Bad Credit Financing for Home Purchase $300,000 – $500,000
The latest applicant has applied for a $500,000 home loan and also has bad credit so this is really a bad credit home loan application. The size of his loan has pushed him close to the jumbo loan category as well. He has an excellent job and makes sufficient income to carry a loan of this size providing the interest rate is competitive.
Unfortunately he does have a bad credit rating which will cause the lenders to look more carefully at his ability and willingness to stay current with his monthly payments for this home loan. They will examine his past payment history and his potential debt limits which brings up the credit card issue that he mentioned in his added notes.
Having too many credit cards can actually ruin or at least lower your credit rating. Consumers need to be careful with all of these offers of free credit and loyalty credit cards. This is perceived as potential debt by many lenders and if maximized would make many applicants ineligible for any personal loans or home loans due to the combined potential monthly payments.
His plan to get rid of or reduce the credit cards is a good one and should be acted on quickly. In the mean time, lenders will review his application and should be able to provide him with a written commitment in a few days. They may also need some additional information from him as well.
DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION
Home/Mortgage Loan Amount :: $500,000
Home Loan Application and Processing Speed (when do you need the funds)::within the next couple of weeks in terms of needing the money, however we will need approval within the next three days if we are to obtain the home we have an offer on
Do you currently have a mortgage? ::yes, but it will be discharged when it sells. there is already a firm offer on it
Bank Name and Branch ::Bank of America, Walker St
What City/Town, State and County do you live in? :: Cypress, California
Zip :: 90630
What is your employment field? :: Home Insurance
Employment Position :: VP with a a National Insurance Company
When are you paid? (monthly/weekly/biweekly):: Biweekly
Your credit rating to be – excellent, fair, or bad? :: Bad, due to missed payments on a car loan, multiple credit cards
How did you find us? :: searching online for bad credit financing for mortgages and jumbo loans
How are you paid? (direct deposit/paper check):: Direct deposit
Gross Amount Per Paycheck :: $7000
Do you agree to have this information published online, without your PRIVATE information of course? ::No, I would prefer everything that is personal be kept private
Extra information here please (some detail):: I need a $500,000 home loan for a house that we are about to purchase. My current home is sold with a firm offer on it and the bank has confirmed that this buyer is solid so there should be no problems with the sale falling through. I had that happen with a previous buyer and we almost ended up owning two houses at the same time and having to pay two mortgages at the same time. That was scary so we really made sure that this offer was solid.
My home loan is almost jumbo size or that is what some of the banks are telling me. Once you get over half a million in a home loan or mortgage, they treat you a little differently. Interest rates are a bit higher as well for jumbo loans too. I am looking for the best interest rate I can find to keep the monthly payments low and to avoid paying a lot of interest as well.
Note to Lender :: I need to know within the next three days whether my wife and I will be approved or not for the mortgage. The deal does not close for awhile, but I need to be able to firm up the offer and avoid someone else coming along and plucking this home out from under us. Can you approve a loan of this size in such a short time frame?
I have a very good job with an insurance company and can afford these high monthly payments. My credit rating took a hit a while ago when I forgot to make a payment on a car loan that I had, it is now discharged. My wife and I also have way too many credit cards which affects our credit rating from what I have been told. We actually do not carry a balance on any of these cards. We pay the balance each month on the due date.
I understand that your credit rating can take a hit if you have a lot of cards because the potential debt is there. We are planning to reduce the number of cards. Many are loyalty card and we just do not need all of these cards. They get you by offering a discount on your purchases if you sign up, next thing you know you each have many credit cards and your credit rating tanks. We learned our lesson.
Can you approve this home mortgage loan with bad credit ASAP?
|Category: Home Mortgage Loan||APR 3.33%||APR 4.26%||APR 4.56%|
|Length of Term||15||30||30|
|Amount to be paid||$625,560.18||$820,375.34||$842,936.99|
|Total interest paid||$125,560.18||$320,375.34||$342.936.99|
|Paid per installment||$3,427.73||$2,247.60||$2,309.42|