Bad Credit Qualification Summary

 

If You Navigated to this Page

• We consider you below 620 FICO
• The KEY is NO LATES in the last 12 Months.
• If you did have lates in the last 12 months ,then you will need to wait till the last late is seasoned for 12 months.

 

Income Documentation

 

• Documented by Tax Returns of Borrower and CoBorrower.
• Co Signers ( Non Occupant Borrowers are permitted to help the Borrowers to qualify)
• Gaps in Employment are OK with satisfactory explanation

 

Down Payment

 

• As per programs FHA ,VA,USDA or Half Percent Down Loans

Closing Costs

• Upto 6% credit towards closing cost credits by the seller to the buyer is acceptable

 

 

Credit

FICOs below 620

• Manual Underwriting .Back End DTI to 45% normally
• FICOs below 620 can have no lates in the last 12 months

NO FICO scores

• Manual underwriting.Back End DTI to normally 45%
• Any 4 Non traditional trade lines with 12 month history ( Examples PGE,Rent,Water,Garbage,Storage,Insurance ,Telephone Bills)

Collections/Chargeoffs

 

FICOs below 620 or NO FICO

• Need not be paid off if they relate to lates before 12 months

Tax Liens/Judgements

• Need to be cleared or on a payment plan

Bankruptcy

• Need 2 year established credit after discharge

Foreclosure

• Need 3 year established credit after foreclosure

 

If you meet the above requirements and are ready to move forward Click on the Short Application Link to start the process.

Instant Affordability Calculator:This is our Proprietory Affordability Calculator.It matches your profile against the programs we offer and instantly communicates the PreQual amount and the Purchase price you are eligible for.No personal information such as name,Social ,address are needed.

Short Application:Input a Short Application if you are ready to move forward.A Loan Officer will review the application and be in touch per your preference.

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