Having bad credits is one of the most embarrassing moments for an individual. Most of the people think that with bad credits, they can’t apply for loan; but this observation is wrong. Because in present scenario, you can easily apply for bad credit home loans. Yes, it is the service that lets you purchase your dream home even in your bad credits time. Nowadays, there are several companies available for offering loans to individual with bad credits. Their bad credit loan services are categorized in two types-
Loc doc loans– it’s the best discharged Bankrupt Home Loans option for you because in this loan type there is no requirement of any formal financial documentation from you. Along with this, there is also no requirement of tax returns and other financial transaction records. But, you have to assure lender that you have a decent income by giving them your income statement papers duly certified by your accounts manager or other related authority. Along with this, in order to prove that you have bad credits, you also have to give business bank transaction papers.
Full doc loans– This is referred as full documentation loans; in this type of loan, you have to give all papers related to your financial transactions. Few papers that are needed at the time of applying home loans for bad credit with full documentation are income paper including two years tax return along with recent pay stub. If you are self-employed then you also have to give profit & loss statements and tax return papers of your business. Along with this, you also have to mention your additional income (if applicable) like commission, overtime bonus, veteran’s benefits, passive income etc while filling full doc home loan application form.
Once and for all, select the best among above mentioned ways that easily fulfill your dream home need.