Hi, I have a pretty bad credit history, but have been working to fix it over the last year or so. My score is still really low (580). I applied for a mortgage with Full Spectrum Lending (Countrywide) and, to my suprise, was approved. I'm skeptical because I really didn't think I'd qualify for a loan. I'm just wondering if anyone out there has experience with this company. I just keep thinking that if it's too good to be true....it probably is. Thanks for the help!
I am with Countrywide now, and have had no problems. I pay online and when I have questions I always get an intelligent person on the phone. I didn't choose them, my loan was sold 4 times in 6 months and ended up with Countrywide.(The joys of subprime) When I refi in a couple of months, I will give them a chance to keep me for the right price.
I've seen several people post good things about Countrywide, that makes me feel better. The main reason I was skeptical was because I have a friend who is trying to get pre-approved for a mortgage through a bank and she had to fill out tons of paperwork and I just called someone and was pre-approved over the phone in about 30 minutes. Just thought it was strange, but I guess mortgage companies have less hoops to jump through than traditional banks. Thanks!
Countrywide is sub prime lender. Its not undeard of if you get an approval at mid score 580. Sub prime scores for approval have gone to 580 from 620. You can go lower than this BUT your interest would be out the roof and you would have to come up with a large amount of down payment.
I went through a broker when we bought our home (2000). Rates were competive for the time (8.5%). We refied a couple of years ago through the CU for 4.75%. Prior to that we had zero problems out of them. The only thing was they wanted more to refi the loan than the CU so we walked.
I have Countrywide now and love them. Loan rep is helpful and infomative. I spoke with her last week about financing for a new home and we got into the credit score discussion and she advised once you get your credit score at 500+ - they can approve you. I thought this might make you feel better about your approval! Congrats!
