Credit is one of the factors that we consider when we receive a Loan Application from one of our Borrowers. Past credit problems and even current credit marks will not deter us from lending. We lend to Borrowers who have poor credit and even credit that can only be described as bad credit. If you have ever had the need to have filed a Bankruptcy, or even have had the unfortunate circumstance of experiencing a foreclosure, we are your best choice for real estate financing.
We fill the void for Borrowers who find themselves needing real estate financing but can’t find a company to help them. We provide financing to Borrowers that the Big Banks or large institutional lenders turn down on a daily basis. We live by a different set of rules than the banks and are not constrained by cumbersome layers of management.
We base our loans primarily on the equity in the property we will be lending on, so credit is not that important to us, but is can help our Borrowers in getting a better interest rate. Better credit always equals better rates. So when we are extending credit we always aim to provide our Borrowers with the best interest rates and terms based on the unique credit circumstance of our Borrowers.
The more equity that you have in your property the better it is for us to make you a loan. We perform a calculation of the value of your property and we will lend up 65% LTV (Loan to Value) of the current market value. Credit problems will not prevent us from lending money if there is sufficient equity in the property.
Since everyone’s credit history is unique we always tailor our loans to each Borrower’s specific situation. If there is sufficient equity in the property being borrowed on, then there is almost are no circumstances where our Borrower’s credit will prevent us from making a real estate loan.
The one exception is if our Borrower is currently in Bankruptcy. Under the law we are prevented from lending money to Borrowers who are in bankruptcy. When this situation happens, we only require that the bankruptcy be dismissed from the court and then we can make the loan.
We are required by law to access a credit report for every mortgage loan we provide. While credit is not a major consideration in our lending decisions, overall outstanding debt needs to be known.
We need to at times confirm our Borrowers outstanding debt for calculations of income worthiness but rest assured that credit is not a major consideration in our mortgage lending decisions.
If you are not sure of what your FICO credit score is just call our office and we will be happy to run your credit for no charge, let you know your FICO score and review your credit history with you over the phone or in person at our office and provide you with an interest rate quote based on your credit.