By now most people with credit obstacles in their past understand that mortgage brokers that offers solutions for bad credit refinancing and home buying are very difficult to secure. If you have been rejected in the last year because of insufficient equity or low credit scores, you may be pleasantly surprised with some of the new loan programs available for people with a wide range of fico scores. Our team will help you find a bad credit mortgage broker that has the ability to close a home loan that meets your needs. Even if you have a bad rating from Trans Union, Equifax or Experian, we have financing opportunities worth considering.
Obama Administration Announces a New Pilot USDA Refinance Program to Assist Rural Borrowers
The USDA Rural Development estimates 235,000 homeowners will be eligible to refinance their mortgages, which is expected to save them a significant amount of money. To qualify, USDA borrowers must have made their home loan payments without being late for the last year. They do not have to obtain new credit reports, property inspections or home appraisals. USDA is approving mortgage refinancing when scenarios when the current rates fall below the borrower's original mortgage rate. USDA said mortgage terms will range from 15 to 30-years.
Most of our bad credit mortgage brokers will be offering this unique USDA mortgage refinance program. This USDA pilot expands upon USDA's ongoing help homeowners who reside in rural regions. In 2010, USDA Rural Development established an aggressive modification policy for Guaranteed Loans that helps homeowners who are delinquent on their home loans. These homeowners can lower their monthly payments through a loan modification that re-amortizes their payments over a term of up to 40 years, lowers their interest rate, or both. USDA also has a "Mortgage Recovery Advance" program in which the Department provides guaranteed lenders up to 12 months of mortgage payments on behalf of borrowers who have become late on their payments due to losing their job or enduring other hardships that can be documented.
Allowing rural homeowners in good standing that have home loans that were made or guaranteed by USDA to refinance their homes will bring increased capital to rural America and ease the financial burdens on homeowners. This pilot program will not cost taxpayers additional dollars. All USDA Rural Development housing loans meet rigorous underwriting standards and are made only to qualified borrowers. No credit mortgages are possible with USDA on a case by case basis.
Our bad credit mortgage brokers have a strong understanding about FHA and subprime lending programs that are available in this current market. Take a few second and complete the form below and our team will enlighten you on today's home loan options for people with bad credit scores.
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