Credit Guidelines

 

 

One of the most popular questions we are asked is “Can I Get A Home Loan with Poor/Bad Credit in Los Angeles or in the state of California?  Our answer is “Absolutely.”  Credit is one of the factors that we consider when we receive a mortgage 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 credit problems as long as those borrowers reside in the state of California.  If you ever had the need to file bankruptcy or even have had the unfortunate circumstance of experiencing a foreclosure we are a good choice for real estate financing.shutterstock_178372970

We fill the void for Borrowers who find themselves needing a bad credit mortgage but can’t find a company to help them.  We provide mortgage financing to Borrowers that the 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 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 is.

We need to, at times, confirm our Borrower’s outstanding debt for calculations of income worthiness.  Rest assured that credit is not a major consideration in our mortgage lending decisions.

We base our bad credit mortgage loans primarily on the equity in the property we will be lending on, so credit is not that important to us but 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 you with the best interest rates and terms based on your unique credit circumstance. The more equity that you have in your property the better it is for us to finance your loan.

We perform a calculation of the value of your property and we will lend up 70% LTV (Loan to Value) of the current market value.  Credit problems will not prevent us from lending you money if there is sufficient equity in your 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, there is almost no circumstance where your credit will prevent us from making you 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 mortgage loan.

shutterstock_188461463If you are not sure of what your FICO credit score is just call our office and we will be happy to run your credit at 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.

We are a lender for bad credit challenged Borrowers.  Our mortgage financing fills the void where the big banks and large institutions are not willing to lend.

If you have been mistreated by the big banks or large institutional lenders you will be very surprised at the extent to which we go to make you the business, real estate investment, or probate estate loan you need.

(888) 797-7970