Home Loans Videos
Home Loans Options for Borrowers with Bad Credit
In today’s economy, it’s not uncommon for borrowers to have less than perfect credit. When the housing market crashed in 2008, many people lost their jobs and were left struggling to make ends meet. These financial hardships led to missed mortgage payments, foreclosures and sometimes even bankruptcies. But now, as the economy begins to shift, many people are beginning to move forward financially and would like to reenter the housing market.
In this video, David Talbott, a Mortgage Advisor with Samuel Scott Financial Group, will explain the different financing options available for individuals with less than perfect credit.
First of all, it is important to understand how missing a mortgage payment can affect credit. Falling behind on a mortgage payment can lead to a decrease in a credit score, sometimes up to 100 points. A drop this large will definitely have a negative impact on loan applications, whether applying for home financing or a new credit card.
Your credit score is a major factor in determining whether or not you qualify for a loan and what the parameters of your loan look like. Which range does your credit score fall into?
Poor Credit Score- 560-619
Average Credit Score-620-679
Good Credit Score- 680-740
Excellent Credit Score- 740 +
The closer you are to having an average credit score, the more options your Mortgage Advisor will have to help you qualify for a home loan. People with lower credit scores have several different options that can make getting a home loan possible. Here are a few concessions a borrower could make to overcome poor credit:
Larger Down Payment
Occupant (getting someone to go on the loan with them who will live in the house)
Non-Occupant (a family member or friend willing to become a co-borrower who does not actually have to move in to the home)
Higher Interest Rates
If you have less than perfect credit, it is important to meet with a Mortgage Advisor early on in the real estate process. Not only do they have contacts that will work with them to help improve your credit, but they can also help analyze your financial situation and put together a plan that will get you on the path to home ownership. For some borrowers, you might find out there are loans you could qualify for now.
While bad credit is unfortunate, it doesn’t have to be the end of your financial success. Don’t let poor credit slow you down, talk to one of the expert Mortgage Advisors at Samuel Scott Financial Group and learn more about your options. Get a clear picture of your financial situation take a proactive approach to your financial health.
Question: Those who couldn’t pay it back.
Answer: Democrats did,
Bush actually tried to fix the housing crisis.
I used this video to get all my information for the housing crisis:
And then pulled sources to make the video credible.
“Bush Administration drove this country’s economy into a downward spiral, created the housing crisis”
Wrong- The Bush administration tried to fix the problem in 2003.
Democrats tried to stop this. Barney Frank” The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
http://en.wikipedia.org/wiki/Barney_Fran… (See video for other quotations from democratic reps trying to stop this)
Also Bush passed the “Federal Housing Enterprise Regulatory Reform Act of 2005″
“A bill to address the regulation of secondary mortgage market enterprises, and for other purposes.”
Borders: Bush did many things to lower illegal immigration rates as well
Richer get Richer, Poorer get poorer
Just a lie the left made up, it has been proven the Bush tax cuts favored the poor.
All of these sources are credible.