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Florida Home Loans by Atlantic Mortgage & Finance make homeownership possible, even with less-than-perfect credit. Our team specializes in finding solutions that work for you, turning the dream of owning a home into reality. With flexible assessment criteria and a variety of loan options, we navigate the complexities of bad credit to secure your mortgage. Choose Bad Credit Mortgages for a partner who understands and supports your journey to homeownership.

What is a Bad Credit Loan?

Many people in the U.S. have trouble keeping their credit scores up. If you’ve gone through something like bankruptcy or not paying a debt on time, sometimes referred to as a Credit Event, it can really hurt your credit score. This can make it tough to get the loan you need to buy a house.

If you have recently hsomething recently happened that dropped your credit score, you might want to look into a special kind of loan. These loans are for people with lower credit scores to help them get a mortgage and buy a home. Our special loans for people with credit issues are easier to qualify for, so you can still aim to buy a home.

Who Can Benefit from a Bad Credit Loan? 

Life’s financial journey isn’t always a straight path. Unexpected events, economic downturns, and personal decisions can lead to situations that affect your creditworthiness. Recognizing the challenges you face is the first step towards recovery and financial stability. If you’ve encountered any of the following credit events, a bad credit loan may be the beacon of hope you need:

  • Filing for Bankruptcy: A daunting choice for many, declaring bankruptcy has long-term effects on your credit score, lasting anywhere from seven to ten years. It’s a legal process that can provide relief but also marks a significant setback in your credit history.

  • Foreclosure, Deed in Lieu, or Short Sale: Losing a home due to financial difficulties is a distressing experience that not only affects your living situation but also severely damages your credit score.

  • Defaulting on Payments: Missed or late payments on loans and debts are among the most common reasons for credit score declines. Such events signal to lenders a higher risk associated with your financial commitments.

  • Restructuring Debt: Sometimes, negotiating new terms for your debt is necessary to avoid more severe credit consequences. While this can offer temporary relief, it also indicates financial distress.

  • Obligation Acceleration: If you’re in a situation where a loan has defaulted and the entire balance is demanded, it can be a stressful scenario that negatively impacts your credit standing.

  • Repudiation/Moratorium: Refusing or being unable to honor the terms of a financial agreement can further degrade your credit and trustworthiness in the eyes of lenders.

An asset depletion mortgage, also known as an asset-based mortgage, is a beneficial option offered by Florida Home Loans. This unique mortgage allows borrowers to qualify for a loan based on their liquid assets rather than solely relying on their income. By leveraging their significant asset balances, borrowers can secure a mortgage without the need to provide tax returns during the application process. This type of mortgage is particularly advantageous for individuals who may encounter challenges in demonstrating consistent income. Trust Florida Home Loans to assist you in obtaining a mortgage that aligns with your financial circumstances and goals.

Who Can Benefit from an Asset Depletion Mortgage? 

Florida Home Loans understands that first-time homebuyers often face the challenge of smaller down payments or lower credit scores. That’s why we offer FHA loans with more flexible underwriting guidelines. These loans are designed to appeal to those who may not meet the conventional loan requirements. To qualify for an FHA loan, borrowers need to meet certain basic requirements. Take a look below to see if you qualify for an FHA loan.

This program is ideal for individuals with fluctuating income but substantial asset holdings, such as:

  • Self-employed individuals with low reported income
  • Borrowers with minimal or no income but considerable assets
  • Retirees or those nearing retirement

How Soon After a Credit Event Can You Qualify For a Bad Credit Loan?

Florida Home Loans by Atlantic Mortgage & Finance Corp offers bad credit home loans as soon as one day out from your bankruptcy, short sale, deed in lieu, or foreclosure. The longer you wait between the credit event and applying for a mortgage, the better loan terms you can qualify for. Waiting for one or two years can significantly impact interest rates, leading to thousands of dollars in savings over time. Ideally, loan terms are most favorable at about four years out. However, if you are in immediate need, Florida Home Loans by Atlantic Mortgage & Finance Corp can still assist you in finding a solution. Our personalized loans come with competitive interest rates compared to other lenders. Our knowledgeable loan specialists will work closely with you, reviewing your financial situation and needs, to tailor a loan specifically for your circumstances. Trust Florida Home Loans by Atlantic Mortgage & Finance Corp to provide the best options for your bad credit home loan needs.

Contact us to learn more or get started today!

Why Choose Us?

With our extensive 20 plus years of experience in mortgage financing, we excel in delivering financing options tailored to suit our customers’ needs. Discover why people love working with us by exploring our outstanding reviews.

By collaborating with a wide range of investors and lenders, we proudly offer a diverse range of loan programs. Our utmost aim is to provide borrowers with the most optimal financing solutions available.