In this article, we will cover and discuss the best bad credit mortgage lenders in Delaware. Gustan Cho Associates are mortgage brokers licensed in 48 states with lending partnerships with over 170 wholesale lenders. Gustan Cho Associates has a large presence in Delaware. Why choose Gustan Cho Associates? We have a national reputation for being able to do loans other lenders cannot do. Gustan Cho Associates has a reputation of being a one-stop mortgage shop due to the countless mortgage loan products we have.
The Best Bad Credit Mortgage Lenders in Delaware Who Can Get Loans Approved When Other Lenders Cannot
Over 75% of our borrowers are folks who could not qualify at other lenders. The team at Gustan Cho Associates are specialists in helping borrowers with bad credit mortgage loan options. We have helped thousands of folks qualify for a mortgage with bad credit. Gustan Cho Associates has a reputation for being able to do loans other lenders cannot do. We have nicknamed the One-Stop Mortgage Shop for lending. Gustan Cho Associates has the states, products, and rates.
Type of Borrowers In Delaware With Bad Credit Gustan Cho Associates Represents
We offer bad credit mortgage loan programs in Delaware as well as 48 other states. The team at Gustan Cho Associates is helping home buyers with prior bad credit. Any loan officer can do a loan for a 700 FICO with a 40% debt to income ratio mortgage. Tough files are the name of our game. We are experts in bad credit home loans. This is our niche in the mortgage market.
The Best Bad Credit Mortgage Lenders in Delaware With Many Mortgage Options
Gustan Cho Associates is one of the best bad credit mortgage lenders in Delaware due to the many options we can offer our borrowers. We have loan programs for low credit scores, non-QM and alternative mortgage programs, and jumbo loans with low credit scores. Typical borrowers we represent are the following:
- Borrowers with low credit scores: Credit Scores down to 500 FICO
- Jumbo Mortgage Loans down to 600 FICO
- Homebuyers with prior bankruptcies, foreclosures, deed in lieu of foreclosures, short sale
- Homebuyers with credit scores under 600 FICO
- Timeshare foreclosure.
- Homebuyers with late payments after bankruptcy and foreclosure
- Homebuyers with recent late payments
- Borrowers with judgments and tax liens
- Borrowers with outstanding collections and charge off accounts
- Homebuyers with gaps in employment
- Homebuyers who need to obtain home loans after bankruptcy and foreclosure with no waiting period
- Self-employed homebuyers who need Bank Statement Mortgage Loan Programs
- Self-employed buyers who need a no-DOC and/or stated income mortgage loan
- Foreign Nationals in need of ITIN mortgage loan programs
NON-QM Loan borrowers: NON-QM Loans are alternative lending programs where borrowers do not qualify for traditional conforming loans. In this article, we will discuss and cover qualifying for a mortgage with outstanding judgments and tax liens.
The Best Bad Credit Mortgage Lenders in Delaware First-Time Homebuyers
Judgment debts are different than other collection accounts and charge off accounts on credit reports. Judgments do not get written off like credit card debts. A judgment creditor will do everything possible to enforce the judgment. Judgment creditors will try to collect on the judgment if they believe the judgment debtor has assets. The older the judgment is the better it is in the debtor’s favor for the judgment creditor not enforcing the judgment. Being judgment proof means that there is no way for a judgment creditor to enforce the outstanding judgment. This is because the debtor has no assets and/or significant income such as not having a bank account or very little money on bank accounts and those with no significant liquid assets that they can place a lien on.
How Can I Settle Judgments And Qualify For Mortgage In Delaware?
There are ways of settling a judgment and qualifying for a mortgage in Delaware:
- Bankruptcy
- Settling with judgment creditor and paying a discounted amount in full
- Getting a written payment agreement with the judgment creditor
- Trying to get the judgment vacated through the court system
- Waiting Out the statute of limitations on judgment
- For those who do not want to file bankruptcy, they can negotiate a settlement amount with the judgment creditor:
- Or make payment arrangements on a discounted amount of the face value of the original judgment
Waiting Out the Statute of Limitations in Delaware or Make Settlement Agreement
A judgment can go away if the judgment creditor does not pursue enforcing the judgment until the statute of limitations runs out on the judgment and the judgment creditor does not renew. Statute of limitations on judgments vary from state to state but it is typically 10 years in most states. If the judgment creditor does not renew the judgment on the year that the statute of limitations runs out, judgment debtors are no longer held responsible for the judgment. They have a legal defense if the judgment creditor decides to enforce the judgment due to the expiration of the statute of limitations
The Best Bad Credit Mortgage Lenders in Delaware Who Can Help Get Loan Approval
What happens if you have a judgment and want to buy a house. Homebuyers can qualify for FHA Loans with outstanding judgments and tax liens. This holds true as long as they have a written payment agreement in effect with three months payment history. Proof of three months of timely payments will be through copies of canceled checks and a written agreement that has been signed by the borrower and the judgment creditor. Judgments and tax liens can be paid at closing. This holds true as long as there is a payoff letter by the judgment creditor and/or IRS. Borrowers with payment agreements in force and proof of timely payments will get mortgage loan approval.
Getting Approved by The Best Bad Credit Mortgage Lenders In Delaware With Judgments
Florida home buyers with unsatisfied judgments and collections can contact us at Gustan Cho Associates at 800-900-8569 or text us for a faster response. Or email us at gcho@gustancho.com. We are available 7 days a week, on evenings, weekends, and holidays. We are specialists in helping home buyers in getting Bad Credit Mortgage loans with judgments approved and closed. This is even for borrowers’ credit scores below 600 and open collections and charges-offs.
