Bad Credit Mortgage Lenders [mortgagegoal.blogspot.com]
Question by Renaisannce Man: I need a list of lenders that will loan a home mortgage to someone with a credit score between 545 and 550? I make 48k per year. Circumstances that have led to bad credit rating are a 60 day late car payment that occurred two months ago. The car has since been paid off. Credit cards are close to the max but always paid on time. Please only respond with a list of possible lenders thankyou. Best answer for I need a list of lenders that will loan a home mortgage to someone with a credit score between 545 and 550?:
Answer by mohan r
Search in local newspaper ad for those
Answer by Juliu C
lendingtree.com!!!!!!!!!!!!!!!
Answer by STEVEN F
Look for lenders that do "manual underwriting". That is what EVERYONE did before FICO. It refers to actually looking at you finances instead of just your FICO score. Churchill Mortgage in TN is one lender that still offers manual underwriting.
Answer by iceman
Wow -you are just asking to get taken advantage of.. arnt you?
Answer by Sharonda F
I believe the answer you're looking for can be found on this site. They've got lots of info about the subject.
Answer by stephen l
Hometown Banc Corp ; check out their free evaluation form at the source website.
Answer by honestmortgageguy24
Don't use lending tree unless you want 12 phone calls. The list of lenders isn't possible without more specifics, which I could discuss with you if need be. DO NOT wait too long. Your situation can be resolved with letters of explanation assuming some other criteria is in line. Your credit score is less important than you may think
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Answer by
homeloansfargo.com For more information, call or visit our experience brokers at: Flagship Financial Group 1621 South University Dr., Suite 225 Fargo, North Dakota 58102 (701) 526-5262
mortgagegoal.blogspot.com Obtaining a Home Mortgage Loan even with Bad Credit
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A hard money lender 50-70 percent of the appraised property value at a high rate, usually in the high teens. Loan Terms are short, usually of 6-12 months, because this loan is often used to buy homes at wholesale prices and flip them for a profit. A home buyer using hard money would need a plan for obtaining new and better funding in the same period.
Bad credit mortgage lenders, or companies that specialize in subprime loans have looser credit requirements. These companies do not give money to every sub-prime prospect. However, with a large enough deposit, not a FICO score below 600, and a good debt / income ratio the odds in favor of the homebuyer's.
The down payment for a subprime credit note is important. A greater investment of money by the buyer: a greater commitment on their part and less liability for the lending party. This number can reach 25 or 30 percent for some people it will receive approval.
The individual Fico, or credit rating is important, even in a subprime situation. A recent report describing current and delinquent or missed payments with no fixed payment history shows, send your red flag. Applicants have to spend time improving their credit report before attempting to get a loan bad credit mortgage lenders.
Steps to achieve this are to bring credit cards, auto loans and other debts current, the third bill collections, reviewing reports from major credit bureaus and fixing errors and establishing a steady payment history with different accounts. A good history can be developed in one year or less with a new credit card, pay utility bills on time and even pay child support or alimony on time. Each of these accounts left behind can also result in negative trade lines with major reporting agencies and a lower FICO score.
When setting up a new account, use a minimum available balance of the course and on time. Many experts recommend the amount spent on 20% or less of the available line. Unless they have gone to the third collection agencies, existing maps can not be closed. Get them today and certainly the line is repaired it.
Larger debts will take the time to manage, and can not be displayed on the report of a person until they are treated. In this case, the individual needs to work with a bad credit mortgage lenders and a significant amount, while paying a higher interest rate. Others may qualify for FHA loans.
An FHA loan is an option if the applicant has a recent foreclosure. The deposit will be approximately 2-3 percent of people with all types of credit may qualify. Whichever option is chosen, repair personal finances better conditions in the future should be the goal. More Bad Credit Mortgage Lenders Issues
