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pakers46 · Joined: 08 Dec 2006 Posts: 1 1.42 Dollars($)

Are there any mortgage brokers or lenders who help people like us with low credit rating but with an excellent income? We really want to sell but I think forclosure is gonna set in first. Help!!!!!!!!!!!!!!!!

sara

Hi,

Lenders consider various factors like credit score, credit rating, income and others before approving a loan. So, you may have low credit rating, but you can still qualify for loans as your income is impressive. But you may have to pay a higher rate of interest on account of low credit rating.

Thanks,

Sara

helping_user · Posted: Sat Dec 09, 2006 12:07 am Post subject: RE:

Hi Pakers,

From your query, I undrstand that you have low credit. But is your house in foreclosure or are you planning to sell your home before that? let us know your situation in details; this will help this community give you better suggestions, so that you get some relief.

Thanks

Guest

we want to sell really, since the upper class at Green Tree told us to not worry about making another payment and just use this weeks pay to get an apt, then someone maybe higher up called and said no such thing, go ahead and make the payment. What is this Drive Pat Crazy Month?

sitalotbeach · Joined: 03 Nov 2006 Posts: 48 23.63 Dollars($)

I am a mortgage broker that specializes in 'less-than-perfect credit' financing.

I know bad things happen to good people and unexpected things happen. You said you have the income, what caused the late pays?

I have a lender who will do refinance's on a home on verge of foreclosure.

Is 'Green Tree' the lender telling you not to worry about making another payment or the 'realtor' that has the listing?

I would be very leery of a Realtor telling you not to make another payment, it could be they have an alterior motive for that. Such as purchasing the house on their own at rock bottom price.

How long have you owned the home? How much have homes been selling for in your area? I know its the holidays right now and its a slow market. You may want to refinance, if you close in December, no payment until February and this may be the break you need. If you have excellent income you can get back on track from there.

charlesarmbruster · Posted: Tue Dec 12, 2006 9:56 am Post subject: please help with low credit

Good income -- let's talk. Is your score above 540 FICO?

Type of Documentation

FULL
Fully verified by lender -- Income
Fully verified by lender -- Assets
Fully verified by lender -- Employment

ALTERNATIVE
Lender accepts W2s, bank statements, verbal verification of employment

STATED INCOME
Stated -- Income
Fully verified -- Assets [STATED/STATED -- Assets not verified]
Verbal verification -- Employment

NO RATIO
Not reported -- Income
Fully verified -- Assets
Verbal verification -- Employment

STATED INCOME/STATED ASSETS
Stated -- Income
Stated -- Assets
Verbal verification -- Employment

NO INCOME/NO ASSETS (NINA)
Not reported -- Income
Not reported -- Assets
Verbal verification -- Employment

NO DOCS
Not reported -- Income
Not reported -- Assets
Not reported -- Employment

Guest

I am in Texas and I had to let my house foreclose almost 2 years ago due to unemployment. I am now employed with a great job and great debt to income ratio. Any ideas?

smithsussane · Posted: Sat Mar 26, 2011 12:05 am Post subject:

Hi SadinTx!

Welcome to forums!

Normally, you'll have to wait for 3-4 years in order to qualify for a mortgage. However, as you've a great debt to income ratio, you can contact your local lenders and apply for a mortgage. The local lenders will check your financial situation and let you know whether or not you'll be able to qualify for a mortgage.

Feel free to ask if you've further queries.

Sussane

Guest

Thanks, Sussane!

smithsussane · Posted: Mon Mar 28, 2011 11:46 pm Post subject:

You're welcome, SadinTx Smile

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