Previous Credit Event
We have portfolio lenders who believe in providing loans to individuals who have endured financial hardship. Examples of loans that we do that others won't for those who have reestablished credit: Previous bankruptcy due to extenuating medical circumstances, previous foreclosure, previous short sale, prior modification, HOEPA/Section 32 loans, mobile homes of any age, no maximum acreage, vacant land, and zoning problems. We are willing to take some risk and to give you a second chance through a Portfolio Loan Program. But these loans are riskier than the conventional loan so we underwrite them carefully. What does that mean to you? We don't offer prequals or preapprovals because we need to see a full application, income verification, and credit report in order to price the loan accordingly. But our conditional approval requirements are very reasonable.
Second Chance Loans
A Second Chance loan is meant to be used as a short-term financing vehicle. Borrowers can obtain money now and – by making regular, on-time payments – begin to repair their credit history. At that point, they may be able to obtain a new loan with more favorable terms, allowing them to pay off the second chance loan. The high interest rate on a second chance loan gives borrowers an incentive to refinance as soon as they are able to.
- 1 day from foreclosure, bankruptcy or short sale with reasonable explanation for delinquency due to job loss or illness. Program down payment based on credit score and minimum 10% down payment. FICO 680+, No Mortgage Insurance
- 1 day from foreclosure, bankruptcy or short sale 20% down payment FICO 580+, 1x30 ok
Call us to discuss your specific mortgage needs at 908-722-9217 or toll-free at 800-327-0123. We can help you structure a plan to purchase your new home.