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Rough Credit
Financing Those with Credit Problems
Have you been turned down for a loan because of past credit problems? Have you ever had a home foreclosure or filed for bankruptcy? Maybe you had a few late mortgage payments or have run a little behind on your credit cards. At Tristar Mortgage, we understand how a prolonged illness, a layoff, or other circumstances can turn peoples lives upside down. Even if you just forgot to make some payments, we are here to help.
You deserve a second chance...Our skilled loan officers believe that everyone is entitled to a second chance. There are many programs that may be available to you, even if you do not meet traditional approval guidelines. Our non conforming mortgage programs are designed to help you finance the home of your dreams while helping you rebuild your credit. We can even do it at very competitive rates!
At Tristar Mortgage, getting a mortgage may be easier than you think...Once you submit your application to Tristar Mortgage, we will review your credit history and call you to discuss your options. We will then customize a loan program that meets your specific needs. Sometimes it is simply a matter of knowing how to present your situation in the best possible light. Once we complete your loan package, we will submit it to our network of lenders for approval.
Where do you fit in?
"A" Credit
Credit History
**Installment and/or revolving debt is paid as agreed.
**No 30-day late payment within 12 month period on all mortgage loans.
**No major derogatory item such as Bankruptcy or Foreclosure, in the past four years.
Income
**Two year employment verification
**Self employment OK with two years taxes
"B" Credit
Credit History
**Installment and/or revolving debt is paid as agreed for the most part (less than 50% derogatory credit 60-day lates). No more than four 30-day late payment within 12 month period on all mortgage loans. No major derogatory item such as Bankruptcy or **Foreclosure, in the past two years.
Income
**One year employment verification
**Self employment OK
"C" Credit
**Traditionally slow paying installment and/or revolving debt (i.e., 60+ day lates)
** Mortgage payments are usually slow, no more than two 60-day late and one 90-day late payments within 12 month period on all mortgage loans.
**May have discharged/dismissed Bankruptcy with a reasonable explanation
withing the past 12 months. May have a **Foreclosure filed within the past 12 months with a reasonable explanation.
Income
**One year employment verification
**Self employment OK
"D" Credit
**May have generally poor credit
(i.e., collections, judgments, liens or charge off accounts)
**May be currently past due on mortgage or installment and revolving accounts.
**May currently be in Bankruptcy with a reasonable explanation.
**May currently be in Foreclosure with a reasonable explanation.
Income
**Proof of employment or ability to repay.
**Self employment OK
