Prior Credit Problems

January 13, 2010 by  
Filed under Credit Issues?

Need a Savannah Home Mortgage, but concerned about bad credit?

You’ve come to the right place!

We understand that life can be hard and that the major credit agencies are unforgiving. Why suffer because of bad credit? A bad credit Savannah home loan insured by the FHA could be your key to owning a home.

An FHA mortgage can get you into a new home – even if you have bad credit – because the loans are insured by the federal government. If you’ve had accounts forwarded to collections, have filed bankruptcy in the past, or have high debt, you still may qualify for an FHA mortgage in Savannah. These loans can work for you even if you don’t have cash for a down payment or closing costs. And they’re a much better choice than the very expensive financing that banks call “subprime.”

We’ve worked with many people who described themselves as having “bad credit” – but who are now Savannah homeowners! The truth is that many more people qualify for FHA mortgages in Savannah than for traditional mortgages.

Our FHA specialists are ready to work with you to turn your dream of owning a Savannah home into reality. They’ll never judge you based on your credit history. So don’t hesitate to apply for a Savannah FHA loan today!

Poor Credit or Income Problems

Prior Credit Problems

Credit problems are usually caused during a time period, several months or even years in succession, during which an individual or couple experience financial difficulties that were impossible to control. Late payments on credit cards, auto loans and/or other consumer debt can occur throughout a time period resulting in one, several or many accounts showing up derogatory on a credit report. Credit problems can be caused by an event, a period of problem time, a single occurrence of cash flow problems; or a string of events causing cash flow problems.

The right mortgage underwriting can take this into consideration. If a credit report shows good credit prior to the problem, and if there is an explanation for why credit will be good in the future, intelligent mortgage underwriting should provide a fair and reasonably priced home loan.

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