There are many agencies, charities, municipalities, etc... that will either lend you part of the down payment, all of the down payment, (usually repaid over 20 years), OR, many many programs in which your down payment is actually given to you, (this is common, one just needs to know where and how to apply). Some of the Down Payment assistance programs have income limitations-- the rational being that if you make over a certain amount of money you should have been able to save your down payment. Many others programs have no such constraints. Let us know your situation and we'll find the one that works best for you.
Absolutely No Money Down Home Loans
There are many government and conventional loan programs that allow for no down home loans even with questionable or even bad credit. This means that we can provide a loan of 100% of the purchase price. However, remember there are still closing costs that must be paid. (Note: we work in conjunction with your realtor to negotiate a transaction in which the seller, pays most if not all of your closing costs) For a Realtor who knows how and is willing to work hard to minimize or even eliminate your closing costs.
107% LTV Loans
These are loans in which the lender will give 107% of the purchase price. A loan for more than the house is worth! Why would they do that? That extra 7% covers all of your closing costs. Requires good credit and reasonable debt ratios.
95% to 100% Non-Owner Occupied Investor Loan
If you are an investor with reasonable credit (600 fico score & above you can get the entire purchase price of your residential property financed. There are many ways to accomplish this but the most usual is a First Mortgage for 80% of the value and then a "Piggy Back" loan funded by us for the remaining 15% of the value. With a small seller carry back 100% financing is available.
Stated Income Loans
Some people make a ton of money, but have a great tax man so that their tax returns show little or no income. We understand the realities of aggressive tax manipulation. As such, with reasonable credit and an ability to show income (via bank statements or other similar methods), we can use your statement of your income to get you qualified.
No Doc, No Asset, No Job Loans
Do you have a great tax man? No bank accounts? No Job? Couldn't prove the ability to buy a home? But REALLY GOOD credit? It can be reasonably assumed that you have an income from some source to pay your existing obligations so... Even though we can't verify anything-- as with the stated income loan, we can use your statement of income and ability to pay to get you qualified.
Bad Credit No Down Loans
Do you have big credit problems? This doesn't mean that you can't buy-- It simply means that you might have to use creative financing techniques to become a home owner. We have all loan programs needed to implement these techniques.
No Credit, No Down Loans
Many people believe that buying a home is difficult and requires the establishment of substantial good credit before they may take that important step to home ownership. That is absolutely untrue. The truth is that it is easier to buy than to rent-- and no credit is much better than bad credit. Many of the newest government programs will allow the person with absolutely no credit and no money to buy.
Credit Challenged Loans
Do you have a recent Bankruptcy? Charge offs? Late Payments? Collections?, etc... If so, you can still buy! We have the largest assortment of sub prime loans to provide financing even with these issues. What's the drawback? The corporations that actually fund these loans, know that they are taking a risk. As such they require a slightly higher interest rate to compensate for that risk. If the rate for the person with perfect credit was 6.5% you can expect that these loans would be around 7.5%. Is it worth it to pay the higher interest rate in order to become a homeowner? Absolutely!-- when you take into account the tax write offs you will receive, the money you will earn from appreciation and the security of home ownership, most people agree that the higher interest rate is definitely worth it.
NOTE: If you buy the property and then work on the credit issues, your home can be refinanced to a low rate within 1 year.
Hard Money Loans
We have a myriad of sources for funding, so that no matter what your credit, no matter what your income, no matter what your down payment, as long as the loan that you need is no more than 65% to 75% of the subject property's value (as distinguished from price), we can fund it-- whether for a purchase or refinance.
At Bad Credit Mortgage Loans we look beyond a person's credit score or how long they have been at a particular job. No matter what your situation might be, we can help you get the best deal, effortlessly, and hassle free.
For further assistance, Please email us or call us directly at: (888) 805-0746 to discuss any of these matters in further detail.
