Jumbo Home Mortgage Loans for People with Bad Credit Scores
BD Nationwide helps applicants find several loan offers on jumbo mortgage solutions for house buying or refinancing mortgages for non-conforming loan amounts from $400k to 3 million. Shop and evaluate home mortgage and refinance programs provide you the ability to roll your high interest first and second mortgage loans into a new low rate jumbo mortgage. Finding a lender that offers bad credit jumbo programs is nearly impossible in today's challenging secondary market. We are one of the last jumbo lenders offering bad credit home loans in today's challenging market-place.
Jumbo Mortgage Rates Starting at 2.75% on 7/1 ARM
- 70- 100% - Jumbo Home Mortgage Refinance
- HARP Refinancing on High Balance Mortgage Loans
- Get Approved for a Jumbo Mortgage with Bad Credit
- Pay-Off ARM or Bad Credit Jumbo Home Loans with Low Fixed Interest
Freddie Mac and Fannie Mae set guidelines for mortgage lenders and the borrowing limits for traditional mortgage loans. For single-family homes the loan limit in 2006 is $417,000. Anything above that loan limit is considered a non-conforming mortgage loan, or jumbo mortgage loan. Any mortgage loan outside of the Freddie Mac and Fannie Mae underwriting guidelines is considered unconventional, including those for people with bad credit.
With housing prices continuing to rise, particularly in areas like California, about the only way you can get a mortgage is to get a non-conforming jumbo mortgage. However, as a result of the sub-prime market, there are many programs available today that help people with recent bankruptcies, collections and even foreclosures obtain bad credit mortgage financing, including bad credit jumbo home loans for home purchases and for refinancing jumbo loans.
Before shopping for a non-conforming loan, get your credit report from each of the three credit bureaus: Experian, Equifax and TransUnion. Check the reports for errors. You'd be surprised at how much your FICO credit scores can raise by doing nothing more than correcting errors on your reports. Raising your scores as little as five points can make a big difference in the interest you pay on your sub-prime jumbo loan. Visit myFICO.com for current mortgage rates. Select your location, enter the loan amount and click the "Recalculate" button to compare the rates for different FICO scores. You'll see how much a difference as little as one point can make.
Order your FICO scores from myfico.com/12. This will not only give you your FICO scores, but also all 12 negative codes. Ordering your own FICO scores won't generate any inquiries, either. Then, you can fax your scores and codes from myFICO to lenders you are considering. With that information, they should be able to tell you if you stand a chance of being approved for the loan or at least refer you to someone else who may be able to work with you. This will save you from having numerous inquiries, which could lower your credit scores even more. Don't let ANYONE run your credit reports until you've narrowed your choices down to 2 - 3 lenders.
Shop for your loan online. Online brokers and mortgage sites can either work with you directly or refer you to hundreds of lenders that specialize in bad credit home loans, jumbo mortgage loans, sub-prime jumbo loans and other unconventional loans. Through online lenders, you could get up to four quotes on your jumbo loan, refinance, cash-out jumbo or 2nd mortgage (home equity loan).
Jumbo Rate Disclosure:
This jumbo rate quoted has a fixed rate for seven years before adjusting to the index plus margin. The minimum fico needed on this is a 660. Taxes and insurance are not included in this payment example.
The Payment on a $750,000 7/1 jumbo mortgage quoted at 2.75% has a monthly payment of $3,061.81 with $995 in total lending fees due at closing. The Annual Percentage Rate, also known as APR is 2.798%.