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Bad Credit Home Loans

What is a bad credit home loan? Any loan that cannot pass through prime lending criteria or with low credit scores is defined as a bad credit home loan. Most of these loans are below the standard 620 Fico scores cut off. however there are other exceptions to them. Irregularities in income documentation, property types and conditions also contributes to the bad credit home loans. Major credit problems like foreclosures or bankruptcy also are viewed as derogatory and are clubbed together in this type of lending and viewed as one risk profile.

All bad credit home loans are also fico driven since 2008. If you are purchasing or refinancing a home following table is a guideline for sub prime or imperfect conventional loans. All loans are fully documented income loans.

All bad credit refinance loans in this economy since 2008 are also Fico driven. If you are refinancing a home loan this following table is a guide for imperfect credit or sub prime conventional loans as they were called. Incomes need to be documented. There are fewer programs with stated incomes but they requires higher scores and a minimum score of 700 is needed.

This is a table that assumes there are no bankruptcies or foreclosures on the credit file. If you have these issues and they are recent meaning bankruptcy or foreclosure is less than 1 year old it can change the loan to values. The time for bankruptcy seasoning varies with lenders and usually 1-2 years. Foreclosures are little longer 2-3 years. Some FHA lenders need at least 2 years. These guidelines keep changing all the time and hard to contain and vary.





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