Bad Credit Home Loan Kentucky With Outstanding Collections

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Bad Credit Home Loan Kentucky With Outstanding Collections

This BLOG On Bad Credit Home Loan Kentucky With Outstanding Collections Was UPDATED On December 4th, 2018

The Gustan Cho Team at Loan Cabin Inc. are mortgage loan professionals who specialize in helping home buyers who have been denied by other lenders. Gustan Cho Associates at Loan Cabin Inc. is associated with investors who specialize in approving government and conventional bad credit home loans.

We have no overlays on government and conventional loans:

  • Bad credit home loan and high debt to income ratio mortgages with no overlays is our specialty at Gustan Cho Associates
  • We help home buyers get approved for home loans with bad credit
  • We help borrowers who got denied by other 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 we 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 direct lenders with no overlays

Qualifying For Bad Credit Home Loan Kentucky

The mortgage process does not need to be stressful. This holds true 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 Kentucky With Outstanding Collections
  • 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 borrowers automatically assume that they do not qualify for Bad Credit Home Loan Kentucky when in reality they do
  • Sometimes 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)
  • FHA’s role is to insure owner occupant private home loans originated and funded by private banks and lenders
  • It insures in the event if homeowners 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:
    • Everyone deserves a second chance

Case Scenario On FHA Bad Credit Home Loan Kentucky

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
  • This is 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 262-716-8151 or text us for faster response. Or email us at gcho@loancabin.com.  We are available 7 days a week, evenings, weekends, and holidays to answer any questions.

Gustan Cho NMLS ID 873293

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