BAD CREDIT MORTGAGE FLORIDA

Purchase:

• 500-579 credit score requires 10% down payment
• 580 or higher credit score requires 3.5% down payment
• No credit score requires 3.5% down payment
• W2 employees are required to provide most recent 30 days paystubs and last 2 years W2s
• Self-employed borrowers are required to provide last 2 years tax returns

Property Type:

• Single Family
• 2-4 Units
• Condo
• Townhouse
• Second homes
• Manufactured homes
• Mobile homes

Refinance:

• Minimum credit score of 500 required
• No mortgage late payments in the last 12 months
• Max loan to value (LTV) 80% for cash out

What is a Bad Credit Mortgage Florida?

A bad credit mortgage is meant for borrowers who don’t have a perfect credit history. Whether the borrower has late payments on credit cards or installment loans and/or open collection accounts or charge-off accounts, they can still qualify for a home purchase.

For a home refinance, as long as there are no late payments on the mortgage in the last 12 months, there’s have a high chance of qualifying. The benefits of a cash out refinance are paying of debt, home improvements, having reserves, going through a divorce, etc.

Are Bad Credit Mortgages still available? 

Most lenders require a borrower to have a 620 credit score to purchase a home or refinance their current home. FHA (Federal Housing Administration) allows borrowers with bad credit to still purchase a home or refinance their current home. At Mortgage-World.com, we help borrowers with credit scores as low as 500 to purchase a home or refinance their current home.

Closings can occur in as little as 2 weeks. The only out of pocket expense before closing will be an appraisal. This is a great program for first time homebuyers with the minimum down payment of 3.5% if the credit score is 580 or higher.

Asset Verification

• 2 months of bank statements are required for a home purchase
• Gift funds are acceptable from a family member
• Down payment assistance is available with a credit score of 620 or higher
• No bank statements required for a home refinance

Written by: Chris Luis, loan officer for Mortgage-World.com

• • • • • Chris Luis covers mortgages and the housing market. Chris Luis has over 20 years experience in the mortgage industry.