Refinance Mortgage Home Loan With Bad Credit For Homeowners

This BLOG On Refinance Mortgage Home Loan With Bad Credit For Homeowners Was UPDATED On February 3rd, 2019

Many borrowers and first time home buyers question themselves whether they can get a home loan with bad credit.

  • Getting a home loan with bad credit is no problem as long as borrowers have income
  • Income and credit are the two most important deciding factors that play into getting a mortgage loan
  • Getting a home loan with bad credit is doable
  • As long as borrowers have been timely with monthly credit payment obligations for at least six months
  • Most lenders do not want to see any derogatory credit in the past twelve months
  • But there are times when borrowers can get an approve/eligible per Automated Underwriting System approval with timely payments in the past six months
  • Most lenders will want to see timely payments in the past 12 months
  • However, some lenders that will approve a mortgage loan with only six months of timely payments
  • First time home buyers who are seeking a home loan with bad credit should consult with a lender as soon as possible

The loan officer will evaluate credit and income to see if they qualify for a mortgage home loan.

Can I Get A Refinance Mortgage Home Loan With Bad Credit?

Homeowners interested in a refinance mortgage home loan with bad credit are in luck if they have a current FHA or VA Loan. Both FHA Loans and VA Home Loans offer Streamline Refinance Mortgage With Bad Credit. No income, no credit, and no appraisal are required. The only requirement with Streamline Refinance Mortgage Home Loan With Bad Credit is that borrowers must be current with their current FHA and/or VA Loans.

  • The new VA and FHA streamline refinance mortgage program enables VA and/or FHA insured mortgage holders to get a refinance mortgage home loan with bad credit, no income verification, and no appraisals
  • Homeowners can be late on all monthly credit obligations except mortgage payments
  • There is no income verification required
  • Homeowners do need a job but the  mortgage lender will not require to see income
  • There are no appraisal requirements either

Home Loan With High Debt To Income Ratio And Bad Credit

Borrowers can  have high debt to income ratios, recent late payment history, recent bankruptcy, collections, and other derogatory credit

  • Once the condition that the VA and FHA streamline refinance mortgage loan program requires is that homeowners be on time on their mortgage payments for the past 12 months
  • The VA and FHA streamline refinance mortgage program streamlines mortgage approval process
  • Most closings are done in less than two weeks since an appraisal is not required

Qualifying For Mortgage With Direct Lender With No Overlays

Homeowners who are a refinance mortgage borrower in and are interested in our VA or FHA streamline refinance mortgage home loan with bad credit, please contact us at Gustan Cho Associates at 262-716-8151 or text us for faster response. Or email us at gcho@gustancho.com. Gustan Cho Associates Mortgage Group is a direct lender with no overlays on government and conventional loans. We also offer non-qm loans and bank statement loans for self-employed borrowers. We are available 7 days a week, evenings, weekends, and holidays.

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