Bad credit can happen to anyone. Doctors, lawyers, sales people, bank tellers, even Congressmen have fallen into bad credit! Situations in life out of our control can happen at any time and often can devestate our credit. It can take years to turn things around. At Five Stars Mortgage we understand that bad things can happen to good people. Whether your a first time home buyer or you've run into some mortgage issues in the recent past, bad credit does not need to stand in the way of you and your home ownership goals when you can get a florida bad credit mortgage loan today!

Two great programs for people with bad credit are:

• FHA can be used for Purchase or Refinance loans.
• USDA Rural Loans

Flexible Bad Credit Guidelines

Five Stars Mortgage is a bad credit mortgage Florida specialist. While other companies like to talk a good game, we like to get things done. We partner with lenders that have a similar mentality which is why we have become the premier bad credit mortgage company in Florida and Nationwide. If you've been turned down in the past due to poor credit scores, bankruptcy, mortgage late payments, Liens or any other never ending bad credit reason let us help. Here are just a few examples of the typical bad credit mortgage scenarios we deal with every day.

• Two years out of Bankruptcy discharge for chap 7. One year ontime payments for Chap 13 buyouts
• Car repossessions or other negative judgements against you
• Mortgage lates
• 30, 60, 120+ days late on revolving credit or installment loans
• No traditional tradelines such as credit cards, car payment, or other loans
• Excessive medical bills
• Low Fico credit scores (Down to 500)
• No cash reserves in checking, savings, 401k etc.

FHA Loans are a great source for sub 500 credit scores. an FHA loan does not have a minimum credit requirement. You can  obtain financing with a score in the 400's at a very high LTV and competitive rate in the 6-7% range with bad credit. The lender will accept letters of explanation so you can actually tell your story! Imagine that. A real live person that will lend money to you based on your situation and not a subjective credit score number! You can use these FHA loans even with mortgage lates to help refinance out of scary ARM loans into A credit rates! There arenew FHA loan products introduced by the government which are helping us save hundreds of our clients and lowering their payments by switching from an ARM loan. You can also use FHA loans to obtain 100% financing on a purchase. Let us show you how you can get 100% financing with seller paid closing costs with an FHA loan today. For a complete understanding of FHA Loans please view the FHA guidelines

Very Poor Credit Scores

Normally a lender will not want to work with people that have scores below 500. Even this is considered on a case by case basis. If you are looking to refinance and have enough equity to make it a safe deal for a lender, they may still look past your credit score. For example if you need to refinance your home to avoid mortgage lates or bankruptcy and your credit score is below 500, we can lend 70%-75% of the appraised value on your home. There is no need to view your credit or verify your income. The loan is based soley on the equity in your home. For many people in bad credit home loan situations, this is a great way to get cash out of your home and improve your situation!

Hard Money Loans are used in this situation. The lender will provide you money based solely on the equity of your home for purchase, refinance, or even rehab loans. The advantages to using this type of financing are that we can close your loan quickly (within days), You don't have to provide documentation (such as income, work history, or credit), and the hard money lender doesn't care about your past mortgaeg history so you can use them to bail out of foreclosure or bankruptcy.

If all three of your credit scores are 499 or below, you may need to do some quick recovery work on your credit report in order to get approved for a bad credit home loan in Florida.

Credit Repair

At Five Stars Mortgage we have considerable knowledge and understanding of the credit reporting agencies practices and reporting policies. We have a custom planning tool that allows us to show you in a very detailed way the steps you can take to increase your credit quickly. Our program will explain EXACTLY how many points you can expect to increase your score by taking these actions. We are able to do many fixes within three business days that can potentially increase your credit score such as:

• Creditors that you have already settled with but are still reporting on your credit report
• Negative credit accounts that have been reporting for at least seven years
• Inaccurate personal information they have on file for you
• Update and remove accounts that do not belong to you and are reporting in error
• Dispute other types of errors and unacceptable information on your report

 

MORTGAGE PROGRAMS

 

Five Stars Mortgage – The right choice for you

Five Stars Mortgage can provide higher loan values than most mortgage lenders. At Five Stars Mortgage we offer:

• Many years of Florida mortgage experience
• simple and expediant closings 
• Free loan application and mortgage consultations
• Easy online applications and tracking of your loan
• Jumbo and Super Jumbo loans
• One day response on your application
• No-Doc mortgage for those with a score in the mid to upper 600's
• Mortgage financing options for those with a score of at least 500
• Use the highest of your three scores
• Deal with people that value your business. Our mortgage professionals understand that you are our number one priority. We are here to serve you and your needs