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
GEORGIA 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 Georgia mortgage meltdown. Georgia FHA mortgage lenders have loosened their requirements making it easier for bad credit Georgia mortgage applicants obtain a 30-year fixed rate FHA mortgage. Most Georgia mortgage applicants don’t now this but you can have a credit score of 530 and still qualify for an FHA mortgage in Georgia. With a score of 530 to 580, you will need 10 percent down. For bad credit Georgia 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 GEORGIA LENDERS
Bad credit hard money Georgia mortgage lenders will take a on a Georgia 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 Georgia 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 Georgia 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 Georgia 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 Georgia 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 GEORGIA MORTGAGE BROKERS
Instead of contacting a local Georgia bank or credit union bad credit loan applicants can usually get a better loan through a Georgia mortgage broker. With a mortgage license Georgia brokers have acess of 100’s of banks that do not have retail outlets. Georgia bad credit mortgage brokers have options for every type of Georgia 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 Georgia mortgage applicants can raise their chances of qualifying for a Georgia 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 Georgia 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
