Bad Credit Mortgage Loan Lender

:: Bad Credit Mortgages

Having bad credit can be tough situation when trying to refinance your existing mortgage loan or purchasing a new home. If your credit score is below 619, you will need to consider a bad credit mortgage loan or bad credit debt consolidation loan. If you have a bad credit mortgage history, this may also be your only option. We work with bad credit mortgage lenders that can analyze your financial situation quickly and help to match you with the right bad credit mortgage loan. Our bad credit home lenders truly have an advantage over other direct lenders who only deal with A credit or Alt A credit loans. Our bad credit lone mortgage specialists will look at your whole financial situation and find the right bad credit home mortgage loan.

Get Up to 4 Competing Quotes From Top Lenders In Two Simple Steps. Free Quotes. NO SSN# Required. No Credit Check. Bad Credit OK. No Obligation What type of loan are you looking for? Mortgage Refinance Home Equity Debt Consolidation New Home Loan What is the property type? In what state is the property in question located? Single Family Residence Multi Family Residence Condominium Mobile Home Manufactured Home - Select One - Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming How would you rate your credit? Excellent Good Fair Poor

California Bad Credit Mortgage Loans

Bad Credit mortgages are common in states such as California and Florida where the cost of living is high and home prices are expensive. BCL Financial specializes in California bad credit loan mortgages and have access to many direct lenders for all financial situations. On the plus, side these loans can be funded very quickly, sometimes as soon as 5-7 days -- a traditional mortgage loan usually takes no less than 30 days to fund.

Bad Credit Lender's Rates
A Florida bad credit mortgage is not cheap - expect to pay 10-13 APR, plus several points up front. However, for many borrowers, a bad credit mortgage refinance or purchase is the last chance to acquire funding. Every bad credit home mortgage will vary in its rates and terms based on the particular financials involved. Loan to value (how much equity you have in a home) will also affect your ability to get bad credit mortgage refinancing. The industry LTV is 75%, meaning a borrower needs 25% equity in a property to be considered for a bad credit home loan mortgage se. However, if your FICO is above 520, you may be able to qualify for a subprime loan, which requires much less equity because it is an institutional loan (as opposed to private money).

Bad Credit Second Mortgages

Bad credit 2nd mortgages are available in certain states, although they are often difficult to get. Lenders rarely want to be in the second position (the last to be paid should the borrower default on their loan). However, there are lenders who offer bad credit mortgage financing in the second position. Talk to an individual bad credit mortgage company to see whether they offer this program.

Keep in mind that mortgages for people with bad credit do exist, but be aware of the rates and terms that you will be paying. Make sure that you can make the payments and feel comfortable with all of the loan specifics. It is always a good idea to speak with several bad credit mortgage lenders to insure that you are receiving the most competitive rates and terms for your financial situation.

For additional information on mortgage loans, visit Mortgage Loan Center.