Bad Credit Home Loan With Outstanding Collections Florida

This BLOG On Bad Credit Home Loan With Outstanding Collections Florida Was Updated On June 12, 2017

The Gustan Cho Team are mortgage loan professionals who specialize in helping home buyers who have been denied by other lenders and are associated with wholesale investors who specialize in approving government and conventional bad credit home loan with no lender overlays.

  • Bad credit home loan and high debt to income ratio mortgages with no lender overlays is what most loan officers with The Gustan Cho Team are experts in.
  • We help home buyers get approved for home loans with bad credit and help borrowers who got denied by other mortgage lenders due to other loan officer not properly qualifying them in the first place.
  • Many of our borrowers have high debt to income ratios, bad credit, little credit, or no credit history
  • Home buyers can qualify for FHA Loans with open collections, judgments, and tax liens. 
  • The bottom line is that I can help everyone who needs a mortgage loan as long as they have documented income. 
  • Whether someone has prior bad credit, bankruptcy, judgments, open collections, or tax liens, never assume that you do not qualify for a mortgage until you have contact us.
  • Again, we are mortgage lenders with no lender overlays.

Qualifying For Bad Credit Home Loan Florida

The mortgage process does not need to be stressful as long as home buyers take some time and due a little due diligence.

  • Not all lenders have the same FHA home loan requirements for bad credit home loan Florida.
  • Just because a person may not qualify for a FHA Loan now does not mean that they cannot qualify in the near future.
  • There are often times where mortgage borrowers automatically assume that they do not qualify for FHA Bad Credit Home Loan when in reality they do.
  • Sometimes mortgage loan borrowers qualify and they do not even realize it.

FHA Guidelines On Bad Credit Home Loans

HUD is the parent of FHA. FHA is not a lender.

  • FHA is a governmental agency under the U.S. Department of Housing and Urban Development (HUD) where its role is to insure owner occupant private home loans originated and funded by private banks and lenders in the event if homeowners with FHA Loans default on their FHA Loans and the lender sustains a loss.
  • Due to this government guarantee, private banks and lenders aggressively originate and fund FHA Loans at very low mortgage interest rates with 3.5% down payment.
  • Home buyers, especially first time home buyers, can qualify for FHA Loan with bad credit and low credit scores.
  • Borrowers can qualify for FHA Loans with outstanding collection accounts and charge off accounts without having to pay the outstanding balances.
  • FHA is fully aware that extenuating circumstances happens in one’s life and everyone deserves a second chance.

Case Scenario On FHA Bad Credit Home Loan

  • For example, one of my clients recently went through a foreclosure and did not think he would qualify for a home loan. 
  • He contacted me and we discussed his foreclosure status. 
  • If a homeowner has a foreclosure, there is a 3 year waiting period before they can qualify for a mortgage loan. 
  • My client realized this and wanted to start working on rebuilding his credit so he can qualify for a mortgage in 3 years. 
  • After talking to him, I found out that the title of his house and the note on the loan was just under his wife’s name. 
  • They both filed a joint bankruptcy and the house was included in the bankruptcy. 
  • My client did not realize that the foreclosure did not affect him because the title and the loan was only in his wife’s name and not his. 
  • Even though they are married and filed a joint bankruptcy and the house was part of the bankruptcy, my client qualifies for a mortgage loan. 
  • Once I received his online mortgage application, I submitted it to our automated underwriting system and got him an automated approval from Fannie Mae.

Home Loan With Bad Credit

Home buyers who need a bad credit home loan please contact us at 800-900-8569.  We are available 7 days a week, evenings, weekends, and holidays to answer any questions.

Gustan Cho NMLS ID 873293

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The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

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