No Credit-Bad Credit-No Problem

A Bad Credit Mortgage in Florida With No Minimum Credit Score

Most lenders start with your credit score. If it is low, or if you have no score at all, the answer is often no. This program works differently. There is no minimum credit score and no minimum number of credit accounts. So it can work for borrowers with past credit problems and for those who never built credit.

Instead, the loan relies on a large down payment or a large amount of equity. You can borrow up to 55% of the home’s value on a primary residence or second home. As a result, the lender’s risk is low, and your credit history matters much less.

It is a non-QM loan, which means it follows its own guidelines rather than standard Fannie Mae or Freddie Mac rules.

Bad Credit Mortgage Florida Program at a Glance

Loan amounts	$250,000 to $1,500,000
Minimum credit score	None
Maximum loan-to-value	55% of the home’s value
Remaining equity required	At least $150,000
Cash reserves required	None
Loan term	30-year fixed rate, no interest-only, no prepayment penalty
Loan purpose	Purchase, rate-and-term refinance and unlimited cash-out
Occupancy	Primary residence and second home
Maximum debt-to-income ratio	55%

How the $150,000 Remaining Equity Rule Works

After the loan, at least $150,000 of equity must remain in the home. The lender uses the lower of the purchase price or the appraised value. Here is an example on a $455,000 home:

• Loan amount at 55%: $455,000 × 0.55 = $250,250
• Remaining equity: $455,000 − $250,250 = $204,750
• Result: $204,750 is more than $150,000, so the home qualifies

In other words, lower-priced homes may need a larger down payment to meet the equity rule. We can run your numbers before you make an offer.

You still need a two-year work history in the same line of work. However, you only document one year of income. Self-employed borrowers can also compare our bank statement program.

Who Is This Bad Credit Mortgage For?

This program fits Florida borrowers who have strong equity or savings but a weak or thin credit file. For example:

• Buyers who recently came out of bankruptcy
• Homeowners with collections, charge-offs or a past foreclosure
• First-time buyers with no credit history
• Owners who want unlimited cash-out to pay off tax liens or other debts
• U.S. citizens, permanent and non-permanent residents, and ITIN borrowers

You can use gifts and gifts of equity, and the seller can contribute up to 9% toward your costs.

Eligible Properties

You can finance a single-family home, a home with one ADU, a townhome, a PUD, a 2–4 unit home, or a mixed-use property. Warrantable and non-warrantable condos also qualify, along with homes on up to 10 acres in non-rural areas.

This program is for homes you live in or use as a second home. If you are buying a rental, see our DSCR loans instead.

Bad Credit Mortgage Florida: FAQs

Can I get a mortgage in Florida with no credit score?

Yes. This program has no minimum credit score and no minimum number of credit accounts. Instead, it requires substantial equity: you can borrow up to 55% of the home’s value, and at least $150,000 of equity must remain.

How soon after bankruptcy can I buy a home?

With this program, you can be eligible one day after a bankruptcy discharge. By contrast, conventional loans usually require a waiting period of two to four years.

Do I have to pay off collections before closing?

No. Collections and charge-offs do not need to be paid off. However, you must pay judgments, liens and IRS tax debt at or before closing.

Are there other requirements?

Yes. You must escrow taxes and insurance, and at least one borrower must complete homeownership counseling. In declining markets, the lender may also lower the maximum loan-to-value by 10%.

Check If You Qualify Today

We can tell you quickly how much you can borrow and what you need to close. Call (754) 289-0196 or apply online.

For consumer-purpose loans only. Programs, terms and eligibility are subject to change and depend on each borrower’s qualifications, property and equity. Not all applicants will qualify.