FHA 530

BAD CREDIT FLORIDA MORTGAGE LENDER- MIN 530 CREDIT

o 10% down payment and 3 months liquid reserves
o 12 months cancelled checks or Management Verification of rent showing 0x 30
o Must have 3 open and active trade lines for last 12 months
o Payment shock limited to 1.5 x your current rent payment
o 31/43 Max Debt to income ratio
o No late payments on credit report in last 12 months
o NO unpaid collections
o NO late payments after Bankruptcy

YOU MAY ALREADY QUALIFY FOR BAD CREDIT MORTGAGE - APPLY NOW


FLORIDA BAD CREDIT FHA REFINACING DOWN TO A 530 FICO
o 0 x 30 days late on your current mortgage.
o 31/43 MAX Debt to income ratio
o No cash out only rate and term to lower payments.
o Refinancing must show a Tangible net benefit
o NO late payments after Bankruptcy
o NO consumer late payments on your credit report in last 6 months
o Must have 3 open and active trade lines for last 12 months


RESERVES DEFINED

Reserves are defined as actual CASH IN THE BANK.These funds must demonstrate a systematic savings pattern on the part of the borrower, bases on verifiable bank statements.

RESERVES ARE NOT ANY OF THE FOLLOWING:
- Large deposits
- Tax refunds
- Gifts
- Loans
- Sales of personal property
- 401k/Pension/retirement Funds
- Any funds that cannot be properly sourced.


BAD CREDIT FHA MORTGAGE LOANS
The (FHA) Federal Housing Administration has become increasingly popular since the Florida mortgage meltdown. Florida FHA mortgage lenders have loosened their requirements making it easier for bad credit Florida mortgage applicants obtain a 30-year fixed rate FHA mortgage. Most Florida mortgage applicants don’t now this but you can have a credit score of 530 and still qualify for an FHA mortgage in Florida. With a score of 530 to 580, you will need 10 percent down. For bad credit Florida mortgage applicants with at least a 580 you will need only 3.5 % percent down payment. Another advantage of the FHA mortgage loans is that you don't need a lot of money for closing cost. FHA will allow the seller to credit the buyer up to 6 percent of the sales price towards closing cost. If you have bad credit, but you have steady income and employment, you may still qualify. If you had a bankruptcy more than 2 years ago or a foreclosure more than 3 years ago you may qualify for an FHA loan now.


BAD CREDIT HARD MONEY FLORIDA LENDERS

Bad credit hard money Florida mortgage lenders will take a on a Florida mortgage applicant with any credit score. The reason is that the borrowers must compensate for their bad credit score with a very large down payment. Hard money Florida mortgage lenders are often used for investment properties that will quickly be flipped or sold and the loan applicants don’t want to miss an opportunity. And there are still a few sources for bad credit borrowers seeking hard money for a primary Florida home. So if you have bad credit, but you have a lot of cash on hand and don’t mind higher interest rates for a few years,then this may be an option for you.


ARMS FOR BORROWERS WITH BAD CREDIT

Even in today's Florida mortgage market, even if you have bad credit you may still be able to get an adjustable-rate mortgage (ARM) or interest-only bad credit Florida mortgage . You will have a higher interest rate than a conforming loan. And, you most likely will have to put more money down in order to qualify. Be careful with taking out a mortgage with bad terms and assuming you can refinance later. If your credit is still in bad shape later, you may not qualify for a refinance.


BAD CREDIT FLORIDA MORTGAGE BROKERS

Instead of contacting a local Florida bank or credit union bad credit loan applicants can usually get a better loan through a Florida mortgage broker. With a mortgage license Florida brokers have acess of 100’s of banks that do not have retail outlets. Florida bad credit mortgage brokers have options for every type of Florida mortgage applicant r and have access to countless banks and programs. If there is a program for you, we would know about it, but a small local bank most likely would not.


TURN YOUR BAD CREDIT INTO GOOD CREDIT

Here are a few ways bad credit Florida mortgage applicants can raise their chances of qualifying for a Florida mortgage:

1. Prove 12 month’s timely rental history either provides cancelled checks or verification of rent from a management company. In the hierarchy of bad credit mortgage approval if you can show the Florida mortgage lender timely rent payments for the last 12 months then you have proven the ability to pay the mortgage.
2. Show the lender last 12 months timely payment history with 0 x 30 days late in the last 12 months on all your past bad credit obligations.
3. Keep open account balances reflected on your credit report as low as possible, less than 20% of the limit is best, and don’t close the account.
4. Negotiate all your past collections on your credit report other than medical bills to show a (0) zero balance.


YOU MAY ALREADY QUALIFY FOR BAD CREDIT MORTGAGE - APPLY NOW

 

 

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CREDIT REQUIREMENTS

FHA MORTGAGE

FHA Minimum 550 credit score.

550 MIN FICO

PORTFOLIO MORTGAGE

No Minimum credit score requirments.

500 MIN FICO

VA MORTGAGE

VA Minimum 560 credit score.

560 MIN FICO SCORE 

USDA LOANS

USDA Minimum 580 credit score.

580 MIN FICO SCORE 

FANNIE MAE

Fannie Mae  Minimum 620 credit score.

620 MIN FICO SCORE 

FREDDIE MAC

Freddie Mac Minimum 620 credit score.

620 MIN FICO SCORE 

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