Poor Credit Lenders [mortgageinsurance-101.blogspot.com]
Question by jax Lee: poor credit need a mortgage lender ? to be specific i need a mortgage lender where i can get a loan but my credit is not the greatest..if anyone have any answers for me that would be great.. i am working on fixing up my credit but i need a house right now to live in, money is not a problem, i just need a lender that specifies in the bad credit area..any suggestions? Best answer for poor credit need a mortgage lender ?:
Answer by teammodify
Right now, you are going to need to find a private lender. No bank at this time is going to give anyone a loan for a house with bad credit. And thats the reason I am still in my apartment.
Answer by Lady K
Have you been watching TV? Even good credit risks are on hold right now...perhaps wait a couple of weeks and try again. Good luck!
Answer by loanmasterone
There are a few lenders that will do mortgage loans with large down payments. You should contact a local mortgage broker that does FHA loans this government backed agency is not as strict as most conventional lenders. In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book. Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one. He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate. The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase. When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started. #1 One month of pay stubs for each person that will be on the mortgage. #2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment. #3 Two years of federal income tax along with the W-2 that match. Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased. Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral. Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments. If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan. You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once. Make sure your mortgage broker explain all your options so you may make an intelligent decision. What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else. So select the best option for you and your financial situation. You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment. Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign. Your mortgage broker will now order an appraisal to show proof of the property value. The mortgage broker might ask for additional information or documentation, don't get all up tight this is normal, just supply the information or find the documents needed. After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home. Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you. I hope this has been of some use to you, good luck "FIGHT ON"
Answer by boilerette72
People with 750 credit scores are being turned down for mortgages. Good luck.
www.lendinguniverse.com Bad Credit Mortgage lenders provide financing and hard money loans refinancing nationwide. This story demonstrates the financial crisis Subject: Best explanation of the market crises I've seen yet Young Chuck moved to Texas and bought a donkey from a farmer for 0.00. The farmer agreed to deliver the donkey the next day. The next day he drove up and said, 'Sorry son, but I have some bad news, the donkey died.' Chuck replied, 'Well, then just give me my money back.' The farmer said, 'Can't do that. I went and spent it already.' Chuck said, 'OK, then, just bring me the dead donkey.' The farmer asked, 'What ya gonna do with him? Chuck said, 'I'm going to raffle him off.' The farmer said 'You can't raffle off a dead donkey!' Chuck said, 'Sure I can Watch me. I just won't tell anybody he's dead.' A month later, the farmer met up with Chuck and asked, 'What happened with that dead donkey?' Chuck said, 'I raffled him off. I sold 500 tickets at two dollars apiece and made a profit of 8.00.' The farmer said, 'Didn't anyone complain?' Chuck said, 'Just the guy who won, So I gave him back his two dollars Chuck now works for Goldman Sachs. Banks, mortgage brokers, credit unions and private investors compete for all borrowers residential and commercial Bad Credit Mortgage loan requirements. Simply complete a simple form and receive fast and accurate multiple results. Also borrowers get tools that track all the negotiations. Lenders compete- You decide ...
mortgageinsurance-101.blogspot.com Bad Credit Mortgage Lenders
Most deposits are perfectly safe, but the downgrades could hurt people in more subtle ways: Banks may jack up fees and might be reluctant to lend, which could affect mortgages, credit cards and even the job market. "It is normal that the first thing ... Bank downgrades could hurt loans, credit cards
Do you have a poor credit?
Many people have a bad credit score. They might occur due to the missed payments. The credit score is very vital in almost all the loan approval processes except certain loans like the payday loans. But if you have a poor credit,there are still many possibilities that you will get a loan. The best way to get the loans will be through the use of poor credit lenders. These poor credit lenders are specially aimed at such people. There are lot of people who think that it is impossible to get loans if the credit is not decent. But this is completely false.
Poor credit lenders
If you need a small amount of cash then you should try the payday loans. These loans can be obtained very quickly compared to other type of loans. So if you need the cash within a range of $ 100 to $ 1500,you should try to get these loans.
The only major requirement of these loans is that the borrower should have a job. So if you need the cash within this range then the payday loans will be the best solution for you.Another solution that you should try is to get the loans through the internet. There are a lot of lenders doing business online and they could be very helpful to you. Since there is a huge competition,they usually have a low rate of interest. By doing an extensive search,you will be able to find the lender who offers the loans at a very low rate of interest. Do not go to a lender who gives the loans at a extremely high rate of interest.
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