Bad Credit or Low Income? We can help!
There are many home loans options available for individuals with bad credit or low income who have been turned down by the major banks. While you might not be able to qualify with a primary lender at the lowest possible mortgage rate, at Spark Financial Group we have a variety of many institutional lenders and private lenders who specialize in mortgage products for individuals with bad credit scores or low income
Prime lenders can still work with a credit score between 600 and 700, provided you can demonstrate that you have a dependable source of income. Your income can fall into one of two categories:
- Confirmable income is preferred by lenders, and is proven through Notices of Assessment (NOA).
- Non-confirmable income, common among self-employed or commission-based employees, forces lenders to use an estimate of your income, based on the average income typical of your employment.
At Spark Financial Group, we know there are many great resources available to first time home buyers and we are determined to make sure you take advantage of them. Our trusted mortgage professionals will help you understand what you are eligible for and ensure that you get the most from your first home purchase or refinance.