Providing home loan mortgage financing in Lake, Geauga, Mahoning, Columbiana, Erie, Sandusky, Seneca, Wyandot, Putnam, Hancock, Ottowa, Fulton, Williams, Henry, Defiance, and many more Ohio counties.
Providing financing in Lucas, Cuyahoga, Lorain, Medina, Wood, Summit, Montgomery, Licking, Deleware, Warren, Hamilton, Butler, Franklin, Fairfield, Stark, Wayne, Knox and many other Ohio counties.
Providing home mortgages in Findlay, North Ridgeville, Highland Hills, Beachwood, Moreland Hills, Ashtabula, Rock Creek, Delaware, Franklin, Brunswick, Geauga, Grafton, Lorain, Green, Bath, Sandusky, Port Clinton, Huron and many other Ohio communities.
Providing mortgage financing in Cleveland, Cincinnati, Toledo, Bowling Green, Columbus, Akron, Canton, Avon, Strongsville, Avon Lake, Solon, Dayton, Medina, Wooster, Youngstown, Alliance, Mentor, Elyria and many other Ohio cities.

Do I need perfect credit to get a mortgage

No you do not need perfect credit to get a mortgage. Imagine if perfect credit was required. Few loans would be made and every lender in town would be bankrupt.

If you have poor credit ou should strive to improve your credit rating after securing a mortgage. This will allow you to refinance at a conforming rate and save you money every month.

When banks underwrite a mortgage application, there are four major factors they consider. Credit history is only one of four. Lenders also examine the loan applicant's ability to repay the loan, the homeowner's asset reserves, and the loan amount in relation to the property value, in other words, how much is the homeowner putting up in the property. With one or more of the other three factors being above average, even a homebuyer with below average credit profile can easily obtain a mortgage.

Even if you have filed for bankruptcy or are currently in foreclosure, contact us about refinancing your property. You do not need perfect credit, even bad credit is OK with us because we have thousands of loan programs for borrowers of all credit types.

You do not need perfect credit. However if you want the "perfect" loan then perfect credit definitely helps. Discuss your needs with a broker you trust.

There are some lenders that do not even look at FICO scores. This is because sometimes people have not established any credit , but yet will still make rental payments and utility payments on time. These various payment histories will appear on an individuals credit report.

If you are thinking about buying a home but you are not quite sure if you can qualify then it might make sense for you to contact a mortgage broker. A good mortgage professional will not only look at your credit but will also look at your complete financial picture to see what makes sense for your current situation. They will also make recommendations on what programs will be available for your situation. If you are unable to obtain a mortage now a mortgage prefessional will help guide you through what needs to be accomplished so you can qualify real soon.

You can obtain a mortgage loan with almost any type of credit. However, the worse the credit the more you will be required to put down as a down payment for a purchase transaction and the higher the interest rate you are more likely to pay. Sometimes compensating factors such as a lot of documented liquid assets, great job time, and a very low DTI (Debt to Income Ratio ) may help to slightly compensate for a lower credit score.

Many mortgage loans programs are available to borrowers with less than perfect credit. One thing to consider when obtaining a loan with less than perfect credit: The borrower can usually get a better interest rate by getting a 2 or 3 year fixed product rather than the traditional 30 year fixed. This makes good sense because once the credit is repaired 2 or 3 years down the road the borrower will most likely want to refinance into a lower interest "A" paper type loan.

There is no such thing as 'perfect credit' . All consumers who have a credit rating fall into either 'conforming' or 'subprime' financing category. There are even programs for first time borrowers who have no credit history.

However, some consumers who have had difficulty meeting their commitments may have credit so damaged that they could be asked to raise their credit score to qualify .

Some other factors that lenders will look at is the borrower's payment history on an existing mortgage as well as rental history. The better the payment history, meaning no late payments greater than 30 days, you will qualify for a lower interest rate and higher loan amount.

Perfect credit is not needed to get a mortgage because most lenders do not judge borrowers on credit alone. Although, credit is a big factor when applying for a mortgage each lender has different criteria to be approved for a mortgage. Lenders also take into account a borrower's mortgage/rental history, employment history, and other factors. There are many lenders that target borrowers with less than perfect credit which is called sub-prime lending.

There are many different types of mortgages that you will be able to get without perfect credit. Some programs use the credit score only, only the mortgage history, and some will even disregard collections and judgments allowing them to exist without having to pay them off.

Sub-Prime lenders specialize in people with less than perfect credit. With the loan programs available in todays market most people can purchase a home.


If you have any questions regarding our products, you can contact us by calling or e-mailing us and we'll get back to you as soon as possible. Thanks!



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Information listed above is to be used for educational purposes only and is not guaranteed

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