Looking for a mortgage and was hoping someone here would have a suggestion on a good place to try for a mortgage loan for those with bad credit. The credit is not so good due to a few bills that were unable to be paid a few years back and a good number of "hard inquiries" from different cars dealers (that isnt being pursues any further) and a lot of local places would likely decline due to this, so don't really want to try that since it would only hurt it more to be declined. I am looking on suggestions on how to handle it and where to look for one that is good, but isnt going to put someone in the whole even more with enormous fees. All advice is greatly appreciated.
get a reference from a friend or family on a local mortgage broker. they can search lots of different programs and find one that fits you...if they do their job right. you can also try fha which isn't score based. if those lates are the only derogatory items and they're from a few years back, you shouldn't have any problems. how's your scores anyway?
You might try and run your information by PGNF Home Lending in IL ask for Lou Shipka 1-866-353-8326 see if he can help you.
Generally I just lurk, and not very often. But your post just caught my eye and so I did a quick search simply for "mortgage" and it came back with almost 6000 responses. You may want to scan through them and see who on the board is knowledgeable in that area. Or you can simply check with people you know locally and ask them who they would recommend as a good mortgage broker. BTW, here is the result of the search: http://consumers.creditnet.com/stra...id=244073&sortby=lastpost&sortorder=ascending good luck.
One thing I found helpful is to drop by other credit discussion boards that have a mortgage section. Typically a lot of expertise can be found there. I like creditboards.com mortgage forum. I found it very useful to send anyone I might do business with PDFs of my own recent FICO reports. It eliminates hard inquiries that are not productive and gets you a better idea of what you're looking at. If you speak with a rep for a particular lendor, they can only tell you about their policies. If you speak with a broker, they can offer a lot of different products. Get a few opinions based on your own copies of your credit reports and the income/debt questions they'll ask you. What I found was that after speaking with a few people, the limitations I kept running into were "real", that is, my recent BK limited some options. The other thing I want to address is your inquiries. In theory, a group of loan related inquiries within 30 days are counted as one. I have seen this happen on my own FICO scores, after I shopped for mortgages. So it's possible your scores are not that much lower because of all the car loan inquiries. With that in mind, try to get your loan apps lined up for the same time, so all of them fall within 30 days. I had six different credit pulls and my score barely dropped, so I really think the 30 day FICO thing is real.
