florida

FLORIDA MORTGAGE APPROVAL WITH EVICTION!

 

Applying for a Florida mortgage with  bad credit or an eviction on your credit can be intimidating. You really do not know what to expect and whether or not you will be approved. If you have been a renter for a long time and buying a home can be an exciting event. The mortgage approval process depends on a lot of variables in your past history. One of the biggest variables is your past rental history. Many people think that getting a mortgage loan approval is based solely on yourcreditscore and your income, but more and more lenders are looking at a borrower rental history for mortgage approval. If the Florida mortgage lender can prove your ability and wiliness to pay the rent on time, there is a good chance you can pay a mortgage on time.

 

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EvictionsBad credit Florida mortgage lenders will want to know why you were evicted? What isolated issue beyond your control caused the eviction on your credit? And why going forward how you will prevent and eviction in the future? The bad credit mortgage lender will want to know what happened and if it was related to your eviction payment history or some other issue. The mortgage lender will most likely want you to document why you had the eviction. If your eviction is within the past 12-24 months and there is not a good reason for the eviction, then the eviction will most likely be a deal breaker. Being evicted years ago might not be enough to keep you out of a mortgage, but if it was recent it probably will be. 

Consistent Payments- One thing that a Bad Credit Florida mortgage lender is looking for when they review your history is consistency. They want to see that you have been a consistently reliable renter throughout. Florida mortgage lender wants to see that you have made your payments on time every month for however many years you have been renting. While one or two late payments might not be a deal breaker, if you cannot make your rent payments or you have an eviction on your credit, then you could be in trouble. You need to prove stable predicable income and timely rental history. If you have been responsible in the past, they will feel better about giving you thousands of dollars for a mortgage. 


Credit Payment History- In order to get this information, Bad Credit Florida mortgage lender will examine yourcredit report. Looking at your credit score helps to paint a picture of what type of a borrower you are. A big part of the credit score is made up of your payment history. If you have always made your payment on time, your score will most likely be good. If you make a habit of missing payments or making late payments, it can cause a bad credit score. One of the biggest factors a Florida mortgage lender will decide is whether or not you have a good credit score. Therefore, you need to do everything that you can in order to maintain that score throughout your borrowing history. A strong rental history can go a long way toward this and helping you get a Florida mortgage.

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CREDIT REQUIREMENTS

FHA MORTGAGE

550 MIN FICO

PORTFOLIO MORTGAGE

NO MINIMUM

VA MORTGAGE

550 MIN FICO SCORE 

USDA LOANS

580 MIN FICO SCORE 

FANNIE MAE.

620 MIN FICO SCORE 

FREDDIE MAC

620 MIN FICO SCORE 

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"Thomas went above and beyond to get our mortgage approved. We had a couple of "hiccups" with our VA financing and Thomas was able to get them resolved ... more "
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