Bad Credit Loans Information

Fico Scores Below 500 – Sometimes bad things happen to good people in unfortunate circumstances such as medical situations and family emergencys. During these tough times its not uncommon to have some bills go unpaid and possibly even missed mortgage payments. These events can have devastating effects on their credit profile as well and some people find themselves in a position where their credit scores have fallen below the 500 mark.

Individuals who have a FICO score below 500 will find that most mortgage companys are unable to help them. But there is hope. Hard money lenders often base their lending decisions on the equity contained within the property versus the individuals credit scores and credit profile. This can be a solution to some situations and its important that the applicant explore all possiblities before making a final decision.

A below 500 credit score is by far a deal killer…Pending on the LTV needed, many lenders will offer many program options! This is another reason for borrowers to shop brokers, depending on the source the broker uses for their credit file, the scores could vary enough to be offered significantly different rates and programs…

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