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:
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| D |
Sporadic
disregard for timely payments |
Currently
in foreclosure. Bankruptcy has not been discharged
or settled prior to one day.
|
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.
