Why is it that you can rent an apt but when you try to get a house and they advertise we take anyone they dont

Question

These finance company's will advertise we can help "ANYONE" they actually cant, i dont get it !!!!

Answer 1

When you rent an apartment, the landlord can be an individual who doesn't even pull your credit report to make a decision on you. But when you apply for a home purchase loan, they'll carefully analyze your credit report.

Myself, I was in the same frustrating situation: I had poor credit and the first two lenders denied me even though they said they wouldn't.

I was surprised. But, I knew that like many of these shopping situations, the more you research, the better deal you'll get. Fortunately I found a site that did the work for me at http://www.LendersRated.com/
It has unbiased ratings, comparisons or reviews of home loan companies for folks with good and terrible credit.

I hope this helps you.
Leafgreen

Answer 2

They have new programs out there now for getting financed. We are in the process of buying a home.
We have been approved with no money down on the home and no closing costs. All we had to do was put down $350.00 for a appraisal. We went through many companies before we found the right one. Do be careful in your search. Make sure the mortgage company has your best interest up front. Knowing before you pay the appraisal you will get the house. We lost money before not doing it that way. Remember you are the buyer....you have more say so than you actually know.

Answer 3

I think there are many lines that must be dealt with in obtaining a mortgage. There are high risk loans that are availble to those with less than perfect credit. You may want to make sure you are dealing with that type of a lender if that is what may be the need for not being consdered for a loan.