Mortgage Blog

Naples Poor Credit Mortgage

Naples Poor Credit Mortgage, Naples Poor Credit Home Loan

Your credit has probably taken a hit in the last few years thanks to factors that are largely out of your control. This includes people who have had excessive medical bills, gone through a divorce or perhaps had their hours at work reduced. For too many, this blip in an otherwise good credit record can mean they face challenges when they are considering purchasing a home or refinancing their existing home mortgage. Remember, it’s easy to build a strong credit record by not missing payments or being late on payments, but unfortunately, it’s very easy to tank your credit score when your payments are late for any reason.

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Understanding credit scores

Credit scores are created by taking a snapshot of your payment history over specific periods of time and merging information such as how much credit you have outstanding. Additionally, if you have recently applied for new credit or you have any judgments against you, these will also be merged into your overall credit score. Most lenders feel that the higher your credit score, the less risk they are accepting when making a mortgage loan.

Credit score ranges

Since lenders depend on your credit score ranges to make their loan determinations, borrowers who have very high scores, those in the 760-850 range seldom have a problem securing a first mortgage, second home financing or a refinancing loan. However, borrowers who have credit scores in the 580 range typically find it very challenging to find any type of financing, including purchase mortgages. Fortunately, Core Mortgage Financial can help those borrowers.

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Understanding the requirements

While Core Mortgage Financial can help borrowers with less than perfect credit secure a mortgage, there are some things that you need to understand. First, your recent credit history will play a significant role in our ability to help. Over a period of at least six months (note that some lenders may require more) you must have made all payments as agreed.  This will show that you understand the importance of meeting your obligations. Paying all bills on time shows this understanding while racking up new debt shows a lack of understanding.  You can do some of the following to help make sure you will qualify for a weak credit mortgage:

  • Don’t open new credit lines – While this may sound like common sense, you might be surprised to find out that many people submit new applications for credit in spite of credit problems.  New applications for credit will lower your credit score.
  • Make your regular payments – Continue to make your payments in a timely manner. If you are able to pay off any credit accounts, do so and turn the card in (officially) and cancel the account. This simple step can help increase your credit score.
  • Pay extra when possible – If you can make more than your minimum payments, this is a good idea. This shows a commitment to reducing your overal debt.

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Few people ever plan to damage their own credit scores, but unfortunately, sometimes live events thwart our best intentions. Don’t be punished by a weak credit score when you are trying to buy a home or refinance your existing mortgage. Contact Core Mortgage Financial and we’ll work with you to find a suitable solution.

Apply for a Naples poor credit mortgage or call (239) 514-2674Alternatively, since our main office is here in Naples you can come in to see us.

Disclaimer: Rates, Programs, Guidelines are subject to change without notice. NMLS #1743702

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