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  Do you have previous credit problems or don't meet with traditional loan requirements? Amerinet Mortgage can help you. You may still qualify for a mortgage loan that helps you consolidate debt or make home improvements.
At Amerinet Mortgage we understand that not everyone's credit is perfect. It happens. All lending institutions use guidelines to determine your credit "worthiness". Upon reviewing your application, you're given a credit grade and a determination regarding your loan's approval or denial.
The grading system:
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A |
Impeccable |
No late payments in the last 12 months on a mortgage or rent. Bankruptcy has been discharged or settled prior to last 3 years. |
Receives the Best Interest Rate |
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A
minus |
Minor blemishes in the last 2 years |
No more than two 30-day late mortgage payments. No 60-day late payments if you have revolving credit or are on an installment plan. Bankruptcy has been discharged or settled prior to last 2 years. Foreclosure has been discharged or settled prior to last 3 years. |
May require 1/4 - 1/2 point higher interest rate |
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B |
Acceptable blemishes in the last 12 months |
Up to four 30-day late mortgage payments OR two 30-day and one 60-day late mortgage payment with one 60-day late payment with revolving or installment debt. No 90-day late mortgage or revolving credit payment in last 12 months. Bankruptcy has been discharged or settled prior to last 18 months with limited re-established credit. Foreclosure has been discharged or settled prior to last 3 years. |
1-2 interest rate points higher |
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C |
Acceptable blemishes in the last 12 months |
No more than five 30-day or two 60-day or 1 90-day late mortgage payment. No 120-day late payments with revolving credit or installments. Bankruptcy has been discharged or settled prior to last 12 months with limited re-established credit. Foreclosure has been discharged or settled prior to last 24 months. |
2+ interest rate points higher |
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C
minus |
Multiple blemishes in the last 12 months |
Multiple 30-day, 60-day, or 90-day late mortgage payments. One 120-day late payment not within the current period. Bankruptcy has been discharged or settled prior to last 12 months with no re-established credit. Foreclosure had been discharged or settled prior to last 12 months. |
2+ interest rate points higher |
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D |
Sporadic disregard for timely payments |
Currently in foreclosure. Bankruptcy has not been discharged or settled prior to one day.
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Does not look good |
There are no determining facts that specify each individual loan, or applicant's grade. Lenders will vary slightly based on your background and the information provided.
Amerinet Mortgage
Helping you find the perfect fit
© 2008 Amerinet Mortgage
Site by Amerinet Mortgage Wylie
TX Mortgage Broker #50467
Phone: 972-442-1812
Toll Free Fax: 800-648-0573
1414 Eastedge Drive
Wylie, TX 75098
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