Are you in Broward, Florida and struggling to secure a mortgage because of bad credit? Don’t worry, you are not alone. Many people with less than perfect credit scores have found it challenging to get a mortgage. However, bad credit does not mean that you cannot buy your dream home. There are several bad credit mortgage lenders in Broward, Florida, who can help make your dream a reality.
What is a Bad Credit Mortgage?
A bad credit mortgage is a type of loan that is offered to individuals with poor credit scores. Lenders who offer these types of mortgages are willing to take on borrowers with a less than desirable credit history. However, these loans tend to come with higher interest rates and stricter repayment terms than traditional mortgages.
Why Consider a Bad Credit Mortgage?
If you have bad credit, you may be wondering why you should consider a bad credit mortgage. The answer is simple. A bad credit mortgage can help you achieve your dream of homeownership. It can also help you rebuild your credit score by making timely payments on your mortgage.
Additionally, a bad credit mortgage offers several benefits, including:
- Flexible lending criteria
- Higher loan-to-value ratios
- Lower down payment requirements
- Lower closing costs
Top Bad Credit Mortgage Lenders in Broward, Florida
If you are considering a bad credit mortgage in Broward, Florida, here are some of the top lenders to consider:
1. Carrington Mortgage Services
Carrington Mortgage Services is a national lender that offers bad credit mortgages to borrowers with credit scores as low as 500. They offer a variety of loan programs, including FHA loans, VA loans, and conventional loans. Carrington Mortgage Services also has a reputation for excellent customer service.
2. Quicken Loans
Quicken Loans is a well-known lender that offers bad credit mortgages to borrowers with credit scores as low as 580. They offer a variety of loan programs, including FHA loans, VA loans, and USDA loans. Quicken Loans is known for its fast and easy online application process.
3. New American Funding
New American Funding is a direct lender that offers bad credit mortgages to borrowers with credit scores as low as 500. They offer a variety of loan programs, including FHA loans, VA loans, and conventional loans. New American Funding is known for its personalized customer service.
4. Freedom Mortgage
Freedom Mortgage is a national lender that offers bad credit mortgages to borrowers with credit scores as low as 500. They offer a variety of loan programs, including FHA loans, VA loans, and USDA loans. Freedom Mortgage also has a reputation for excellent customer service.
How to Qualify for a Bad Credit Mortgage
Qualifying for a bad credit mortgage in Broward, Florida is similar to qualifying for a traditional mortgage. However, there are some additional requirements that you will need to meet. Here are the basic requirements:
- A credit score of 500 or higher
- A down payment of at least 10%
- A debt-to-income ratio of 43% or lower
- A steady source of income
Keep in mind that each lender may have different requirements, so it is essential to do your research and find a lender that is the right fit for you.
Conclusion
Securing a bad credit mortgage in Broward, Florida may seem challenging, but it is possible. There are several bad credit mortgage lenders in Broward, Florida, who can help make your dream of homeownership a reality. If you have bad credit, consider working with one of these lenders to help you achieve your goals.
Remember to do your research and find a lender that is the right fit for you. With the right lender, you can purchase your dream home and rebuild your credit score at the same time.