Ever since the issues with the housing market circa 2008, traditional lenders have upped their mortgage lending requirements substantially. If you have defaulted on a previous loan, if you have unpaid credit card bills, if you owe child support, collections, unpaid property taxes, all of these and more can prevent you from receiving loan approval. Hence, if you want to become a homeowner, a traditional loan may not be feasible if your credit is not up to par.
With a hard money loan, any difficulties you may be facing with your credit for whatever reason will not affect your eligibility to receive a loan. Instead of credit rating, the hard money lender will take a look at the equity in your property. Of course, proof of income is required to ensure that the loan can indeed be paid off, but it’s not so much about bank balance as it is equity. Plus, if and when you do pay off the hard money loan, you can take the steps towards repairing credit by showing proof that the loan was successfully paid in full.
Having trouble obtaining a mortgage because of your credit history? Monroe Funding Corporation is here to help.
This update is by hard money loans Miami company Monroe Funding Corporation, a direct equity lender serving clients throughout Central and South Florida. We specialize in first mortgages on non-owner occupied residential and commercial property investments as well as real estate loan options. Our fast and flexible loan programs get you to the closing table quickly and professionally. For more information on a hard money lenders Miami or a mortgage broker Orange County, please call 954-816-0388 or fill out our application.