Having less-than-perfect credit keeps many people from buying their dream homes, but it doesn’t have to. There are plenty of mortgage companies in Jacksonville Beach that offer opportunities for buyers with credit issues. People who are in this financial situation should look for mortgage companies that offer the following.
Diverse Mortgage Products
Unlike traditional banks that offer home loans, mortgage companies have access to programs with more relaxed credit qualifications. These companies might have programs that accept lower credit scores and those with a nontraditional credit history. Many also have programs available for first-time homebuyers who haven’t established their credit yet.
Federally funded FHA loans are a great way for people with lower credit scores to get into a new home. FHA loans have the most lenient qualifications for obtaining a home loan with many federal programs accepting scores as low as 500. Another plus that FHA loans offer homebuyers is a low downpayment rate, requiring as little as 3% down.
Choose a Company That Specializes in Low Credit Score Lending
Whether a homeowner chooses a traditional lending program or a government lending program, it’s important to work with a company that specializes in bad credit loans. Doing so increases the chances of having a positive experience and qualifying for a program that has decent interest rates.
Prospective homeowners should spend some time researching their options. For more information about bad credit loans and other loan types, contact The Mortgage Lady Team – Fairway Independent Mortgage Corp at themortgageladyteamfairway.com.