Purchasing A Home With Bad Credit Loans

In late 2004 my husband and I were pregnant. We lived in a two-bedroom townhouse rental which we had outgrown. Many weekends we went house hunting, trying to find that perfect home to fit our needs. Eventually, we found it. Purchasing a home can be super scary. It is a big decision because it meant having to have a home loan.  

My husband and I wanted to purchase our first home sooner but because we were young and had debt to pay off we had to wait.  My credit score was not in great standing to purchase a home so we spent the first few years of our marriage paying off previous credit card debt and other loans so that we would not be turned down for a home loan.  Fortunately, we were able to pay everything off but sometimes that is not always possible.  Let’s face it most lenders are skeptical about giving money to those who have unreliable histories because it is too risky. So, they either completely deny the request or demand an outrageously high interest.

Thankfully The Associates of Home Loans of Florida can help with bad credit loans. Why let bad credit hold you back? I am not saying it’s not important to try to make smart financial decisions to improve your credit over time, but you do not have to wait to start your life until it improves. There are several poor and bad credit home loans to consider:

Nonconventional Loans For Bad Credit

Nonconventional loans are a good option because they feature low down payments and with flexible approval requirements. Clients can be approved for FHA loans with scores as low as 580 (with 3.5% down payment) or 500 (with 10% down payment).

Subprime loans for bad credit

Hard money loans which are also known as hard equity loans are not approved based on a borrower’s credit or financial worthiness, but instead on the value of a property being financed. Like subprime loans, hard money loans have higher interest rates than conventional loans, but they can provide the financing a client needs at the right time for the right home.

Compensating For Bad Credit

You are more likely to secure a home loan with bad credit even if you can help compensate in other ways. If you are able to raise funds for a substantial down payment can help offset your level of risk to lenders, even with bad credit. Also, keeping your debt-to-income ratio as low as possible is an important factor that lenders will note when granting approval.

Bad credit doesn’t have to hold you back. Associate Home Loan of Florida, Inc. offers bad credit loans for purchasing a home that delivers the funding you need.  Have you had bad credit before and wanted to purchase a home? Are you ready to purchase your dream home?

Mama to 6 Blessings wrote this post on behalf of Associate Home Loan of Florida, Inc. and PR Company. This is a sponsored review and all views and opinions are of my own and were not influenced in any way. Mama to 6 Blessings is disclosing this in accordance with the Federal Trade Commissions 16 CFR, Part 255 Guides Concerning the Use of Endorsements and Testimonials in Advertising.