Bad Credit Issues? | Home Loans After Bankruptcy or Foreclsorue
Brian R. Barnes
nmls # 238617
a.k.a 'The Loan Professor'
You need Java to see this applet.
You are not alone. Everyone has problems with their credit at
one time or another.  Sometimes our FICO scores have to
take a back seat to health and life issues.

We understand.  
The good news is that bad credit scores can change into
good credit scores in a short amount of time. Understanding
a few techniques and implementing some tricks of the trade
can bring those scores up and keep them up.  We can get
you started.

First you need a copy of your credit report.

Then you need to dispute any incorrect information by
contacting the 3 credit reporting agencies by letter or online.

Poor Credit Scores?
We Can Help
But You'll Have to Call!
Credit Score FAQ
10 Exercises For
Stronger Credit Scores
It's no secret that the best interest rates and the easiest loan terms are reserved for excellent
credit scores.  That doesn't mean that you cannot get a loan with lower credit scores but the risk
increases for lenders.  
Banks make money when they loan money, however they lose money when they have to
foreclose.  The interest rate you receive when financing calculates the odds of risk they assign to

Q.  Can I get 100% financing with my score?
A.  100% Financing is generally reserved for credit scores that present much lower risk to the
lenders. In the lenders eyes you are asking them to take all of the risk with 100% financing. This is
not to say that it cannot be done.

If you are looking to finance a loan amount over $417k, it will require a 680 score or better to get
financing at better rates.

The higher your FICO score the lower the rate, the lower the payment.

Q.  I have a Bankruptcy. (BK) Can I get a Home Loan?
A.  A BK is another considerable factor for the bank.  You can eventually get a loan just keep in
mind, the longer the period of time from your BK, the better your rate. Lenders will want to see that
you have some of your own money at risk.
100% financing will require a couple of years of a positive credit history between you and that  BK.

Q.  What about after a Foreclosure?  
A.  Like a BK, a foreclosure will not keep you from ever owning a home
again. It will take time. Most banks want to see 3 years before they will consider 100% financing
after a foreclosure.  If you have a substantial down payment, you may be able to purchase
sooner.  Rates will be based upon the risk to the bank.
Diligence, time & consistency are the only way to really repair credit scores.
1.   Get Current & Pay On Time

2.   Get Those Errors Removed

3.   Increase Limits but Don't Use

4.   Pay Accounts Down to 50%

5.   Don't Apply For More Credit

6.   Keep Accounts Open

7.   In trouble? Call Creditors


9.   View Your Report Annually

10. Be Consistent
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Equal Housing Opportunity  All Rights Reserved © 2011  Brian R. Barnes # 238617.
usda 100% financing