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How can you et an FHA loan if you have derogatory credit

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April 10 2012 - Boulder
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The real truth is, if your credit is bad and it is going to take more than a month or two to "fix" it, no loan officer/broker is going to hold your hand until it is fixed. You might find someone that will tell you the basics of what the problem is, and a few things you can do to work on it.

What you need to do is find out why it is low, and take the appropriate action to get the scores up. I have found www.myfico.com to have a lot of information and a very helpful group on its forums.
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April 11 2012
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With derogatory credit only ask someone you hate to cosign.
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April 11 2012

I'm happy to meet - if you are in the Boulder region - and introduce to you several mortgage lenders.  A good lender will be able to console you as to your options. If your credit is an issue, it might be that you will require a co-signer to get financing. Many of my clients use co-signers to purchase a dream home!

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April 11 2012
First you need to find a loan officer that you trust. If you are happy with your bank you may want to start there and make an appointment. You could also ask for referrals from friends who have recently closed on a house or refinanced. Also, if you are working with a Realtor they will most likely have a list of lenders they have had good success with in the recent past.

After you get an appointment with a lender - they can help you to understand what impacts your credit the most and what you can do to improve your scores so that you will qualify for a loan. There are many things out there that most people do not know about that affect your credit, so having their help will be invaluable to you.
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April 10 2012
Make an appointment with a loan officer at a local bank to discuss what you need to do to repair your credit, so you can qualify for a loan.
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April 10 2012
 
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