You’re in love with a home you just spotted, or you want to stop paying rent and start building equity. But to put it simply, your credit rating is in the toilet. How do you go about getting approved?
Meet Anne. A single mom with two kids that wants to buy a modest home in the suburbs. However
In order to qualify and secure a home loan from a bank, a bank must look at your credit rating to see if you are a prime borrower candidate. Due to Anne’s past of a defaulted loan from a failed business venture, her credit is less than satisfactory.
Besides business failures, other black marks resulting in bad credit can also come from events such as divorce, injury, job loss, or other untimely circumstance. Any of these issues are possible in creating financial problems that prevent you from buying a home.
There are no bank-approved options for bad credit home loans in Arizona. Even if you have a significant amount of cash reserved for a down payment, banks are hard pressed to offer home loans to a borrower with poor credit. However contrary to common belief, you don’t have to go to a bank in order to retrieve a loan for the home you want.
So what options are available besides borrowing from the bank? Is there such thing as applying for bad credit home loans in Arizona?
If you have bad credit then obtaining a loan through a private or specialist lender is an excellent option. Unlike banks, private lenders are more flexible when it comes to poor credit history. These lenders have options available when it comes to obtaining bad credit home loans in Arizona. Private lenders offer bad credit loans (also known as sub prime loans). Bad credit loans can get you in the house you want immediately.
I am interested in getting approved for a bad credit home loan. What are the requirements for obtaining this kind of loan?
Despite having a low credit score, you can apply for an approved home loan. Though in order to get approved for this type of loan, you must have a higher down payment readily available. The down payment amount will usually more be than the standard 20% of the listing price. In addition, these types of home loans for people with poor credit will often also have higher rates.
Anne and her family are interested in purchasing a house right away. She doesn't want to wait to buy a home but has enough substantial cash for a sizeable down payment. She also has a secure job and is confident she can pay off her mortgage responsibly. Applying for a bad credit loan or sub prime loan will work for her.
Similarly, if you are someone that has money for a large down payment but shoddy credit, securing a bad credit home loan is a desirable option.
Sounds like a bad credit home loan is for me. How do I apply?
The only way to know for certain if you qualify for a loan with bad credit is to talk to an actual lender. Level 4 Funding has a lot of options when it comes to obtaining home loans with bad credit. Let the professionals at Level 4 Funding aid you in securing a your home loan.
Call today at 623-582-4444 to schedule an appointment with Dennis. We will go over your individual financial circumstances and offer you’re the best advice in qualifying for a loan.
Level 4 Funding LLC
23335 N 18th Drive Suite 120
Phoenix AZ 85027
623-582-4444
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