What are the criteria for qualifying for mortgage home loan finance with bad credit?
Things are changing. One thing that is happening is that younger people are being exposed to more credit and the fall out of this is more people with impaired credit. People were then restricted in getting a home loan. Also in the past it was impossible for people that had just gone into business to get a home loan. If the business hits a speed bump, the business cashflow can suffer. The exact wrong time to ask you bank for a loan. These two examples are like trying to drive a car with your gaze solely on the rear view mirror. We think that is unfair, so in addition to the traditional home loans we also originate loans for the self employed and loans for people with bad credit. This was termed “Character” by the tradition bank guidelines. We realise that there are other reasons besides bad payment tendencies. That many people who would repay the loan have genuine reasons to miss payments. These include: • Cashflow problems caused by seasonal or economic factors • Business failure • Acc
Things are changing. One thing that is happening is that younger people are being exposed to more credit and the fall out of this is more people with impaired credit. People were then restricted in getting a home loan. Also in the past it was impossible for people that had just gone into business to get a home loan. If the business hits a speed bump, the business cashflow can suffer. The exact wrong time to ask you bank for a loan. These two examples are like trying to drive a car with your gaze solely on the rear view mirror. We think that is unfair, so in addition to the traditional home loans we also originate loans for the self employed and loans for people with bad credit. This was termed “Character” by the tradition bank guidelines. We realise that there are other reasons besides bad payment tendencies. That many people who would repay the loan have genuine reasons to miss payments. These include: • Cashflow problems caused by seasonal or economic factors • Business failure • Acc
