Don't Let Bad Credit Stop You
When I worked as a loan officer, it wasn't unusual for me to
come across people who thought they were out of luck because
they had bad credit.
This is really not the case, although it is fair to say that you
would not be able to walk down to your local bank, have a seat
in the branch manager's office and walk out with a mortgage.
However, there are alternatives, and you do have choices.
If you contact a broker, tell them your situation, be completely
honest and up front with them, otherwise you are just wasting
their time as well as your own, and believe me, whatever your
situation may be, they have heard worse. Nine times out of ten
they will be able to help you.
Conventional banks are not the only ones that lend money.
Brokers have access too literally hundreds of banks with a wide
variety of programs for people in unique situations from
foreclosure buy outs, to 100% financing with poor credit scores.
I speak from experience, because when I was a loan officer I did
mortgages for people in unique situations.
Foreclosure buy outs, bankruptcy, late payments on prior
mortgages, the list goes on.
I would sit down with my customer, take down as much information
as possible, than present their information to many different
lenders for them to review. Most times I would find one with a
program to help my customer.
Keep in mind, with unique situations, there is risk involved on
the part of the bank, so you can't expect to get the best rate
in the world. But if it is reasonable, and can put you into the
situation you want to be in, than it is well worth it.
So if you think your credit, or a bad situation is preventing
you from getting a loan, think again, there is probably a
program out there for you, you have nothing too loose.
About the author:
Jennifer Hershey has more than twenty years of experience in the
Mortgage Industry as a loan officer. She is the owner of
http://www.explainingmortgages.com/, a mortgage resource site
devoted to making mortgage terms and products easy to
understand.
