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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?

In the U.S., maintaining a high credit score can be challenging for many. Experiencing events such as bankruptcy or missing a debt payment, often referred to as Credit Events, can significantly lower your credit score. This decrease can hinder your ability to secure a loan for purchasing a home.

If your credit score has recently suffered due to such an event, you might consider exploring a specific type of loan designed for individuals with lower credit scores. These loans aim to assist those with credit challenges in obtaining a mortgage to purchase a home. They are structured to be more accessible, enabling you to pursue homeownership despite credit issues.

Who Can Benefit from a Bad Credit Loan?

The financial path of life can be unpredictable, with unforeseen events, economic challenges, and personal choices potentially leading to adverse effects on your credit score. Acknowledging these difficulties is a crucial step toward recovery and financial resilience. Should you find yourself facing any of the following credit-related challenges, a bad credit loan could serve as a vital support system:

  • Bankruptcy Filing: Opting for bankruptcy is a significant decision with a lasting impact on your credit score, which can persist for seven to ten years. Although it offers a form of relief, it also significantly hinders your credit history.
  • Home Loss through Foreclosure, Deed in Lieu, or Short Sale: The loss of a home due to financial troubles not only disrupts your living situation but also deeply affects your credit score.
  • Payment Defaults: Missing or delaying payments on loans and other debts is a common cause of credit score reductions, signaling to lenders a potential risk in your financial behavior.
  • Debt Restructuring: At times, renegotiating the terms of your debt becomes necessary to circumvent more severe repercussions, yet it reflects financial hardship.
  • Loan Obligation Acceleration: Facing a demand for the full balance of a defaulted loan can be a dire situation, adversely affecting your credit status.
  • Repudiation/Moratorium: Refusing or failing to meet the terms of a financial agreement can further deteriorate your credit and diminish your credibility with lenders.

Atlantic Mortgage & Finance Corp offers an asset depletion mortgage, also known as an asset-based mortgage, as a beneficial solution. With this unique mortgage, borrowers can 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 having to provide tax returns during the application process. This type of mortgage is particularly advantageous for individuals facing challenges in demonstrating consistent income. Count on Florida Home Loans to help you obtain a mortgage that aligns with your financial circumstances and goals.

Who Can Benefit from an Asset Depletion Mortgage? 

Atlantic Mortgage & Finance Corp recognizes the hurdles often encountered by first-time homebuyers, such as limited down payments or less-than-ideal credit scores. To address this, we provide FHA loans, which come with more accommodating underwriting criteria. These loans are tailored for applicants who might not satisfy the criteria for traditional loans. To be eligible for an FHA loan, applicants must fulfill specific foundational requirements. Explore below to determine if you’re a candidate for an FHA loan.

This offering is particularly suited for those with variable income yet significant asset reserves, including:

  • Self-employed individuals with a lower income on record
  • Applicants with little to no income but substantial assets
  • Retirees or individuals approaching retirement

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

Atlantic Mortgage & Finance Corp offers solutions for those with bad credit, allowing for loan applications just one day after experiencing a bankruptcy, short sale, deed in lieu, or foreclosure. The more time that elapses from the credit incident to when you apply for a mortgage, the more favorable the loan terms you can secure. Opting to apply after one or two years can notably improve your interest rates, potentially saving you a significant amount of money over the loan’s lifespan. The most advantageous loan terms generally become available around four years after the credit event. Nonetheless, if you find yourself in urgent need of a loan, Atlantic Mortgage & Finance Corp is ready to assist. We offer loans with competitive interest rates, even for those with challenging credit histories. Our experienced loan advisors will collaborate with you to evaluate your financial situation and objectives, crafting a loan that’s tailored to your specific needs. Trust Atlantic Mortgage & Finance Corp for top-tier options tailored to your bad credit home loan requirements.

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.