DirectOneMortgage.com- About Less than Perfect Home Loans or Bad Credit Mortgage Loan Qualifying

Facts about Bankruptcy

Facts about Credit Repair

Less than perfect credit? Direct One Mortgage believes everyone deserves a second chance. Qualify for a home loan and mortgage loan even with bad credit!

Many people believe that a couple of late payments, bad marks on a credit report or even a bankruptcy will keep them from ever realizing the 'American Dream' of owning their own home. Although there are some situations that seem impossible to overcome, this doesn't have to be you. We have many, many loan programs available and you may be very surprised to find out what you may qualify for. We can help you to find a bad credit mortgage loan, or a home loan for first time home buyers with less than perfect credit. Don't discount yourself and take advantage of our expertise, after all, we could all use a second chance. That's why we try so hard to find a loan that best suits you!

Help with financing a new home? Maybe a second mortgage or refinancing to get out of trouble?
Turned down by a bank because of credit problems?
In foreclosure? Bankruptcy?
Late payments, judgments and collection agencies?
Maybe just some slow payments due to medical reasons.

Maybe you were laid off from your job in the past.

These are some of good reasons to give Direct One Mortgage a try. We encourage you to take advantage of our programs today!

Bankruptcy:
Some people believe that their chances of buying the American dream is over because of a bankruptcy and this is not true. Nowadays, there are many bad credit mortgage and loan programs that can assist you to purchase a house with or without any money for down payment. In some situations, we might be able to assist you in buying a home even with a Bankruptcy that is less than two years old. For more information on bankruptcy, please click here.

Consumer Credit Counseling aka CCC:
CCC is a program that is misunderstood in most cases since the consumer is not fully aware of what he/she is getting involved with. In all cases, although a lower payment is given to the consumer, the late payment(s) records will reflect on your credit report. We can still assist clients with past CCC services of 6 months or older. CCC generally negotiates a lower interest rate.

Debt Consolidation Service:
Although it is the goal of many, there is no secret to paying off debt. Many companies on television commercials as well as other advertisements say that they can help you with your debts. One of the things that they seem to miss is the fact that when you use these services, your credit will be negatively affected. Not only will your credit show 30 day late payments, often times, 120 days late payments records and then account closure due to slow payments. Please research and be wise in your decisions to be involved in these services.

Foreclosures:
If you have a good credit standing with a foreclosure, we can still assist you even with a foreclosure that is one day old as long as you have equity in your home or you have money for a down payment. However in most cases, the foreclosure would have to be at least 2 years old before you can purchase a house for a zero down payment home loan. Our recommendations are save about 3% for down payment plus any additional amounts for closing costs then we can assist you within two years with a great home loan.

Judgments/Collection accounts:
Depending on the amount of the judgment and the type of home loan you are trying to obtain, we might not require you to payoff the judgment(s). This will be your choice if your current credit standings are in good standings.

Late Payments:
There are two different late payments we consider. One is a mortgage or rent payment records and the other is your credit cards and all other payments. In many cases, as long as you have never been late on your mortgage loan payments, we can still get you a great home loan.

Repossessions:
In many situations, as long as the repossession(s) occurred one year ago or longer, we will be able to assist you with purchasing of your home.

Closing Costs:
Although you might not need any money for a down payment, there are loan fees associated with obtaining a new home. These fees include third party fees to escrow, title and appraisal to name a few. Not to mention, you will have to pay for property taxes and a new homeowners insurance policy. We estimate that your closing costs will be around $5,000 or more depending on your loan amount. We don't want this to discourage you so please call us for more details and we will explain it to you.