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Name of banks that will approve people with bad credit?

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April 08 2010 - North Westport
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Our sister company -- Conway Home Mortgage -- has many financial products that target a wide range of consumers, including those with difficult credit scores. You can contact a loan officer by going to the website: www.conwayhomemortgage.com. They are usually able to respond to requests quickly. By the way, if you need a referral to a good Conway agent in your area, call or email me.
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April 25 2010
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I agree with having your credit pulled and checked by a professional. I've requested my own free credit reports for the year and thought I had corrected everything; however, a potential lender pulled it and it revealed that I had two car loans and it increased my debt to income ratio. I had refinanced but somehow, it was still showing that I owed on the first loan. I promptly contacted the company and got them to send me a paid in full letter. BTW, I insist on getting paid in full letters from creditors and I keep them all. Whether it's utilities or loan payments, if something comes up, I have a ready documentation for a lender.

I would imagine it depends on why your credit is bad. Did you co-sign on a loan the co-signer didn't pay? Is it as a result of a divorce or catastrophic medical bills? Or is it because of poor financial decisions in the past? I agree with getting a good financial counselor which is provided at low cost or free by many non-profit agencies. It's nice to have the American Dream of homeownership, but it will cost you more than a person with good credit to do it.
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April 24 2010
Have your credit pulled by a qualified loan officer that is willing to take a deeper look at the credit.  Credit score is scored primarily on late payments (recent hurt more than old), balances to limits.  These two categories make up a significant portion of the score.  If you find a recent late payment that is in error it can be removed (with supporting documenation) and the credit report can be "re-scored".  If you have 3 credit cards that are maxed out but have low limits, it may be worth while paying them down to get the "balance to limit" down below 50%.  And lastly, be prepared to provide a detailed letter of explanation to underwriting on any issues that stand out on the credit report. 
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April 16 2010
I have access to FHA loan programs with Credit Scores down to 580.  3.5% down payment must be your own funds (no gift funds allowed) and you must be able to prove a 12 month rent payment history with cancelled checks from your bank account.  Rates are from 5.5% to 6.5% depending on other factors.
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April 16 2010

Lenders have buckled down and become very conservative after the bubble burst so anyone with less than a 600 credit score as their average is going to have a difficult time acquiring a loan. Putting more money down will not forgive or balance out a low score either.

We just had a meeting about this and the way it was discussed is  that independent mortgage consultants will be a thing of the past because Lenders aren't trusting them and are only working with their own affiliates on a loan, so there has been and are going to be changes in the mortgage industry to enforce the regulation of mortgages and avoid fraud of any kind.

What I can advise, if you can't get a loan now, is to look into "Lease to Own." I have a new home developer that is willing to lease and 15% of the rent will go into the closing of the home. In approximately, 2-3 years, there's enough money to go FHA with 3.5%. This will also give time for the Buyer to work on improving their credit.

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April 12 2010
Profile picture for shapiroamg
Your best bet is to have your credit checked and reviewed by a professional. There could be mistakes that can be corrected or you just might have to wait until your score improves. Until an expert can review it is hard to say.
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April 09 2010
Christina - this is a difficult time for people with less than favorable credit to buy a home.  The times have changed and returned to the more conservative view of how borrowing should be.  Much of the foreclosures are a result of loans to individuals not quite ready to settle in on for the long haul.  Now is a good time to sit down with a financial person to establish some goals, develop any money management skills needed to correct "bad credit" issues and begin to  move in the right direction. These matters may take some time and patience before they are totally resolved.  I personally find it rewarding to help people get their financial house in order. [content removed by moderator] and I'll show you how.
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April 08 2010
 
Related Questions
Name of banks that will approve people with bad credit?
Profile picture for Kathleen Stacey Hannon
Latest answer by Kathleen Stacey Hannon
April 25 2010 | 7 answers
  • Asked by christina51
  • In Rentals
  • April 08 2010
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