Bad Credit Home Loans in Wyoming Illinois

We specialize in loans other banks turn down

If you have been turned down for a conventional mortgage due to the property type, source of income, or a credit hiccup we may be able to help. Call us today at 888-882-1058 or submit an online request. We offer program’s designed to help borrowers who have had a previous bankruptcy or foreclosure. We also have a loan program for self-employed borrowers.

The bad credit mortgage is often called a non-prime mortgage or alternative lending and is offered to Wyoming homebuyers with low credit ratings. Due to the low credit rating, conventional mortgages are not offered because the lender sees this as the homebuyer having a larger-than-average risk of not following through with the terms of the loan. Lenders often charge higher interest rates on non-prime mortgages in order to compensate for the higher loan default risk that they are taking.

If you have a poor credit score a larger down payment may be required. In most cases gift funds are allowed.

bad credit home loan

Apply now for a Bad Credit Mortgage in Wyoming 888-882-1058

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Candidates For Wyoming Bad Credit Mortgages

Some people with poor credit profiles or a small down payment may have trouble borrowing from conventional lenders. One alternative to consider is obtaining a Federal Housing Administration loan or a non prime mortgage. These loans have liberal underwriting requirements which allow people to purchase a home with a poor credit score and as little as a 3% down-payment. Non Prime and FHA borrowers can qualify with credit scores between 500 and 620. Veterans may want to explore low-cost VA loan opportunities.

Most borrowers use a non prime mortgage with the home buyer planning on refinancing at some point into a more appealing loan with a lower rate. However if the homeowner still has outstanding credit issues or the mortgage market tightens up then they might not be able to refinance. The higher rate can cause a prohibitively higher monthly payment, & an inability to refinance can mean a loss of home ownership.

The below items are the general guidelines that can be used as a rough rule of thumb when determining whether a consumer may be a candidate for a non prime, FHA or VA loan:

  • 1 Day out of Foreclosure, Bankruptcy, short sale, deed-in-lieu.
  • Loans up to $1 million
  • Credit scores down to 500
  • Up to 100% LTV
  • DTI up to 50% considered
  • Owner-occupied, 2nd homes, and investment properties
  • Non-warrantable condos considered
  • Jumbo loans down to 500 score
  • 5/1 ARM or 8 – 30-year fixed
  • No pre-payment penalty for owner-occ and 2nd homes
  • No active tradelines OK with housing history
  • SFRs, townhomes, condos, 2-4 units
  • Seller concessions to 6% (2% for investment)

Poor Credit Home Loan

Apply even with Poor Credit 888-882-1058

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At Smart Mortgage Centers creditworthiness is not determined exclusively by credit scores. A couple of missing credit card payments does not mean that a consumer is doomed to receive double-digit interest rates. The only way to know where one stands is to apply for the loan and speak to a Smart Mortgage Centers professional.

Wyoming (/waɪˈoʊmɪŋ/ ( listen)) is a state in the mountain region of the western United States. The state is the 10th largest by area, the least populous, and the second most sparsely populated state in the country. Wyoming is bordered on the north by Montana, on the east by South Dakota and Nebraska, on the south by Colorado, on the southwest by Utah, and on the west by Idaho and Montana. The state population was estimated at 586,107 in 2015, which is less than 31 of the most populous U.S. cities including neighboring Denver.[7] Cheyenne is the state capital and the most populous city, with population estimated at 63,335 in 2015.[8]