Is Your Credit Score Holding You Back?
We’re Here To Help. Apply For A Low-Credit Loan Today!
Learn More Today!
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Whether you’re looking to purchase a property, renovate your home, or support your business operations, getting a loan with bad credit can be a challenge. Lenders are getting stricter in evaluating loan applications, and poor credit history is a red flag.
American Loans and Mortgages in Utah explains what low credit scores could mean for borrowers like you.
Buying a Home?
Most conventional lenders require a minimum credit score of 620 when you apply for mortgage loans. Low credit score loans for property ownership can be challenging to find. FHA loans require a score of 580 to take advantage of 3.5% down payment loans. You will have to put 10% down if your credit score is at least 500.
Renovating a Home?
You can apply for the FHA 203(k) rehab loan if your credit score is at least 620. You can also forget about HELOC, which requires an even higher FICO score — at least 660. You can also max out your credit card, take out a personal loan, or push through with your loan application for renovating your home, but be prepared for higher rates.
Need a Business Loan?
Business loans can cause unique issues for small business owners. Banks and traditional lenders will examine your personal FICO score. If you have a poor credit score, you may have to resort to alternative lenders who will focus more on the prospects of your business and what your objectives are in the future.
American Loans Difference
Having poor credit could happen due to circumstances like a medical condition, losing your job, or reduced income. Here at American Loans, we understand that bad credit is not necessarily your fault, and you don’t have to suffer from the consequences of situations outside your control. We have diverse loan programs to meet the unique needs of our clients — even those with bad credit.
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A bad credit score should not pull you down. You can get approved for a mortgage to buy a new home, apply for a loan to renovate your property and gain access to business loans with the lowest rates and most reasonable terms.
American Loans and Mortgages will find bad credit loans for you and help you increase your credit score.