Have you been dreaming of buying a home, but you’re not sure how to make it happen because of your low credit score? At American Loans & Mortgages, we’re proud to work with clients who have credit scores in the 500s and make your dreams of becoming a homeowner in Utah a reality. We offer programs for a variety of situations, including foreclosure, short sales, and bankruptcy. Instead of waiting years to be able to buy a home or refinance, reach out to our team at American Loans & Mortgages today to find out if we have a program that can help you.
At American Loans & Mortgages, we understand that you don’t want to have a low credit score. In fact, many life circumstances have forced Utah residents to fall behind on payments and, as a consequence, their credit score has suffered. There are a number of circumstances that may cause situations like foreclosure, short sales, or bankruptcy, as well as a drop in your score.
These include:
- Loss of 20% or more of your income
- Loss of a job
- Medical Issues
If you are dealing with any of these unfortunate circumstances, your dreams of becoming a homeowner in Utah don’t have to be out of the question.
We’ll work with you to find a mortgage loan program that works with your unique situation.
Having a credit score between 500-580 can make it difficult to get personal loans, auto loans, or credit cards, but with American Loans & Mortgages, it’s not impossible to get a mortgage loan. Our team will help you find a program that works with your situation if your credit score is between 500-580. In most cases, 10% equity will be required for loan approval, but at American Loans & Mortgages, we will work with you to do what we can to improve your scores.
500 - 580
580 +
If your credit score is at 580 or above, we offer programs that allow a 0.5% down payment. Many of our clients have come to us looking for a mortgage loan program and are thrilled to find out that they can pay less for their mortgage than they were paying previously in rent. No matter what your situation, our team at American Loans & Mortgages is committed to helping you improve your credit scores so that you can prepare for the purchase of a Utah home in your future.
Many of our clients ask if they will still qualify for one of our mortgage loan programs if they have collections. At American Loans & Mortgages, we don’t forget that we’re in the business of service, and we do everything we can to find programs that will work for our clients. That being said, if you have collections up to $2,000 or medical collections, we are still able to work with you to find a program that allows you to become a homeowner here in Utah. We can even work with you if you are making payments on a judgment or lien. With American Loans & Mortgages, it’s possible to purchase a home for you and your family when you reach out to us to get started today.
Becoming a Utah homeowner is an exciting time, and working with our team at American Loans & Mortgages makes it that much easier. We will work with you to make sure that you are prepared for everything that comes with homeownership. There are a few ways that you can prepare before you even come see us for your mortgage loan options.
While working on improving your credit score as much as possible is a given, you can also:
- Determine how much home you can afford
Create a need vs. want list for your home - Research various neighborhoods and their surroundings
- Start saving money toward your down payment
- Research the additional costs of homeownership including taxes, insurance, and more
Part of our process at American Loans & Mortgage is working with you to help improve your credit. While paying down your debt may be an obvious answer, there are a few other things you can do to start increasing your credit and bettering your chances for lower interest rates on your mortgage loan.
Don’t close accounts you barely use
This is a common mistake that people make when trying to improve their credit. If you have a line of credit that you aren’t using, closing your account reduces the overall amount of credit you have and can ultimately end up hurting your score rather than helping it.
Pay your bills on time.
We understand that sometimes times get tough and it can be hard to pay your bills on time. However, the more you work toward making those payments by their due dates, the better your chances of increasing your score.
Pay down your debt
This is your obvious answer, but the more you work toward lowering the amount of your debt, the easier it will be to find a mortgage loan that works for you and your family.
Improving your credit score and finding a mortgage loan program through American Loans & Mortgages go hand-in-hand. We are in the business of serving our clients, no matter how high or low your credit score may be, and part of our service includes providing the help you may need to improve your score, finding a mortgage loan that works for you, and ultimately, finding the house of your dreams for you and your family.
American Loans & Mortgages in Utah is passionate about helping our clients get the financing they need for homeownership at the lowest possible rates and costs. In fact, our bottom line is that our rates and costs are lower than our competitors. All of the mortgage loans that we offer for clients with credit scores in the 500s have no origination fees, points, or junk fees. We do the shopping for you to get the best mortgage loan for your unique situation.
Purchasing a home with low credit isn’t impossible, and you’re not alone. Work with American Loans & Mortgages to get the help you need today.