Bad Credit Loans for Refinance or Purchase Mortgages
Regardless of your credit scores, we have special financing available, so you can compare rates with a free quote for purchase or refinance mortgage programs. Home Loan Magician specializes in bad credit loans with offers for hard money refinancing, house buying, FHA mortgages and home loans for bad credit. In the past with most subprime lenders, bad credit loan rates were significantly higher than traditional mortgages. Today, the U.S. government looks to assist borrowers with lower rates that promote affordability. Get more information about bad credit loans with FHA, VA and private fund lenders.
Choose from Multiple Subprime & Government Home Loans for People with Bad Credit
Even if other banks or brokers have rejected your application for bad credit mortgages, we have new programs that were created to help distressed borrowers. Mortgage companies are not all alike. It means that we make the loan application process as easy and painless as possible; we are happy to spend time answering ALL of your questions rather than rushing you through the loan process; we will NOT pressure you into making a decision, or steer you toward a loan product that pays a higher commission than the loan program you prefer; we will do whatever it takes to close your loan quickly at the interest rate you were quoted and with no surprise fees. In return, all we ask is that you refer your family, friends and co-workers to Home Loan Magician so that we can give them the same level of personalized service.
Refinance Loans for People with Poor Credit Seeing Slight Easing of Standards with Affordable Mortgages
Sub-prime pessimists are starting to come out and wave their fingers again. They've been encouraged by the recent mortgage market failures, along with signs that lenders are running out of money to throw at buyouts. Meet lenders that provide popular programs like, FHA, VA, USDA and Hard Money.
Low Credit Home Loan Benefits:
- Loan Approvals allow low credit scores
- Borrowers with poor credit can finance a home
- High Interest Rates can be refinanced
- Bad credit scores can become good scores with timely mortgage payments
- VA has no minimum credit scores
- FHA insures poor credit home loans with fico scores as low as 500.
- FHA refinancing is easy with very little equity needed
Could the era of quick and easy credit be eroding?
Private mortgage markets haven't lost bad credit loan programs. But the loan programs for most lenders are tightening significantly. The recent losses in the U.S. sub-prime home loan market are projected to top $100 billion. That is enough to sink a midsize financial institution or two. And the property losses could be much larger if house prices continue to tumble. The financing sector continues to look more challenging. Bond yields are rising and central bankers are more concerned about inflation than they have been for years. The combination makes it less likely that interest rates decline and rescue of the increasing number of troubled borrowers.