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Often people experience a time in their lives when they have credit problems. We have programs for those individuals that do not qualify for conventional financing. With down payments as low as 5%, most individuals can qualify to purchase a home, even with damaged credit.
Credit history in the past twelve months (24 months for bankruptcy) carries the most weight in underwriting. The worse the credit history is during that time, the greater the payment required. Stated income programs are still available for people with damaged credit. A down payment can come from the following sources:
- Gift from a close relative.
- Loan from a retirement plan.
- Loan from a government or non-profit agency.
- Loan against an auto.
- Sale of an asset.
- Bonus from your employer.
- Second mortgage from the seller.
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