Posted: Fri Feb 08, 2008 1:28 am Post subject: bad credit
tell me can a person who has a low credit refinance a home person if there credit is poor that is on a fixed incine can you find tell me how to find a loa,
It really depends on what has caused your credit to become "bad". If it is something old or there are very good explanations then you would be a great candidate for a FHA mortgage!
FHA has great low rates for people regardless of there scores as long as there is a good explanation. _________________ Bradley D. Gertz
V.P. Lending Operations
Office: 561-746-1484
Cell: 772-607-1925
Fax: 561-746-7383
email: www.accesslendinginc.com
Brad is right on. FHA is a non score driven loan product that normally requires a satisfactory pay history in the last 12 months. _________________ Jeff Selan
Wells Fargo Home Mortgage
Hurricane, WV
www.jeffselan.com
AS long has he can explain the reasons his credit has gone"bad" he should be ok. Also some lenders may require collections to be paid off but FHA does not require such. So there are lenders out there that don't require it.
Jeff does Wells Fargo require it? _________________ Bradley D. Gertz
V.P. Lending Operations
Office: 561-746-1484
Cell: 772-607-1925
Fax: 561-746-7383
email: www.accesslendinginc.com
"bad" credit is relative, of course. although we know that fha loans are not purely score-driven, there are limits nevertheless. i truly don't believe that a score below, say 550, would generate an approval, unless there are redeeming factors at play. in this case, the borrower's being on a fixed income is likely to be a drawback. _________________ George M. Akerley
Loan Consultant
860-221-5044
Posted: Sat Feb 09, 2008 12:42 am Post subject: RE: make use of alternative credit scores to qualify
I agree with you George, there are other factors to look at apart from the score. But I think the poster can utilize an alternative credit score such as the PRBC or FICO Expansion Score. Such scores would consider the utility bills, payday loan payments and other factors such as statements of bank accounts.
Some alternative scores also consider the insurance and child care payments. So, what the poster needs to do is, look for lenders who can evaluate his creditworthiness on the basis of such scores.
Jessica's post from 2006 is worth reviewing --ALTERNATIVE SCORES. While I am unaware of various lenders' underwriting positions on these alternative scores, they would certainly provide more 'meat to chew on' when weighing risk. I would think that FHA products might be easier to present to underwriters with these available alternatives.
Thank you, Jessica! _________________ Chuck Armbruster
Phoenix, AZ
h87410
