At Florida Mortgage Corporation, we understand how
it feels to be shunned or denied because you have credit problems. That's why we
have Bad Credit experts standing by to help you qualify for the loan you need.
Let us work with you! Personal Loan Consultants. No bait and switch on Bad
Credit Loans--get all the home you qualify for!
When Florida Mortgage Corporation considers your
loan request, we generally look at three areas: credit reputation (your credit
score and history); collateral (your loan amount relative to the home value);
and capacity to pay (your income, debt, cash reserves). As a result, we may
prefer a lower score borrower with favorable factors over a higher score
borrower with negative factors.
Credit Problems and Mortgage Rates
If you've had credit problems in the recent past, lenders consider you a higher
risk borrower. In such circumstances, the credit decision includes factors
beyond credit scores and credit history, often including employment, income,
expenses, assets and other factors as considerations.
Candidates for a "Bad Credit" Loan
Here are "general" guidelines you can use as a very rough rule of thumb
to determine whether you're a candidate for a "bad credit" loan:
* A FICO score of 620 or lower
* Two (or more) 30 day delinquencies in the past 12 months
* One 60 day delinquency in the past 24 months
* A foreclosure or chargeoff in the past 24 months
* Any bankruptcy in the last 60 months
* Qualifying debt-to-income ratios of 50% or higher
* Limited ability to cover family living expenses each month
But remember, your overall creditworthiness is not just about formulas and
credit scores…...and missing a credit card payment or two does not automatically
mean that you're doomed to double-digit interest rates. The only sure way to
know where you stand is to apply for a loan with Florida Mortgage Corporation and speak with a professional loan
Loan (For VERY Bad Credit)