If you are searching for “Bad Credit Home Loans“, “Bad Credit Mortgage Loans”, “Home Loans For Bad Credit“, “Home Loans With No Money Down” or “No Money Down Mortgage Loans” in Phoenix, Scottsdale, Mesa or anywhere else in Arizona, Brad Loans by eMortgage, Inc can help! We are a hard money lender offering bad credit mortgage loans to Arizona residents with the option of no down payment (with cross collateral).
Getting Your Bad Credit Mortgage Loan
Can I get a mortgage with bad credit and no money down?
– We are happy to say YES! We can offer this to our customers in Arizona when they have enough collateral to cover the full value of the new loan you need.
My bank turned me down for a mortgage, can you help me?
– YES! We are here to help you when they won’t. Life happens and so do short sales, bad credit, foreclosures, and bankruptcies. For these situations and even customers which are no US citizens yet we have programs which can help you get the mortgage you need.
How To Qualify For A Bad Credit Home Loan With No Money Down
To get a bad credit mortgage loan with no money down you will want to have two properties which are free and clear to use as collateral. This will secure your loan to help purchase the new property without having to come up with the 20% – 30% of the purchase price as down payment. There is a fee of $975 dollars to include cross collateral to get the no money down feature.
Bad Credit Home Loans For Investors
Real estate investors that need hard money loans can get loans through Brad Loans. See below for more details. For no down payment loans cross collateral is required.
- Loans for investors require a down payment of 30% or more for a purchase up to 70% loan to purchase price, or after repair
- Cash fees for closing costs, loan fees, and prepaids
- Refinance, equity of 35% or more
- Show proof that you have working capital funds
- Up to 100% Loan to Valueof Purchase price when using a 2nd Free & Clear property for additional collateral (cross-collateralization)
- Statements from your bank showing that you have the funds available for loan fees, down payment, third party closing costs etc. Also, a copy of 401(k) or IRA statements.
- Copy of lease(s)if applicable
- Copy of purchase contract for the residence you are purchasing
- Valid US or Foreign ID
- Appraisal and title report (ordered by eMortgage Inc.)
- Title and appraisal report (ordered by us)
How long does it take before I get my hard money loan funded? 3-5 day funding from the date of the original application.
Bad Credit Home Loans For Occupants
When you need hard money for a home you intend on living in, Brad Loans can help! Here are the minimum requirements for owner-occupied borrowers. For no down payment loans cross collateral is required.
- 20% minimum cash down payment or equal collateral
- Cash fees for closing costs, loan fees, and prepaids
- Refinance, equity of 35% or more required
- Proof of income showing that less than 45% of your income before taxes will be used towards your Brad Loans payment, car payments, credit card or student loan payments.
- Statements from your bank showing that you have the funds available for loan fees, down payment, third party closing costs etc. Also, a copy of 401(k) or IRA statements.
- 30 days worth of paystubs, 2 years worth of tax returns, and W2’s/1099’s, or 2 years worth of bank statements as a replacement for the tax returns.
- Must have a 45% or less debt to income ratio.
- Valid US or Foreign ID
- Copy of purchase contract for the residence you are purchasing
- Title and appraisal report (ordered by us)
- How long does it take before I get my hard money loan funded? 7-10 day funding from the date of the original application.
Regardless of credit issues you will most likely qualify for a Brad Loan if you can prove adequate income and have the down payment!
It’s just that simple.
Types Of Mortgage Loans
We offer mortgage loans for people with challenged credit for all sorts of situations. These can be when you want to purchase a home, refinance one, or even bridge the gap between an old property to a new one.
Starting A Mortgage
When you are purchasing a new property either as a primary residence or an investment property you need to get a loan. As a hard money lender we offer mortgage loans to Arizona residents which have less than perfect credit, when the banks say no.
Refinancing A Mortgage
There are cases where the original financing percentage was incredibly high and it will benefit homeowners to refinance their mortgage to get a lower rate. This is a service that we extend to our customers so they can live more comfortably, and have a healthier real estate investment portfolio.
Bridging A Mortgage Gap
When you want to purchase a new home which has a higher value than the one you are selling there is gap. We offer bridge loans to help make up the difference and help homeowners and real estate investors get the new properties they want and need.
Apply For A Bad Credit Mortgage Loan
Phoenix residents can get their bad credit mortgage loan started by filling out our simple, 5 minute, online loan application form or they can call 602.999.9499 to get approved for a Brad Loan today! Please make sure to include any cross collateral you will be using if you are applying for the no money down feature. We will call you to let you know if you qualify.
Telephone No.602-999-9499
