If you have bad credit, your options will be limited compared to someone with perfect credit. Youll want to work with a subprime lender, which is a lender who caters to people in your situation. Talk to your loan officer about the options available to you.

When working with damaged credit experience counts. If your mortgage professional isn't experienced then several things can go wrong. Damaged credit means there are less lenders that will be willing to make a loan. If your mortgage professional isn't seasoned then you might qualify for a loan and be told there's nothing out there for you.

Whatever mortgage professional you choose, make sure you explore the "rapid rescoring" option. If you need someone to run your scenerio by then give me a call at 888-920-0123 x302 or email me at info@charleslight.com.

When you have bad credit or below average credit and are forced to use a sub-prime lender or a non-conforming lender you usually will not be required to pay PMI, even if you do not have 20% equity in your home. The reason being is because you will usually have to accept a considerably higher rate than a good credit borrower would qualify for and this much higher interest rate will offset the need for the PMI by the lender.

Qualified mortgage professionals will do much more than just find a loan program for you. Even if they are unable to get you qualified for a loan right away, they are able to guide your through the necessary steps towards obtaining an approval. Sometimes this is as simple as correcting a few errors on your credit report, other times it may be a bit more complicated. Whatever your case may be, you certainly don't have anything to lose, and possibly a lot to gain, by contacting us.

A bad credit mortgage can still mean good rates. There are so many levels and types of loans that even if you have bad credit you may still quality for the best rates and terms. For example, if you have a low credit score, have never been late on your mortgage, and have 30 – 40% equity in your home, you should qualify for many good loan programs.

Typically, it's much easier to refinance than purchase if you have bad credit. This is assuming you have some equity in your home. Some lenders consider a land contract buyout a refinance. This can help people with bad credit get into a home.

Mortgage brokers are a great resource as they can direct you on how to improve your situation from a bad credit borrower to a good or even excellent credit borrower in the eyes of the lending industry.

It is important to work with a mortgage consultant who has extensive experience working with customers with less than perfect credit. They can help you to completely understand your credit report and offer suggestions on how to improve your credit. Paying off debt through a consolidation loan can be a great way to raise your score. Even with poor credit, you can still qualify for great rates now to help save money while improving your credit for the future!

Contact Charles Light at 888-920-0123 x302 or info@charleslight.com to see how you can qualify for a home loan even with bad credit.

Bad credit mortgages are often referred to as "Non-Conforming" loans because your credit profile does not qualify under Fannie Mae guidelines.

Non-comforming lenders offer fixed rate mortgages and adjustable rate mortgages with varying options such as interest only and high loan to values.

Your options are typically limited by the amount of equity in your home and your FICO score.

If your DTI or Debt-to-Income ratio is off by a little a mortgage broker can sometimes get a 40 year amortization which can lower the payment enough in some cases to allow you to qualify under the lender guidelines. This can also be accomplished with an interest only payment. In either case this is a temporary way to make the loan work until you can get your scores to a point where you can obtain a better rate and lower payment.

There are many services available to repair credit. Sometimes errors on credit reports have significant negative impact, so often times scores can be increased without spending a dime. However, if you do have some free cash to clear old accounts, it is recommended to contact a credit repair service who can help focus your efforts to the accounts that will have the most positive impact on your score if dealt with.

Home loans are even available for those with FICO scores less than 500. Consult with your mortgage professional. There are tons of programs available for those with less than perfect credit.