Welcome to our Bad Credit Florida mortgage lenders we provide Mortgage Lenders in Florida for people with bad credit. we offer Bad Credit Florida home loans in every city and county in Florida for bad credit mortgage applicants facing situations that include divorce, tax liens, garnishment, student loan default, foreclosure, bankruptcy, judgments, repossession, collections 30 days, 60 days, 90 days, and 120 days late payments. We cannot help all bad credit Florida mortgage applicants but we try. We want to get you out of this situation not dig you further into debt. Lenders must show (ATR) ability and willingness to repay per the Dodd-Frank rule on primary homes. If there are too many late payments on your credit within the last 12 months we probably cannot help you. But if you are on the path to recovery we might have a good case for approval. For Florida bad credit investor loans (ATR) do not apply. For Florida investors only with bad credit, we offer loans based on equity. Usually 55-60% of the appraised value and lenders approval. We do have some alternatives to get you approved with bad credit when other Florida lenders cannot. I have listed some bad credit mortgage options below.
- Bad Credit Florida Mortgage Lenders – [ Min 500+ Credit Score ] We have access to a nationwide network of bad credit mortgage lenders that make loans based on a common sense approach to lending rather than credit score-driven. Primary homes must show the ability and willingness to repay. For Investors private lenders are more concerned with equity in the subject property.
- Jumbo Florida Bad Credit Mortgage Lenders – [ Min 550+ Credit Score ] Jumbo Florida bad credit mortgage loans to up to 35MM if it makes sense to the lender we offer jumbo and super jumbo luxury financing in every city in Florida.
- FHA Bad Credit Florida Mortgage Lenders – [ Min 500+ Credit Score w 10% Down ] FHA bad credit mortgage lenders allow a 3.5% downpayment for bad credit borrowers with 580+ credit scores. And under the right circumstances, we have seen approvals down to 500+ at 90% LTV.
- VA Bad Credit Florida Mortgage Lenders – [ Min 550+ Credit Score w 10% Down ] VA home loans down to 500+ credit score even no credit score under the right circumstances.
- Bad Credit Florida Condo Lenders – [ Min 600+ Credit Score 65% LTV ] Condominium -Warrantable and & Non-Warrantable-(NonWarrantable max 80% LTV purchase and 75% all refinances) High Rise Condominium Max 80% LTV (FL High Rise Max 75%)
- Bad Credit Florida Non-Warrantable condo lenders – [ Min 600+ Credit Score 50-65% LTV ] 35-50% Down Florida Private Mortgage Lenders with only 5% reserves.
- Bad Credit Florida Coop Mortgage Lenders – [ Min 600+ Credit Score 50-65% LTV ] Bad Credit Florida Coop Refinance Purchase Jumbo Florida Coop Mortgage Florida.
- Bad Credit Florida condotel Mortgage Lenders – [ Min 600+ Credit Score 50-75% LTV ] Condotel (Max 75% purchase and 65% all refinances) Condotel Max Loan 1.5MM – $1,500,000
- Bad Credit Mortgage Lenders for the borrower with NO Credit – [ Min 600+ Credit Score 50-65% LTV ] For example if you have no trade lines but bad credit that resulted in collections medical collections from medical bills then chances are we can get you approved for a mortgage using alt trade lines includes rental history, cell phone, car insurance, etc.
- Bad Credit Mortgage For Properties Listed For Sale on the MLS – [ Min 600+ Credit Score 50-65% LTV ] Florida bad credit cashout for properties listed on the MLS up to 65% LTV.
Income Documentation
Full Doc 2-year
Full Doc 1-year
ALT Doc – 24 months of business bank statements or 24 months of personal bank statements
ALT Doc – 12 months of business bank statements or 12 months of personal bank statements
ALT Doc – Full Doc with lease agreements
ALT Doc – P&L Assist
ALT Doc – P&L Florida Mortgage lenders (Max 75% LTV)
Ways to Fix or Get A Florida Mortgage With Bad Credit
Divorce – Settle all past collections ask for settlement for deletion get the agreement in writing settle all collections for deletion then apply for prepaid or credit card keep a low balance on your credit cards until you rebuild your credit score.
Tax liens – Settle all Tax liens in full ask for settlement for deletion get the agreement in writing settle all Tax liens for deletion then apply for prepaid or credit card keep a low balance on your credit cards until you rebuild your credit score.
Garnishment -Not much you can do with this one until the account is paid in full. The garnishment will be counted as a monthly obligation in your debt-to-income ratio.
Student loan default – You have to get on a repayment plan at least 4-6 months in order to be considered for a mortgage.
Foreclosure – Most lenders want 3 years after the title is switched out of your name. We have private lenders that may approve you after 12 months.
Bankruptcy – For Chapter 13BK a 12-month waiting period and Chapter 7 there is a 24-month waiting period for FHA.
Judgments – the lender must verify that court-ordered Judgments are resolved or paid off before or at closing. A Judgment is considered resolved if the Borrower has entered into a valid agreement with the creditor to make regular payments on the debt, the Borrower has made timely payments for at least (3) three months of scheduled payments and the Judgment will not supersede the FHA-insured mortgage lien. The Borrower cannot prepay scheduled payments to meet the required minimum of three months of payments. The payment amount in the agreement must be included in the Borrower’s monthly liabilities and debt. The lender must obtain a copy of the agreement and evidence that payments were made on time by the agreement.
Repossession – Reposessions can you settled in full make sure to ask for a settlement for deletion and get the agreement in writing. Either way paid in full is better than a balance.
Collection Accounts with 30 days, 60 days, 90 days, and 120 days late payments.
