Elite Financial helps borrowers throughout California with low FICO scores, or poor credit, get a home loan. In some situations we can even finance borrowers with no FICO score, as long as acceptable credit history and overall quality of credit can be verifiable.
Your FICO score is most widely used by the nation’s largest banks to make credit and loan approval decisions. It is a number representing the creditworthiness of a person, the likelihood that person will pay his or her debts. FICO scores range from 300-850 and are calculated based on varying criteria determined by the major credit bureaus.
Your FICO score is calculated from several different pieces of credit data in your credit report. It is generally broken down into the following categories:
- Payment history
- Amount owed
- Length of credit history
- New credit
- Types of credit used
Both positive and negative information in your credit report affect your FICO score. Late payments will lower your FICO score. Establishing or reestablishing a good track record of making on-time payments will raise your FICO score.
YES! It is possible to get a loan when you have bad credit or currently have a low FICO score.
Now no FICO and low FICO score loans are available depending upon the circumstances. Down payments will vary, and loans are available for borrowers with a FICO score of 500. Other options such as private money loans and equity-based loans are available and determined by loan-to-value instead of FICO score.
YES! Elite Financial offers loan options for those who have experienced a recent foreclosure, bankruptcy or short sale.
Start Rebuilding Your Credit
Now is the time to take control of your finances and get the money you need. The key is to make smart choices and start on the path to rebuilding your credit by following these steps:
- Keep credit card balances under 50% of the total credit available.
- Immediately remove errors or disputes shown on your credit report.
- Keep old credit lines open even if you don’t currently use them. Longevity in your credit history is important.
- Reestablish as much credit as possible after a major event such as a foreclosure,
bankruptcy or short sale.
This information is not intended to be an indication of loan qualification, loan approval or commitment to lend. Loans are subject to credit and property approval. Availability of programs is subject to change without notice.