Scores from 500
A past credit problem doesn't end the conversation here.
Life sometimes catches people by surprise, and you are not alone. We work with financing for credit scores as low as 500, recent bankruptcy or foreclosure, and self employed borrowers using bank statements instead of a W-2.
What we can actually work with
There are programs offering 100% financing with a 580 credit score in some cases, and financing for scores as low as 500 in others. A recent bankruptcy or foreclosure gets considered rather than an automatic no, and self employed borrowers can qualify using bank statements when a traditional tax return doesn't tell the whole story.
One day out of a Chapter 7
There are programs that reach up to 100% of a home's value one day out of a Chapter 7 bankruptcy, if all program parameters are met. FHA Streamline and VA IRRLs are also available for borrowers who already hold one of those loans and want to refinance with less paperwork.
IMS has placed Iowa mortgages since 2005. Call (319) 377-1988 and tell us the situation, no judgement.
You are not alone
The situations we hear every week.
Bankruptcy or foreclosure
A recent bankruptcy or foreclosure on the file gets considered, not dismissed. In some cases, that's as close as one day out of a Chapter 7, if all program parameters are met.
Self employed income
When a tax return doesn't reflect what you actually bring in, bank statement programs let self employed borrowers qualify a different way.
A lower credit score
100% financing is available with a 580 score in some cases, and there are programs built for scores as low as 500.
Already have an FHA or VA loan
FHA Streamline and VA IRRLs give you a lower cost, less paperwork path to refinance the loan you already hold.
Life sometimes catches people by surprise, and you are not alone. Call (319) 377-1988 and tell us where things stand. We'll give you a straight answer.