Major banks and some lenders have closed the door on clients with impaired credit. Credit impaired means that you have a default listed on your credit history report card.

Had credit problems in the past? Don’t fit the banks traditional criteria? Don’t despair. With today’s wide range of home loans and lenders, even people considered “credit impaired” can now apply for a home loan.

Credit impaired and non-conforming borrowers are regarded as higher risk and therefore most lenders charge a higher interest rate and fee structure, than traditional home loan lenders. Non-conforming home loans can also be less flexible (particularly when it comes to refinancing).

An applicant with a poorly performed repayment history either currently or in the past, can often be approved by a specialist or non-conforming lender, provided there are extenuating circumstances or some kind of reparation is in place.

These lenders can consider all situations, in particular for those with black marks on their credit history or low Credit scores.

These loans are designed to assist with “outside of the box” applications, from regular people who don’t meet traditional bank guidelines. Paul may be able to assist with obtaining your credit score or credit history.