Damaged credit

Seriously damaged credit is normally unacceptable for conforming programs, although occasional exceptions are allowed. Conforming loans must have grade-A credit, although Aminus credit is acceptable when compensating factors are present.

For all other applicants, non-conforming loan programs are available with a variety of alternative financing opportunities. It is even possible to provide refinance a home from foreclosure, as well as providing motgage financing for borrowers with recent bankruptcies.

Damaged credit borrowers face even higher interest rates than other non-conforming programs. Remember, however, that you should always view high interest rates as short-term. As your credit grade improves, you will be able to refinance to lower rates and better terms.

Please consult the "Damaged Credit Options" and "Repairing Damaged Credit" articles for more information. Specific articles on borrowers with bankruptcies or foreclosures are also available.

Avoiding Credit Card Disaster

Avoiding Credit Card Disaster

People who struggle with saving money and getting out of debt will find these things in common: They don't know how to stop blaming. They have no idea where their money needs to go! They don't know they need to forget the home equity line. They also don't understand they need to sell some investments. Many more problems untold. Well don't worry, With the strategies that I’m about to let you in on , you will have no problems when it comes to understanding how to get out of credit card debt.

Get My Free Ebook


Post a comment