Don't
Let Bad Credit Stop You
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 manager’s 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.
Credit
Report
Equal
Credit Act
Debt
Consolidation
Buying
House with bad credit
Refinancing
house with bad credit
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