‘Bad credit’ home loans
Bad credit record holding you back? We have lenders who specialise in ‘credit impaired’ loans!
Bad Credit
Is it possible to get a home loan even if you have a bad credit record? The answer is yes! There are what we call in the industry ‘non-conforming’ or ‘bad credit’ home loans, designed to help people who can’t meet the bank’s normal guidelines. People who have lost their job, got divorced, or suffered business bankruptcy can often still get their dream home by applying for a bad credit home loan.
Who can qualify for a bad credit home loan? Basic qualifying criteria include:
- Small paid default – Did you know that you could still borrow up to 90% of the property if you have paid small default (below $500) six months ago?
- Several small paid defaults – You may still borrow up to 85% of the property value if you have small paid defaults (below $1,000 from financial institutions and below $500 from non-financial institutions).
- Up to $3,000 paid defaults – We can help you borrow 80% of the property value or more.
- Big paid defaults – You may still borrow from a specialist lender if you can back up your large paid defaults from $3,000 to $500,000 with good explanation.
- Unpaid defaults – Though many lenders require that you pay the defaults before you can get approved, there are some non-conforming lenders who can still lend you up to 90% of the property.
- Court writs or judgments – You may still borrow from a non-conforming lender if you have previous court writ or judgment.
- Others – For other situations like bankruptcy and insolvencies, you can talk to 3Carrots mortgage brokers who specialise in helping people with impaired credit.