Home Lenders and Bad credit
 

antyone know a good resource for mortages for people with bad credit

im trying to get a loan and my credit sucks. I have a decent downpayment for a condo or house and i live in Fl. if that matters

Thanx for any help

Actually, I"m a licensed mortgage broker in the state of FL. I work with a mortgage lender called Meridian Mortgage (along with all my other businesses!). Meridian can deal with bad credit customers. Give me a call 954 650 5789, or send me an email [email protected]. I can get you set up AND give you a break on the closing costs (since we're in the same business)

Thanx micheal

Goos to talk to you

:thumbsup

Pretty much anyone can get a mortgage. Citi Mortgage will more than likely lend to you if your credit score is over 600. You'll get stuck with a higher interest rate just watch out for prepayment penalties as once your credit is good you will be refinancing to save $$$.

uh.... Goos to talk to you too.... I think. (Goos?)












:winkwink:

Absolutely... I will most probably set him up with an ARM with a 2 year first adjustment, then he can work on his credit, and refi at the 2 year mark, before his payment goes up.

You should get approved with bad credit with 20% down.

what's a good credit repair agency? There's a million places advertising this - who can actually back up their claims?

I want to get my score raised before I even apply for a home loan

The vast majority of credit repair agencies are crap. In some cases, the fact that you are in the hands of a credit repair agency can actually HURT your chances of getting a loan, because it indicates that you can't fix things on your own.

Get in touch with me, I can help you with this.

http://www.lexingtonlawfirm.com got a bucnh of stuff removed from my report

But there was alot of things even they couldnt get taken off

35.00 a month was what they were charging

Do you guys finance foreigners ? If so how much do you need down ? Can I get away with 5% ?

I got 10-15k to put down so Im either stuck buying a condo or finding a loan that will allow me a 5% downpayment

Yes we do, and yes, you can. (This is for Florida real estate purchases)

Give me a call.

Micheal

I want a commission for starting this thread

:thumbsup :thumbsup

Julius lets find houses on the same block!

We can start our own porn cyndicate down here

:1orglaugh :1orglaugh

Yes it would be for Florida, Dania, Hollywood area :pimp

I don't know how you guys do it in FL but up here if you have 25% down you'll get the Mortgage. Try to clean up your credit by paying off everything(i know this sounds simplistic, but even after 3 months your credit can look better and 3 months goes by fast). And Shop around for a Good broker: if they say, 'I can't do it' look for someone who can. You may pay a small fee but you'll get your Property.
RE Guru has spoken.

This thread is funny.

Why so ?

That should be no problem Julius.

Like I said. I can give you guys that are "in the biz" a break on closing costs also.

We may have to work that out! :1orglaugh

Things do vary from state to state, but of course a large enough down payment can overcome most credit problems. The creative part is in securing a loan WITHOUT a big downpayment, big impounds for closing, etc...

sperbonzo... you got any connections in NY for morts? Im going to be in the market soon and my credit aint that hot either.... :)

why do u think so?

I obviously dont know the terms on this loan but it looks like a nice fat juicy 2/28 with a 6 month prepay, usually 6 months interest and nice increase after the first 2 years. These loans pay huge commissions from subprime lenders cause they know 9 out of 10 people never get their credit straight and usually end up fucking it up even more while stuck in these shit loans. therefore leaving them stuck with the 2/28. I did loans for 10 years and know own a title company with the wife. Ahhh the memories :1orglaugh

Do you know your middle fico score, and why does your credit suck? Thats first off

Interesting info - do you recommend any credit repair agencies or is it better to put in the effort and try to repair it yourself?

I owe about 13k to past CC companies from trying to live off them while starting a business that never took off

So thats why i dont know if i can even get a loan.

I got 10k now about another 5k in the next 2-3 months for the dcown payment

I dont know what my fico score is no

You gotta do it yourself, start with all the negative shit, passed debts that you still owe what have you. Are there chargeoffs reported cause the creditor gave up on you? Just start contacting the creditors and working one on one with them, its no easy road

Your in a bad spot, regardless of what a broker tells ya. Conventional is definately out, FHA would require those debts be paid before securing a loan and subprime lenders may also do the same, all while raping you hard on loan terms. Clean your shit up before even thinking about looking for a loan. Your going nowhere fast. Not to be rude, but its the truth. I no longer have any financial incentive to lie or tell ya you can get a lon, unlike a broker look for another payday :2 cents:

Just some really old unpaid bills - going on the 7 year mark I would think a lot of these would be dropping off but it seems to be sticking

The other issue is it seems even if you pay off these debts, getting it cleared from your report is a whole other story - even getting the creditor to report that it's paid is a hassle.

how much worse is it to declear bankruptcy to clear all the debit

that is an option im looking into

will that make possibilities worse?

even with the shit loan u eluded to above can someone like me still get a high risk high interest rate loan?

the 7 year theory works and it doesnt, if a creditor has a hard on for you they may reinitiate the debt which starts your 7 year theory all over again. The 7 years pertains to the last time they reported it to the bureaus. Just pay the shit, your not gonna win. :2 cents:

There are some lenders that will take you on right after you leave the bankruptcy hearings. Bankruptcy for 13k is crazy IMHO. Ya you can get a loan but the bankruptcy will haunt you for 7-10 years making it nearly impossible to improve your loan situation a few years down the road. Look all your gonna get is a shithole 2/28 or 3/27 subprime loan at 9-10-11% with a 6 month prepay penalty, also if your payment is due on the 30th of each month these are the fuck lenders that call you on the 29th asking if you sent the money. Its absolutely brutal. I have seen many people like yourself in the same situations, that say ya I will take the 2/28 at 9% fix my credit and get out of it. 9 out of 10 people never do and once the 2 year mark rolls around your mortgage payment went from 1500 to 1850 a month cause your stuck and cant make a move. :2 cents:

Thanks for the good advice

of course it would not be not be a conventional, or FHA loan, however, underwriters (institutional and noninstitutional), have now set up many guidelines in FL to securitize loans that will NOT rape you as badly as was once the case.

I would NOT reccomend filing BK, and if you really work on fixing your credit over the next several months, and then the first two years of the loan, you can refi and get good terms.

Tell me the terms of the loan? I want to know what part of the rape they have changed? These lenders wont require those oustanding CC balances to be paid at or before closing?

That would depend on how long overdue those payments are, and how recent they were outstanding.... There is a lot more flexability than there was even 18 months ago.

Spoken like a true broker looking for his 3-5% YSP out the back end. :1orglaugh Lets face it, he gets nothing more than a 2/28-3/27 with a nasty prepay and hilarious interest rate. :thumbsup

Say whatever you'd like. But this is something I do just on the side, and I'm happy to help out a GFYer without trying to make money off of him. I'm trying to help him.

I don't live off of the mortgage thing at all.... I'm not looking for a yield spread to pay my bills. I'm plenty busy with my billing services and companies that I represent and I do just fine with that thanks very much. :)

well i guess im in the boat of beggers cant be choosers

and the debit is several years old

"he gets nothing more than a 2/28-3/27"
can you enlighten me to the meaning of that? I presume it has something to do with term ???thanks

Well atleast your aware of how bad your gonna get nailed. :2 cents: