Non Conforming Lenders

There are many reasons why people get turned down for a home loan by mainstream lenders/credit providers. You may not realise that one of the most common reasons is paying a bill late or defaulting on a loan repayment. Other reasons include having a part 9 debt agreement against you, a bankruptcy, a default on a credit card or a loan or having court judgements against you. Don’t despair as non conforming home loans can give people who have bad credit history the opportunity to buy or refinance a property and rebuild their credit rating. Such home loans are the perfect way of making your dream home a reality.

How do I know if I have Bad Credit?

You will probably have bad credit if:

  • Current or Discharged Bankrupt
  • Part 9 Debt Agreement against you
  • A Default registered in your name
  • Court Judgements against you, or
  • You have missed credit card, loan or mortgage payments

You should also try and avoid making lots of enquiries/searches for credit as these enquiries/searches will give you an adverse credit history and will also affect your credit rating.

Non-Conforming Home Loans provided by Specialist Lenders

Providing debt solutions is a specialist market and fortunately there are a number of specialised lenders/credit providers that concentrate on understanding and providing the best non-conforming home loan solutions to individuals.

Specialist lenders/credit providers are concerned about responsible lending (making sure you can afford the repayments and thereby avoid further debts), and also that you concentrate in “rebuilding” and “repairing” your credit rating.

Effectively, specialist lenders/credit providers will:

  • Assess each person independently and on a case-by-case basis
  • Consider your potential to repay the non-conforming bad credit home loan rather than just look at your history
  • Assess when and why your credit problem occurred
  • Assess who you defaulted against and what has happened since, and
  • Consider your explanation as to the reason of your bad credit or default, etc.

The main documents that will help in determining your acceptance for a bad credit home loan will be:

  • Proof of income
  • Your secure and permanent employment, and
  • Statements showing recent loan or mortgage repayments

You will find it useful to seek expert and specialist advice from a professionally qualified finance broker who has a thorough knowledge of the credit policies and standard requirements for non-conforming home loans. A specialist bad credit finance broker will give you impartial advice on the best non-conforming home loan available.