Buy your Dream House with Bad Credit Home Loans from Non-Conforming Lenders

Good news for home buyers! It is okay if you have bad credit history, bankruptcy issues or a court judgement. Singh Finance will help you in finding the non-conforming home loan package of your choice.

The licensed brokerage firm has a large network of non-conforming lenders. So, it is very easy for Singh Finance to provide quick approval to its clients. The firm has a team of professionally qualified and exceptionally talented finance brokers who will help you in getting all the required documents for your home loan application. They will not rest until they have found you the best non-conforming home loan package.

Call on 0424 190 908 or submit a quick contact form and obtain expert help of Singh Finance today.

Non-Conforming Home Loans – A Blessing for People with Default History

In the past, lenders considered default history as the most damaging thing for a home loan. They rejected home loan applications of people with defaults in the past. But, today the condition is different. Fortunately, there are some lenders and credit providers who offer home loans to people with default history. Such loans are called non-conforming home loans.

Non-Conforming Home Loans

Non-conforming home loans are the same as regular home loans. But, owing to the extra risk involved, you will most likely have to pay an increased interest rate.

The Criteria to Get a Non-Conforming Home Loans

Non-conforming home loans are only available if you can meet the following criteria:

1. You should not be in bankrupt or taking advantage of a part 9 creditor agreement within the Bankruptcy Act. (You can however apply for a non-conforming home loan the day you receive your discharge from such restrictions).

2. You need to put together a minimum deposit of 20 per cent (or have 20 per cent equity in the property that you want to refinance). The maximum non-conforming home loan is 80 per cent of the property value. However, any First Home Owner Grant (FHOG) that is available to you will form part of your deposit

3. 20 per cent deposit is mandatory even when you have a guarantor. Likewise, it a large salary will not give you relief from the deposit amount.

4. You will be required to find money to pay any stamp duty and other costs that outside the loan allocation funds.

5. You should have sufficient ongoing income to service the loan repayments. (Usually people on pensions or those who are unemployed cannot obtain a non-conforming home loan).

What Information should be provided to a Non-Conforming Lender?

Lender will look at all the red flags in your credit file. So, if you try to hide something from the lender, you will not improve your ability to get a low rate home loan. In fact, you will simply make the lender more suspicious. It may also lead to your application being declined because you were not transparent enough or fully honest about your circumstances. So, be transparent and open about each and every entry appearing your credit file.

So, next time you venture to out to get a non-conforming home loan, remember to be clear about your financial details. Do keep in mind the other points mentioned in this article. It will ensure stress-free approval.

Singh Finance is the perfect Australian brokerage firm for bad credit buyers. It not only offers bad credit home loans with default history but also provides quick approval on home loans for discharged bankrupts. Call on 0424 190 908 for more information.

Non-Conforming Home Loans –Ideal for Buyers with Default History

The most damaging thing that you can do is to have a default history listed in your credit file. Most lenders consider default history as a red flag for approval. But, don’t worry. You have an alternative in the name of “Non-Conforming Home Loans.”

What is a Non-Conforming Home Loan?

Non-conforming home loans are the same as regular home loans, and they include many of the same features. But, owing to the extra risk in lending to a person with bad credit history, you will most likely have to pay an increased interest rate on bad credit home loans.

When you apply for non-conforming home loan with a lender, be open and transparent. The lender will request you to provide an explanation regarding each entry appearing in your credit file. So, don’t try and hide anything. If you make the lender suspicious, your application may be declined.

Criteria for Approval on Non-Conforming Home Loans

Non-conforming home loans are only available if you can meet the following criteria:

>> No Current Bankruptcy

You should not be bankrupt or taking advantage of a part 9 creditor agreement within the Bankruptcy Act. If you are in bankruptcy, you can apply for a home loan with discharged bankruptcy.

>> Minimum Deposit

You need to put together a minimum deposit of 20 per cent of the home loan amount. It doesn’t matter if you have a large salary or you have a guarantor. 20 per cent deposit is a must. If you are opting for refinancing, it should be 20 percent equity in the property. Remember that the maximum of home loan with default history is 80 percent of the property value. But, this number can increase if you are eligible for any First Home Owner Grant (FHOG).

>> Additional Fees

You will be required to find money to pay any stamp duty and other costs outside of the loan allocation funds.

>> Sufficient Income

You will need to prove that you have sufficient ongoing income to get non-conforming home loan. Usually, people on pensions or those who are unemployed cannot obtain a non-conforming home loan.

>> Declaration of Debt

Any outstanding debts whether in default or otherwise must be declared and be fully consolidated into your new mortgage and be fully paid out on settlement.

So, these are the criteria for approval on non-conforming home loans. Remember them before you apply with any lender. Quick approval will be yours when fulfil them.

Obtaining non-conforming home loan is a big financial decision. Seek expert advice from Singh Finance and get pre-approved home loan solution. The brokerage firm has a team of experts who have helped numerous home buyers with bad credit history. Please call on 0424 190 908 or enquire online now.