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Bob your blowing smoke. Why is their credit score 580? What recent credit (Other than rent) have they shown they can handle? What is outstanding that they didn't pay?
Your right a credit score is not the end all be all, but if someone has a terrible credit score and a score in the 580's is a terrible score they have issues and in my opinion they need to show they can handle new smaller debt effectively before they are allowed to purchase a home that is backed by the government (tax payers).
I am so happy that not one of your clients has ever defaulted, maybe that means you dont do many loans because things happen, people lose jobs, medical issues, divorce, deaths, etc. and people default, keep working, keep trying. Just because you can get someone approved for a loan doesn't mean they should get a loan. Look at what happened over the last few years, those loans were approved and most likely should not have been.
"There are still some lenders that are doing FHA below 620, but hopefully not for long. Can't wait for these FHA loans to go bad, have you read the amount of FHA loans to low FICO scores that are deliquent on the first payment. It's time to realize that purchasing a home is not the end all, get your finances in line first. Learn to handle debt, have a money saved for any bump in the road. Stop trying to chase every last dime you guys and try to help a borrower instead of milk a borrower."
Bob and Mark, get your heads out of your backsides!!!
Just because someone can get a mortgage doesn't necessarily mean they should. Of course you don't get paid unless you get them a loan.
There are still some lenders that are doing FHA below 620, but hopefully not for long. Can't wait for these FHA loans to go bad, have you read the amount of FHA loans to low FICO scores that are deliquent on the first payment. It's time to realize that purchasing a home is not the end all, get your finances in line first. Learn to handle debt, have a money saved for any bump in the road. Stop trying to chase every last dime you guys and try to help a borrower instead of milk a borrower.
I love your answer Chad!!This couple has had some major delinquencies in the past as evident by the extremely poor credit scores. You want them to get a family member to go into debt for them, risking their own financial borrowing power where a lender wouldn't dare just on the hope they can get their act together enough to refinance it later. NICE!!!!!How about wait until you fix your credit, become more financially sound then purchase a home.
Then again you don't make any money as a lender unless you lender regardless of the end result.
Chad, that isn't particularly good advice in regards to having this couple burden their family. The only way that should be swung is if these folks had a MINIMUM of 3 months payments (though I'd recommend 6). I know of family and friends who have done this for others, and for the most part, it was never a happy ending. Plus the way the market is going....
OP, I stand by my earliest jist: develop a good, healthy payment history for the next 2 years. I was in your boat...a bit better, but nonetheless in your boat. Don't get sucked into high interest loans...it will matter to you much much later.
You are not going to like this but it is the truth. With those credit scores if you get a loan it will be very expensive. That is a big if. Most lenders are requireing credit score a minium of 100 point higher than what you currently have.
The smart thing to do would be rent until you get your credit scores above 620.
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