Bad credit and buying a house after bankruptcy
The majority of people believe that if they have bad credit or if they are discharged from bankruptcy, it’s all over for them. Their hopes for home ownership and financial security are over – or so they think. As a bad credit mortgage expert, you can take my word for it: bad credit and even bankruptcy doesn’t spell the financial end for you! That may sound like a pretty bold claim for me to make, however now I’ll show you how it’s possible!
Understanding the Concept of a Bad Credit Home Loan
Do you really understand the concept of credit? If you think credit is all about plastic cards that afford people luxuries beyond their means, you’re wrong. Credit is so much more than a credit or store card. Your Credit Record provides prospective lenders with the information they need to determine whether you are a credit risk or not. Clean credit makes you a suitable candidate for prime lenders and it allows you to obtain a loan much easier than an applicant with bad credit.
People do fall on hard times and make mistakes. The good news now is that some lenders realise this and they are happy to consider you even if you have a less-than-perfect Credit File.
There is definitely hope for people living with bad credit and bankruptcy if they are seeking a mortgage after bankruptcy.
Non Conforming Lenders look beyond credit scores: Some lenders will use a risk rating system to assess your suitability for a loan. In other words, they will refer to your Credit File and application to determine if you are a credit risk or not. If you have recent listings bad credit or discharged from bankruptcy your risk score will be much higher .
Non conforming lenders (not the banks though) will look beyond the score and assess your individual situation on its own merits. As long as you are taking active steps to demonstrate good money management, there is hope you will obtain a home loan.
Non-conforming loans are competitive: They now come with a full range of features comparable with standard loans with lending ratio’s up to 95% LVR in high population areas. Redraw facilities and offset accounts are just a few of the inclusions. The interest rates aren’t much higher than standard loans either now, which really makes it so much easier.
Is a Non-Conforming Loan Right for Me?
To find out, simply talk to your specialist broker today. If you have a bad credit situation or you are buying a house after bankruptcy, talk to a Non Conforming Loans.