Credit Challenged?
Occasionally unfortunate events occur which negatively impact a person's financial status such as layoffs, illness, or bankruptcy - these special circumstances require special loans. Midlothian Mortgage Group's Special Financing Department works with borrowers who have less than perfect credit histories regain financial stability through homeownership. Our dedicated loan professionals treat each customer with the dignity and respect that they deserve while helping them to realize their financial goals.
Special Financing Programs include but are not limited to:
100%+ Financing without Mortgage Insurance
These programs are designed for borrowers who would like to purchase a home but don't have money for a down payment or who would like to take full advantage of the equity in their home.
Loans for borrowers with high debt to income ratios
Many of today's borrowers spend 45 – 50% of their income on monthly debt payments. These programs allow for higher ratios than traditional financing.
No Income Verification or Alternative Income Documentation
These programs are designed for borrowers who are unable to verify some or all of their income and allow up to 100% financing.
Mortgage Only programs
Designed for borrowers who pay their mortgage in a timely manner, but may neglect other obligations.
Bankruptcy
Borrowers who have experienced a bankruptcy can qualify for both purchase and refinance loans. In fact, a person who is currently in a Chapter 13 Bankruptcy can be "bought out" of the plan using equity in their home. Even recent bankruptcy is allowed. Some borrowers may qualify for up to 100% financing after being discharged for just 1 day.
Credit Problems
Unlike traditional loans, our Special Financing Department can accommodate late payments, collections, judgments, foreclosures and other credit related problems.
Second Mortgage Line of Credit
We offer second mortgages to existing homeowners who need money for college tuition, debt consolidation, home improvements, etc. This financing is secured by the equity in the borrower's home.
For information on repairing your credit score, click here.