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Liberty Mortgage, Inc.
509 W. McKinley Avenue
Mishawaka, Indiana 46545
Telephone 257-0629
or 888-568-1786
Fax 574-257-0632 |
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If your credit is injured where you can't get a conventional, FHA or VA, you may still be able to buy
a home. And remember, if you are working on cleaning up your credit while you buy or after you buy,
even though you have to pay a higher interest rate now, you can always refi later to a better program.
At least you are in a home of your own and you are not throwing thousands of dollars away per year on
rent.
There are programs out there from near miss conventional, FHA/VA to being a day out of discharge
from a bankruptcy. The worse the credit, the higher the interest rate and the bigger the down payment.
However, there are many 100% programs where either 1 loan can be done, 2 loans at 80/20, or a 60-85%
first mortgage and the rest can be a gift or a seller holdback second mortgage. With a seller holdback,
you have to make a second mortgage payment to the seller as well as a first mortgage payment to us.
Most of these programs will allow you to close with unpaid collections, charged off credit card
and loan balances, but if you have any judgments and they appear on the title work of the house when
the title company does a judgment search, those would have to be paid off before closing.
The
best credit reference a credit injured person can have is their landlord. If you rent from an individual,
not a complex, be sure that you can bring us the last 12 months of canceled rent checks of money order
receipts. NEVER PAY RENT IN CASH.
If your credit is really trashed, maybe a friend or a relative
can buy the home for you as a rental property with 10% down, sell it back to you on a land contract so
you actually own the property, then when you are able to get your credit cleaned up, you can refinance
and pay off the original purchaser.
There are many options open to injured credit people, so call
with your scenario today.
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