Bruised Credit Mortgages

Leveraging, renting vs owning, making an investment or buying a home?
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Hazel
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Bruised Credit Mortgages

Post by Hazel » 26 Apr 2016 01:54

Hey. I used to always think that having a bad credit means, you will never be able to get a good mortgage. I know many of us believe that, to get a good mortgage it is necessary to have at least a 650+ credit rating. But recently one of my friends found a mortgage company that provides bruised credit mortgage. http://Spam He had credit rating below 500 and was really in need for good mortgage and that’s how he found this company. Actually it's really news to me cause I’ve never heard of bruised credit mortgages before. How many of you have heard of it?

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dougboswell
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Re: I never knew this.

Post by dougboswell » 26 Apr 2016 13:47

There are companies that will lend to people with bruised credit. Any mortgage agent can find these lenders. However I strongly suspect that your friend did not get a good rate. With a score below 500 the mortgage is probably for 1 or 2 years maximum with a significant high rate. The person may have had to pay an acceptance fee which would have been added on to the total also. However it probably meant saving the home and buying time for the person to get their debts under control and paid down.

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