Naples Mortgage / Poor credit program

Core Mortgage Financial poor credit mortgage program requires a middle credit score of 580.We do have lender restrictions to allowable negative credit history and unacceptable negative credit history. My lender understands that sometimes unwarranted or unknown derogatory trade lines can appear on applicants credit reports without their knowledge. Naples mortgage lender portfolio is solely designed for poor credit borrowers.

Below are the items that are Allowable Naples mortgage negative history:
1. Medical collections ( small dollar amounts owed)
2. Late payments past six months
3. Mortgage late within the past twelve months
4. BK or foreclosure discharged more than three years old
5. Short sale if the lender agreed to show the debt as paid in full

Naples Mortgage poor credit applicants need establish positive credit history on other existing accounts. This program is designed for borrowers that have been late a few times but overall have showed ability repay debts/liabilities.

The Naples mortgage lender also has guidelines that will cause a denial of the mortgage application.
1. Any type of Tax lien. ( IRS. State, county etc) need to be paid prior to closing
2. Large dollar amount collections over $1,000.
3. Recent collections or negative trade line within six months
4. Not having at least two open positive accounts for a twelve month history
5. NO payment history or reestablished credit history since the delinquency.

In order to obtain financing you will have to prove income and assets. The debt to income ratios are higher than traditional loans to due the lenders risk. Naples mortgage poor credit lender also requires three months of payments in the bank after down payment and closing costs. The lender wants to ensure you are not "stretched to thin" after closing. Reserves after closing demonstrates the ability to  make three mortgage payments after closing.

We can provide all types of loan programs for Naples mortgage poor credit clients. Government and Conventional financing is offered. Give Core Mortgage Financial a call today to discuss your current situation.

Core Mortgage Financial
239-514-2673
www.coremortgagefinancial.com

Helpful Terms Defined:

Mortgage:
Collectively, the security instrument, the note, the title evidence, and all other documents and papers that evidence the debt. A Mortgage is a loan secured by a lien on real estate held in fee simple or on an acceptable leasehold estate. A loan made for the purpose of purchasing, building or rehabilitating real property, and secured by that property. A pledge of real property as collateral for payment of debt. The term is also used to describe both the mortgage (security instrument) and the promissory note evidencing the debt, which includes the terms of the debt’s repayment.

Note:
The evidence of indebtedness for a mortgage loan. A note is the instrument evidencing the indebtedness secured by a security instrument that sets forth the amount the owner owes the lender and the manner in which the debt is to be satisfied. The note establishes the payment terms, conditions under which prepayments may be made, and the lenders rights in the event of default. A written agreement between the mortgagor and the mortgagee specifying the amount and terms of repayment for a loan.

Disclaimer:
NMLS #849597 NMLS #344608. All rates, programs, guidelines are subject to change without notice. Please call your mortgage advisor a personalized quote.

Top 10 reason why to consider an FHA Mortgage

Core Mortgage Financial list of top ten items to consider when choosing a loan product. Below are top 10 reasons why an FHA mortgage might be right for you!

1) First time home buyer: FHA loans are designed to first-time buyers. FHA/HUD specifically designed the program to provide financing alternatives to low to middle income families. The program was also designed to spur home
ownership.

 


2) Low Down payment: FHA requires just 3.5 percent down payment for 2011. The down payment funds can be gift funds from a relative, making it easier for someone with low cash reserves to purchase a home now rather than waiting to build up a savings account.

3) Credit Score Minimum: FHA Credit scores requirements not as high as other loan programs. Any credit derogatories must be cleared up or have a good explanation as to the reasons for the lates. Core Mortgage Financial lender portfolio allows credit down to a 560 middle score.

4) Employment: The borrower must have accumulated two years of continuous income in the same field of work. Full-time students now working in their field of study may be able to count school as part of the two-year requirement. All income must be reported on tax returns.  Some lenders recently have changed their guidelines to show that only 6 months of employment are needed to get Florida FHA mortgages.

 

4) NO income Limits: FHA mortgages do not have income restrictions. This is particular important for borrowers that have good income but just not 20% down payment to complete a traditional mortgage. FHA mortgage loan caters towards the low down-payment programs for those with low or median income.

5)Primary Residence Only: FHA loans are limited to owner-occupied properties and are available for one to four units. Three-to-four unit properties must be self sufficient.

6) Debt VS Income: FHA qualifying ratios for FHA loans are more relaxed than the typical conventional financing, allowing the borrower to purchase a little more house. Some lenders will allow someone to reach a 55% Debt to Income ratio. Compensating factors might be needed, like strong cash assets and excellent credit is an example.

7) Rehabilitation Loan: FHA also offers a Rehabilitation of Property Program. That dream home you’ve discovered may need some repairs and rehabilitation. This program allows the repair costs to be rolled into the loan.

8) FHA Refinance program: FHA borrowers can refinance without an appraisal. This program can assist borrowers who want to enjoy the current low mortgages rates but do not have the equity.  You can roll all of the closing costs into the loan and have ZERO out of pocket expenses. I expect the no appraisal program to be completely gone this year.

9) FHA Seller paid closing costs: The seller  can pay up to six percent of the purchase price towards to the buyers closing costs.  This allows the borrower not to come up with some much out of pockets expenses and just deal with the down payment funds only.

10) FHA vs conventional. FHA mortgage parameters are not as strict like a conventional loan.( Fannie/ Freddie) Conventional loans request large down payment and 740+ credit scores. If you do not fit "in the box" of a conventional loan, your rate will be higher. FHA mortgages  do not hold the same criteria measures as the conventional loan.

Hopefully the TOP 10 reasons why to consider an FHA mortgage has been beneficial for you ! Please do not hesitate to contact Core Mortgage Financial with any FHA mortgage questions. We have many different FHA products and portfolio options for you.

855-554-2673 ( Toll Free)
Core Mortgage Management Team
The Florida FHA Mortgage Experts !