Bad credit private lenders


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If you have less than perfect credit, it may be difficult to secure a mortgage through a major financial institution such as a bank or credit union. However, private lenders may be able to assist you with achieving your dreams of homeownership.

Selecting a Private Lender

Be sure to verify the reputability of the lender you are considering through your state's mortgage broker licensing board before selecting a loan that best suits your needs.

Online Database

The following entities offer online resources to assist borrowers with locating private lenders:

  • The American Association of Private Lenders, which represents organizations nationwide that specialize in peer-to-peer and private real estate lending, provides a lender directory on their website.

Private Lending Companies

Select private lenders offer financing options to those individuals who have special circumstances that would likely automatically disqualify them with traditional lenders. Not many of these lenders work on a national level; most offer private loans within one or two particular states.

Below are two private lenders offering loans on a broader scale.

Loan Leaders of America

This company specializes in assisting non-traditional borrowers with home purchases. Those with past credit issues and people who are unemployed are target customers. In most instances, a lower loan- to-value product that is accompanied by a higher interest rate is offered, but timely payments can serve as a credit booster and possibly qualify you for refinancing in the future.

To learn more or apply for a loan with this company:

Patriot Lending Services, Inc.

Patriot Lending Services enables those with poor credit to possibly obtain financing through their "Imperfect Credit Program." In most instances, the interest rates are steeper than average and you may not be eligible for a fixed mortgage. Also, a penalty usually applies if the entire outstanding balance of the loan is paid off early. However, it is possible to strengthen your credit file if you adhere to the payment terms and conditions each month.

To learn more or apply for a Patriot Lending Services Loan:

Important Considerations

Since private home loan products usually come with higher interest rates as a result of credit risk, you should only consider these mortgages for a brief period of time. Once a few years have passed, seek more attractive financing elsewhere. Do keep in mind that a prepayment penalty might apply for these types of loans, so an additional fee may apply when refinancing into a mortgage with better terms.

See also:

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Interesting facts

  • Quicken Loans Inc., headquartered in Detroit, Michigan, is the 5th largest retail mortgage lender overall in the United States and the largest online. The company consists of the QuickenLoans.com online lending site, the Rock Financial brand in southeast Michigan, One Reverse Mortgage, based in San Diego, California, and Title Source, a...

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Popular Q&A

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Legal bad credit private lenders? | Yahoo Answers

Many lenders, banks in particular, deal in any sort of secured loan other than second mortgages. Other institutions deal almost exclusively in secured loans. Finance companies that deal in secured loans can be found in your phone book, newspaper, and increasingly, online.Shop<!--around and compare interest rates on loans and the terms of repayment with several different lenders. You'll find many internet sites that let you request a loan rate quote from multiple lenders at once. You may find bad credit loans here,
Once you've submitted a request for a loan quote, you'll be contacted b…

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Are there any bad credit private lenders in the US???....? | Yahoo Answers

If you haven't found one by now, then you probably aren't going to find one. I answered your question regarding this a few weeks ago. The lenders on the page I sent you are usually top notch. I'm afraid that if you didn't find someone there, you're probably out of luck. All the best to you.