Qualifying For Bad Credit Mortgage Florida

This BLOG On Qualifying For Bad Credit Mortgage Florida Was UPDATED On May 23rd, 2017

Florida has taken a major hit when the subprime crisis of 2008 hit the state.

  • Homeowners in Florida took a massive beating when the 2008 real estate collapse hit, more so than any other state in the United States.
  • Everyone has gone through financial hardship at one time of their lives or another. 
  • The Great Recession of 2008 has devastated many families financially. 
  • Millions of Americans lost their jobs, lost their businesses, lost their homes, and some lost everything they have worked so hard for all of their lives.
  • Millions of hard working Americans filed bankruptcy or lost their homes due to foreclosure, deed in lieu of foreclosure, short sale.
  • The Florida housing market did not just recovered, it is hotter than ever.
  • The Gustan Cho Team specializes in Bad Credit Mortgage Florida and has no overlays on government and Conventional Loans.
  • Non-QM Loans are back in Florida and the rest of the country.
  • Bad Credit Mortgage Florida mortgage programs includes non-qm loans where there is no waiting period after bankruptcy and/or foreclosure.
  • Bank Statement Mortgage Loan Programs for self employed borrowers.
  • Florida Home Loan With No Credit Loan Programs in Florida.
  • Florida Jumbo Mortgages With Bank Statements Only Down To 600 FICO credit scores.
  • Jumbo Loans in Florida with 10% down payment.

Bad Credit Mortgage Florida With No Waiting Period After Bankruptcy And Foreclosure

The real estate and construction industries have been the hardest hit by the 2008 recession.

  • The whole mortgage industry went through a complete overhaul and new mortgage guidelines were created and implemented.
  • The NMLS was created and launched.
  • All government and conventional loan programs have mandatory waiting period after bankruptcy and foreclosure to qualify for home loans.
  • The subprime and non-qm loan programs are now back after being dormant for many years.

Non-QM Loans and alternative financing offer the following:

  • No Waiting Period after bankruptcy, deed in lieu of foreclosure, foreclosure, short sale.
  • Bank Statement Loan Programs where income taxes and W-2s are not needed and income is qualified with just deposits from bank statements with withdrawals not being factored in.
  • Self employed mortgage loan programs.
  • Jumbo Mortgages with 10% down payment and down to 600 FICO credit scores.
  • I personally know of dozens, if not hundreds of people who are business owners in real estate and construction industry who have either gone out of business or are barely hanging on and not wondering when their last day in business will be. 
  • For those who lost their jobs due to the recession, their unemployment benefits ran out and were forced in seeking jobs in other fields and a lot of Americans settled on jobs that they were overqualified for.
  • For those who have survived this economic global financial nightmare and are back on their feet, they can now start reestablishing their lives and start rebuilding their financial situation.

Re-Established Credit To Qualify For Bad Credit Mortgage Florida

Reestablishing and rebuilding is not easy as people think after someone have gone through a financial nightmare like millions of Americans have gone through after the recession of 2008.

  • Just getting a well paying stable full time job is not enough when it comes to buying a house. 
  • Americans who got hurt from the Great Recession of 2008 still have to deal with the past credit issues that came as a package with the financial disaster.
  • Re-Establishing and Re-Building credit after periods of bad credit is doable but takes time.

Borrowers Can Now Qualify For Bad Credit Mortgage Florida With No Overlays

Unfortunately, rebuilding is not that easy and takes time.

  • For most Americans who got stung by the recession of 2008, their credit and credit scores have suffered tremendously as well. 
  • Folks filed bankruptcy, had foreclosures, have tax lien, have judgments, and have dozens of collection agencies pestering them to pony up some money. 
  • The good news is that there is hope and those Americans who started to work again and are stable can now be eligible for bad credit home loans. 
  • FHA loan programs have made it possible for every hard working Americans to obtain a bad credit home loan. 
  • Many banks do not want to lend to people who have a credit score under 640 FICO or lower. 
  • However, mortgage brokers like myself specialize in bad credit mortgage Florida.
  • Florida mortgage borrowers can qualify for government loans, conventional loans, and non-qm loans with bad credit.

Get Qualified Today For Bad Credit Mortgage Florida

Home buyers can qualify for bad credit mortgage Florida with the following:

  • Mortgage After Bankruptcy: Two year waiting period after Chapter 7 to qualify for FHA, VA, USDA Loans and 4 years to qualify for Conventional Loans.
  • FHA Guidelines On Foreclosure, Deed In Lieu, Short Sale: Three years to qualify for FHA Loans after foreclosure and deed in lieu of foreclosure and short sale for FHA Loans.
  • Fannie Mae and Freddie Mac Guidelines On Foreclosure, Deed In Lieu, Short Sale: Four year waiting period to qualify for Conventional Loan after deed in lieu of foreclosure and/or short sale. Seven year waiting period to qualify for Conventional Loan after regular foreclosure.
  • FHA Guidelines On Outstanding Collection & Charge Off Accounts: FHA does not require to pay outstanding collections and charge off accounts to qualify for FHA Loans.
  • FHA Guidelines On Judgments and Tax Liens: Can qualify for mortgage with a written payment agreement from judgment creditor and IRS and show three months proof of timely payments via canceled checks and/or bank statements.
  • FHA Guidelines On Recent Late Payments: Late payments allowed if borrower gets automated approval via Automated Underwriting System.
  • No Income Verification And Bank Statement Mortgage Loans: No income verification loan programs available with bank statement loans and non-qm loans.
  • Minimum Credit Score Requirements: FHA allows borrowers with credit scores down to 580 FICO  for a 3.5% down payment home purchase loan. Borrowers with credit scores between 500 to 579 FICO can qualify for FHA Loans with 10% down payment. Conventional Loans require 620 FICO credit scores.
  • FHA Guidelines On Late Payments After Bankruptcy And Foreclosure Late payments after bankruptcy and foreclosure is extremely bad when it comes to qualifying for mortgages. Many lenders will automatically disqualify borrowers with any late payments after bankruptcy and/or foreclosure. However, The Gustan Cho Team will allow borrowers with late payments after bankruptcy and foreclosure as long as they can get an approve/eligible per Automated Underwriting System.
  • FHA Guidelines On Gaps In Employment : Borrowers who have six or more months of gap in employment needs to be in their new job for at least six months. Borrowers with less than six months in gap of employment can qualify for mortgage right away with an employment offer letter but needs to wait for 30 days of paycheck stubs on FHA Loans but not Conventional Loans.
  • Mortgage Guidelines On Down Payment On Home Purchase : FHA requires 3.5% down payment on home purchases: Fannie Mae and Freddie Mac require 3% to 5% down payment on home purchases: VA and USDA does not require any down payment on home purchases.
  • Mortgage Guidelines On Sellers Concessions : Sellers concessions is when a home seller will offer to pay for home buyers closing costs.
  • FHA Allows up to 6% sellers concessions
  • VA allows up to 4% sellers concessions
  • USDA allows up to 6% sellers concessions
  • Fannie Mae and Freddie Mac allows up to 3% sellers concessions on owner occupant and second homes and 2% on investment homes.

Please contact Gustan Cho at 800-900-8569 or text Gustan on his cell at 262-716-8151 for faster response. We are available 7 days a week, evenings, weekends, holidays to take mortgage inquiries by phone or email us at gcho@gustancho.com.

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.

Comments are closed.