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Wisconsin Mortgage Options for Imperfect Credit

There are Several Options Available Through Stampfli Mortgage for Less Than Perfect Credit.

Imperfect credit doesn't need to
keep you from purchasing a new home or refinancing your current home. The knowledgeable mortgage advisors at Stampfli Mortgage offer several options for below average credit. It's easy to receive a free, no-obligation analysis of your current credit situation. To learn more, call (608) 572-7222 or simply fill out a no-obligation online application today!

How Your Credit Score Affects Your Mortgage:

Understanding Your Credit Score

Your credit score is a three digit number which essentially grades your credit history. There are three main credit bureaus: Equifax, Experian and TransUnion. These bureaus keep track of your credit when lenders report to them. Not all lenders report all information to all three credit bureaus, so you may have different reports and scores for all three. The score can also look different based on who requests the report or score. An individual requesting their own credit score will look different than a report generated for a lending professional.

The FICO Score is the most common scoring system which includes both a number score and a rating from Exceptional to Poor. Most mortgage lenders are looking for a rating of at least Good (670 or above). However there are several options for people with scores under 670.

Mortgage Options for Below Average Credit Scores

Stampfli Mortgage has access to a number of lenders who have programs for imperfect credit.

Wisconsin FHA mortgages are insured by the federal government. Most programs allow a credit score of 620, some may even go as low as 580.

Wisconsin USDA mortgages are also insured by the federal government. This program also allows for credit scores as low as 620.

Wisconsin VA mortgages are available for qualified veterans and active service members. The VA allows for credit scores at or below 620 as well.

Non-qualifying mortgages are another option offered through Stampfli Mortgage. These mortgages are not required to follow guidelines. These are considered "in-house" lender programs and the lender has complete control over the approval of the loan.

What to do if you Still Don't Qualify

Your mortgage advisor at Stampfli Mortgage will carefully review your credit report. The report will be analysed for errors, discrepencies, quick fixes and long-term improvement options. Some errors or small problems can be fixed in a matter of weeks. Even if it takes a little longer, your mortgage advisor will give you the guidance you need to get you on track.

Protect Your Credit During the Mortgage Process

Once you apply for a mortgages follow these simple tips to secure your loan. Lenders often do another credit inquiry immediately prior to the loan closing. Changes in credit may affect your ability to close.
1. Do not apply for any new forms of credit. This includes new credit cards (including store cards), auto loans, or personal loans.
2. Do not co-sign on someone elses loan. This is essentially the same as applying for credit.
3. Do not close the credit accounts that you currently hold. This can alter your history and your score.
4. Do not pay off a creditor completely unless instructed to do so by your Stampfli Mortgage advisor.
5. Do contact your mortgage advisor at Stampfli Mortgage prior to making any changes to your credit or if you have any questions.

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