Bad Credit Mortgage Lenders [mortgage-assumption.blogspot.com]
Question by Carrie J: Will a direct mortgage lender have an effect on your credit score? I was just told by a direct mortgage lender that it would have absolutely no affect on my credit score/report if he was to run a credit check on me, is that true? He says it is because he is a direct mortgage lender not a broker. Anyone know about this? Best answer for Will a direct mortgage lender have an effect on your credit score?:
Answer by golferwhoworks
BULL S--T! I am a direct lender as well and any inquire on your credit effects the score. I just pulled one where the client has been shopping for a loan and with 18 pulls the scores went from 619 down to 567. Don't believe him as it is not true. I will have to wait for her scores to reset in order to help her get a home. I am a mortgage banker in TN & KY
Answer by cka233
The major advantage of a direct lender is that the loan officer usually works along side the underwriter much more closely than with a mortgage broker
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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. Related Bad Credit Mortgage Lenders Topics
