Bad Credit Options

As most people have heard, the sub prime (bad credit) market is in shambles.  Every other day we hear about another sub prime company going out of business.  The reason for this is simple, over the last few years investors became more and more aggressive with their lending standards.  Many investors were lending to people with poor credit.  Others were putting people into houses they could not afford, either by overstating income or using artificially low interest rates to qualify borrowers.  Although these items alone are not a recipe for disaster, coupled with very low (or no) down payments, people are losing their homes. 

The shakeup in the market has caused investors to re-visit their lending guidelines with respect to credit profile and income documentation.  This does not mean that you cannot buy a house unless you have perfect credit, but it does mean that if your credit is blemished, you may have to put money down on your purchase.  Investors are still offering loans to people who cannot document income, but only for self-employed borrowers, and down payments are required. 

If you have less than perfect credit, or if you cannot document your income, do not despair.  Call Lending Team USA and one of our loan officers will analyze your situation for you and let you know your options.  It is not just our goal to get you into a home.  We strive to find the best financing for your individual situation.