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Bruised credit mortgage

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Jack Martin
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Bruised credit mortgage  Reply with quote  

Hi,
Recently I read an article about bruised credit mortgage. It says that, even if the credit score is less than 600, we will receive the loan. Is it true? Can someone guide me in this? Right now I have a credit score which is below 600. The article( http://www.privatelend.com/private-mortgages/bruised-credit-mortgage/) also suggests that everyone cannot access it. That made me confused. Is there any particular criterion for its access? Kindly share your comments.
Thanks in advance
Post Thu Dec 01, 2016 7:03 am
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Paul@GFS
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Yes, you're below the national average. The lender is still expecting you'll repay in time. The loan has to be consolidated with your current high interest debts. You may use the equity towards home improvements or even get your property refinanced with this type of bruised credit mortgage.
Post Mon Dec 12, 2016 1:48 pm
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oldguy
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quote:
Recently I read an article about bruised credit mortgage. It says that, even if the credit score is less than 600, we will receive the loan. Is it true? Can someone guide me in this? Right now I have a credit score which is below 600.


It's true that you cam usually find a lender that will give you a high-risk loan, you'll need to pay a higher interets rate to compensate the lender for taking the risk.
But a bigger question for you - SHOULD you get a high-risk loan? A better answer might be to rent for a few years, get your finances in order, then get a normal loan?
Post Mon Dec 12, 2016 2:46 pm
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MicheleCooper90
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Even if you have a bruised credit score or bad credit score you can get a mortgage or refinance. The FHA program allows for FICO scores as low as 580 to buy a home. With scores lower than that, you'll need a 10% stake, but simply having a low score doesn't mean you can't get access to credit, it simply means that your avenues and choices are more limited.
Post Tue Dec 13, 2016 10:50 am
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oldguy
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But remember, this is the PayDay version of mortgage loans. Again - the question isn't "can you get a loan", it's "should you get the loan".
Even the name is designed to pull you in - "bruised" connotes no big deal, it will go away by itself. The ads often play on compassion, such as "we all make mistakes, but we can help".
Post Tue Dec 13, 2016 3:38 pm
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