Bad credit keeps many potential homeowners locked into the rental market, throwing away their money monthly to landlords. Your decision to call Downs Financial, Inc. or visit our website can change all that. We are a direct lender ready to give you money to buy your first home, no matter what your credit looks like.
We realize people make mistakes and that those mistakes stay on your record for seven years. The difference with us is that we also take your current situation into consideration. Time and time again, people with a new, better-paying job and a solid one or two-year payment history are denied loans because of poor credit scores. We never make a blanket decision. We'll always take several factors into consideration before deciding whether or not you qualify for a loan.
We are upfront about our decision making process. All three reporting bureaus determine your credit score by five main factors: payment history, length of history, amounts owed, new credit applications, and types of credit. Payment history and amounts owed make up 60 percent of most credit scores, so it is important to pay creditors on time and to consistently use no more than 70 percent of available credit.
Accurate analysis of these factors is how we determine your loan eligibility. We don't just decide based on your score at face value. We are patient and persistent in our lending process and we pride ourselves in being able to help people who have been turned down in the past.