair" is proud to offer BAD CREDIT APPROVALS FOR MORTGAGES.
Some people with poor credit profiles or a small down payment may have trouble borrowing from conventional lenders. One alternative to consider is obtaining a quick and easy approval from our Credit Department. These loans have liberal underwriting requirements which allow people to purchase a home with a poor credit score and limited down-payments. We've helped many borrowers that have credit scores below 620.
Another common loan type among subprime borrowers is the 2/28 ARM, which offers a 2-year teaser rate and then adjusts yearly beyond that. Many of these loans have a sharp increase in rates at the 2-year point, with the home buyer planning on refinancing at that point. However if the homeowner still has outstanding credit issues or the mortgage market tightens up then they might not be able to refinance. The higher rate can cause a prohibitively higher monthly payment, & an inability to refinance can mean a loss of home ownership.
The below items are the general guidelines that can be used as a rough rule of thumb when determining whether a consumer may be a candidate for a bad credit loan:
A credit score below 620
Two or more delinquencies of 30 days on a mortgage in the past 12 months
One delinquency of 60 days on a mortgage in the past 12 months
A charge-off or foreclosure within the past 24 months
Bankruptcy within the past 24 months
Debt to income ratio is over 50%
Inability to cover family living expenses in the course of a month
However, overall creditworthiness is not determined exclusively by credit scores. A couple of missing credit card payments does not mean that a consumer is doomed to receive double-digit interest rates. The only way to know where one stands is to apply for the loan and speak to a professional specializing in mortgage loans.
We interact directly with the lending companies and help you to meet their obligations as applicable to your particular situation and plan. We know the industry and we know how to use the rules to protect you.
Because of the success of our services, many of our clients remain with us in order to maintain and enhance their new found sense of security, success and financial security.