Bad Credit Home Loans in Kaskaskia Illinois
The bad credit mortgage is often called a non-prime mortgage or alternative lending and is offered to Kaskaskia 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 Kaskaskia 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
The Kaskaskia were one of the indigenous peoples of the Northeastern Woodlands. They were one of about a dozen cognate tribes that made up the Illiniwek Confederation, also called the Illinois Confederation. Their longstanding homeland was in the Great Lakes region. Their first contact with Europeans reportedly occurred near present-day Green Bay, Wisconsin, in 1667 at a Jesuit mission station.
In 1673, Jesuit Father Jacques Marquette and French-Canadian explorer Louis Jolliet became the first Europeans known to have descended the Mississippi River. The record of their trip is the earliest, best record of contact between Europeans and the Illinois Indians. Marquette and Jolliet, with five other men, left the mission of St. Ignace at Michilimackinac in two bark canoes on May 17. To reach the Mississippi River, they travelled across Lake Michigan into Green Bay, up the Fox River and down the Wisconsin River. Descending the Mississippi, in June, they met the Peoria and Moingwena bands of Illinois at the Haas/Hagerman Site near the mouth of the Des Moines River in Clark County, northeastern Missouri. They met another Illinois band, the Michigamea, when they reached present-day Arkansas.