I would like to know where I can get a mortgage, I have no credit history, reason I'm a victim of idenity thief and had to file chpt. 7, this was discharged on sept. 6.2005 I have a credit score of only 549, I cannot get anyone to help me not even my relatives cannot co-sign for me, I never ask for help before I've always help my sisters and brothers but now I cannot get help from them, would someone please send me some help. I need to get out of this rental house the utilities are high because the house is no good, please send me a mortgage co. I know that the interest rate will be costly but I can get it refinanced withen 8 mos to a year. somebody I need help I'm all packed and have a contract on this home before it falls in on me, I will appreciate any help that I can get. Other mortgage companies said that they could help but I'm still here. I'm at my witts in and going insane I don't know where else to turn I've ran out of resources. what can I do? I'm stressed out.HELP! jean.
2006-08-21 15:49:58 · 14 answers · asked by frost75 1 in Business & Finance ➔ Renting & Real Estate
Nobody does 100% loans under credit score of 560. Only a very few go under 580.
The good news is that it's not difficult to raise your score into the 600s. The bad news it takes more time than you have.
The only prayer you have is a seller carryback to get down to where a lender will be willing to lend you enough money. Even for most subprime lenders, this will be at least 10% of the purchase price, and not all of them allow carrybacks.
2006-08-21 16:12:08 · answer #1 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
Right now, the sub-prime market is going crazy. You should be able to do an online seach for "mortgage finance + your location", and come up with a list of companies to call.
Just lay it all out for them, and be sure to ask about sub-prime.
I know that Well's Fargo, Arvest, and many others are moving into that market in a big way, if not already there.
Also, many banks are now offering options as well. Go talk to your bank's loan officer and find out what they are offering.
We are selling our home to someone in your situation and the bank is even financing the down payment and closing cost (creative financing)!
Hope this helps a bit and good luck on getting into a better place!
2006-08-22 00:55:04 · answer #2 · answered by Darrell B 1 · 0⤊ 0⤋
You may have multiple options...Even with a 549 credit score...
Do you have money for a down payment? If so, what percentage of the sales price do you have to put down?
THe more you have to put down on a property, the better chances you have for qualifying..
If you are looking for 100% financing, it is impossible with your credit score... You need at least a 600 score to qualify 100%..
Now if you have even 5% to put down, you may be able to get a loan.,..
Either way, you wont know until you have a specialized lender take a look at your situation..
What state are you in?
The reason i ask is i work with Providential Bancorp.. We are a sepecialized lender covering most of the US...
We have many program options for people with bad credit... Are you a first time home buyer? If so, we also have many programs for people getting into their first house as well...
What i suggest is that you give me a call, and have me take a look at your situation... Feel free to call me at 312-264-6448, or email me at jasonf@providential.com..
Good Luck!
Jason Fry
Licensed Mortgage Consultant
Providential Bancorp
312-264-6448
2006-08-22 10:40:59 · answer #3 · answered by MortgageGuy 3 · 0⤊ 0⤋
With a 549 score you are looking at 90% max because of the BK. I would need to know where the property is located in order to determine if I can help or not. There are many different programs available to borrowers in your situation but it is going to require a down payment. If you could give me some additional info I may be able to figure out a program or get you in touch with someone that can help. Contact me via email or call me at my office (614) 985-3771
Thank You,
Curt
2006-08-22 12:25:38 · answer #4 · answered by c b 1 · 0⤊ 0⤋
Shore Mortage
2006-08-21 22:57:42 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Umm, nope, you are screwed. And you are lying also, nobody files chapter seven because of identity theft. There is absolutely no point in it. Identity theft would be properly documented, and a bankruptcy judge is not allowed to discharge debts you did not incur yourself. It's against the law. The only debts he can discharge are ones that you have admitted in court to have accrued yourself. I settle hundreds of bankruptcy suits a year, so I am sorry if you are irresponsible about your debts, now it the time you have to pay for your mistakes.
2006-08-21 22:57:16 · answer #6 · answered by Anonymous · 1⤊ 1⤋
How to Get Rid of Your Bad Credit in Two Months
By: Talbert Williams
This is one of many good articles in this web site...
Good luck
2006-08-21 23:00:17 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Go to Lending Tree Online. I don't have much credit either and Had several offers from them.
2006-08-21 22:58:36 · answer #8 · answered by Lauren1980 3 · 0⤊ 0⤋
go to a mortgage broker or a finance company that will find the loan for you, they can find the best loan for what you earn and they also find the cheapest rates..
2006-08-21 22:57:41 · answer #9 · answered by xsplodeit 4 · 0⤊ 0⤋
My company has over 100 lenders that we work with. Email me at mmorganloans@yahoo.com and I can help you.
2006-08-22 00:11:21 · answer #10 · answered by mmorganloans 2 · 0⤊ 0⤋