By Jennifer Hershey |
|
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 managers 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. |
|
|
|
|
|
