Bad Credit Home Loans in Dongola Illinois
The bad credit mortgage is often called a non-prime mortgage or alternative lending and is offered to Dongola 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.
Candidates For Dongola 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)
Apply even with Poor Credit 888-882-1058
Dongola (Arabic: دنقلا Dunqulā), also spelled Dunqulah, and formerly known as Al ‘Urdi, is the capital of the state of Northern in Sudan, on the banks of the Nile, and a former Latin Catholic bishopric (14th century). It should not be confused with Old Dongola, an ancient city located 80 km upstream on the opposite bank.
Dongola was also a province of Upper Nubia on both sides of the Nile and a centre for Nubian civilization as manifested by its many archaeological remains from the Makurian and Islamic periods. The remains of the revered Baqt Treaty are to be found in Dongola. The province of Dongola was part of the Makuria kingdom, which later became part of Egypt after Muhammad Ali Pasha ordered the invasion and occupation of Sudan in 1820 after which it was designated as a seat of a pasha. Its first governor was Abidin Bey.