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glwerner_ajtrunzoinc · Joined: 08 Nov 2007 Posts: 1 1.52 Dollars($)

When a person has less than perfect credit, where is the best place to apply for a mortgage.

jenkin7 · Posted: Thu Nov 08, 2007 10:07 pm Post subject:

Hello Glwerner,

What is your credit score?

There are many lenders who are willing to work with people having poor credit. You may get high interest rates offered to you because of your credit. Shop around for a while to get reasonable rates.

You can try the FHA mortgage. There are FHA insured lenders who provide loan to people with credit score as low as 550.

gmakerley1 · Posted: Fri Nov 09, 2007 7:34 am Post subject:

the first best thing to do is to contact a lender who can review your credit with you, work with you as you clean up whatever may be hindering you, and direct you into the right product.

yes, fha is a viable alternative for many whose credit backgrounds are shaky, but there are many factors to take into account in qualifying. other types of loans exist that you may qualify for as well, but the first step is to truly determine precisely where you stand as far as your credit is concerned.

edited - if someone wants additional help or has other questions they can post more to the forum. I notice a lot of posts that say "this is complicated and there are a lot of factors contact me" It will help and benefit all the visitors to these forums if you post these factors and make the process transparent without disclosing personal information.

livinginnky · Posted: Fri Nov 09, 2007 2:36 pm Post subject:

FHA is a good option to start and is not credit score based (there is no minimum score)... they do care about credit however.

I can also say that when a company says that bad credit is ok ... is probably just trying to farm your information and sell it to other mortgage companies as a lead. You can get a loan with bad credit but it is not ok and it is not easy.

Please try and explain your situation in a little more detail and we may be able to point you in the right direction.

adonis · Posted: Sat Nov 10, 2007 2:31 am Post subject:

Eric,

"FHA is a good option to start and is not credit score based (there is no minimum score)... they do care about credit however"

You mean the credit score doesn't matter but the credit payment record matters. But the credit score is based on the credit payment record. Can you pls explain this

Also, isn't there a minimum score, however low it may be, that the fha looks forward to. I mean ok if you have bad credit you can even then qualify but isn't there a score below which you won't.

livinginnky · Posted: Sat Nov 10, 2007 10:51 am Post subject:

evolovik26 · Posted: Mon Nov 12, 2007 7:56 am Post subject:

To add to what eric said: FHA are common sence loans where most conforming loans are set standard loans. This means that with FHA if something is missing but overall file is strong you still get the program and on conforming if you dont fit into their set of qualification you need to look for a different loan.

Guest

What is the first thing to do about it?

adonis · Posted: Thu Jan 15, 2009 11:31 pm Post subject:

Hey Lyn,

If you are current on your mortgage payments but want to lower the interest rates, then you seek a refinance from your lender.

gmakerley · Posted: Sat Jan 17, 2009 7:10 am Post subject:

lyn, i don't think you received the direction you wanted.

if you're seeking a mortgage for the first time, one of the best ways to locate a good lender is to ask the advice of friends - trusted friends. make sure that your trusted friends are knowledgeable, though.

you can certainly seek assistance from any of the lenders on this forum, by simply requesting a mortgage quote (you can click on "mortgage quote" on the top of the page here).

frankly, your being on this forum and asking questions is also a good start - you'll obtain much valuable information from the people who post here.

Guest

like to purchase home for $210,000. At the end of the month should not have any debts. Will keep one credit card account open. Credit score is 596. Will I have a good chance of getting FHA.

gmakerley · Posted: Thu Jul 09, 2009 7:03 am Post subject:

a good chance, alma? no.

a chance at all? it appears so, based on posts i have read on here that claim you can obtain an fha loan despite a score below 620. you'll need to shop around quite a bit for a lender who will bite, but you also have the option to click on the "mortgage quote" button at the top of our page that will allow one of the lenders here to get back to you with more information.

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