What is a good company that I can get a Mortgage through that deals with bad credit in IL?

Question

I have tried Lending tree and many others that claim to help those with bad credit and I cant find any company in IL that I can get a mortgage for a $150k house... Can someone please help me find a mortgage before this house I want is sold...

I have tried Lending tree and many others that claim to help those with bad credit and I cant find any company in IL that I can get a mortgage for a $150k house... Can someone please help me find a mortgage before this house I want is sold... And my credit score is low 500s... Think around 520... (If only they taught the importance of credit in school 12yrs ago when I was in HS...)

Answer 1

Call Homestead Financial
1-800-Granny-8

(Seriously, this is the phone number given during the jingle!)

Answer 2

I would STRONGLY recommend that you find a local mortgage broker that specializes in difficult credit situations. Depending on your exact situation, you may not be able to qualify for any loan, but a mortgage broker will be able to quickly assess your situation and, if necessary, talk to dozens of lenders that you've never heard of. Avoid the Argent, Household and Beneficial (the last two are part of the same corp.) financials of the world. Unfortunantely, being in a bad credit situation limits your options. Look to put yourself in a better short term position and work on improving you credit.

Answer 3

Lenders look at the middle credit score to qualify you. If your middle score is 520 than you will need to do some creative financing. You could get approved for 80 percent/ with the seller carrying a 15 percent and you bringing in 5 percent. The best thing to do is try and work on your credit, I know that is not what you want to hear right now, since the house on the market is the one you want.

Or
You could have a co-singer on the loan for you. Or, if the person would be willing to have you do a land contract for 12 months, you pay by check (lenders will want to see the cancelled checks as proof that you have paid on time, and proof that it was a true contract). The contract has to be recorded at the local court house, same as a mortgage. Than in 1 yr (12 months) you can do a refinance on the home, and pay the buyer off. That will give you 1 yr to re-build your credit.

Credit Scoring - How it Works
. Credit scoring is a statistical method that lenders use to quickly and objectively assess the credit risk of a loan applicant. The score is a number that rates the likelihood you will pay back a loan. Scores range from 350 (high risk) to 950 (low risk). There are a few types of credit scores; the most widely used are FICO? scores, which were developed by Fair Isaac & Company, Inc. for each of the credit reporting agencies.
Credit scores only consider the information contained in your credit profile. They do not consider your income, savings, down payment amount, or demographic factors like gender, race, nationality or marital status. Past delinquencies, derogatory payment behavior, current debt level, length of credit history, types of credit and number of inquiries are all considered in credit scores. Your score considers both positive and negative information in your credit report. Late payments will lower your score, but establishing or re-establishing a good track record of making payments on time will raise your score.
Different portions of your credit file are given different weights. They are:
35% - Previous credit performance (specific to your payment history)
30% - Current level of indebtedness (current balance compared to high credit)
15% - Time credit has been in use (opening date)
15% - Types of credit available (installment loans, revolving and debit accounts)
5% - Pursuit of new credit (number of inquiries)
The most important factor for a good credit score is paying your bills on time. Even if the debt you owe is a small amount, it is crucial that you make payments on time. In addition, you may want to: keep balances low on credit cards and other "revolving credit;" apply for and open new credit accounts only as needed; and pay off debt rather than moving it around. Also don't close unused cards as a short-term strategy to raise your score. Owing the same amount but having fewer open accounts may lower your score.
Recent changes minimize the negative effects that rate shopping can have on a mortgage applicant. If there is a consumer originated inquiry within the past 365 days from mortgage or auto related industries, these inquiries are ignored for scoring purposes for the first 30 calendar days; then, multiple inquiries within the next 14 days are counted as one. Each inquiry will still appear on the credit report.
Every score is accompanied by a maximum of four reason codes. Reason codes identify the most significant reason that you did not score higher. The reason codes can help a lender describe the reasons for higher than expected rates or loan denial. Scores are not part of the credit profile and are not covered by the Fair Credit Reporting Act.
Your credit report must contain at least one account which has been open for six months or greater, and at least one account that has been updated in the past six months for you to get a credit score. This ensures that there is enough information in your report to generate an accurate score. If you do not meet the minimum criteria for getting a score, you may need to establish a credit history prior to applying for a mortgage.

You stated "I have tried Lending tree and many others" Please use a Broker, one that will only pull your credit one time. Why? Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.

Answer 4

You CANNOT find a GOOD mortgage company if you have BAD credit, but you can easily find a BAD one, and then you will be in BIG TROUBLE.

Answer 5

Hi, my name is Richard I’m a messenger from Bank One Branch letting or customers and feature customers know about our lowering rates and monthlies. Our money saving program allows us to help our customers like you qualify to save more money on your current loan or find the lowest monthly for your new one.

This program gives you no wearies on spending money to learn how to save on your current mortgage or finding you a new loan. This program allows us to help you with any questions about your mortgage. Our program could also help you put money into investment property for those who like to invest. We strive to teach or customers as we guide you to the perfect loan.

We are affiliated with many financial institutions and we work along side with other 50 different lenders. This gives our customers a wide range of products to fit your beneficial and financial needs. Finding the lowest payments guaranteed and to keep your money in your pocket. We are a financial brokerage branch of Kohl Well Banker finding the best rates possible by evaluating our customers situation allows us to custom tailor any loan for their beneficial needs.


So let us help you today call [phone] or toll free 1-877-390-9171 ask for Ricky and I will help you out or email me [e-mail]

Answer 6

need to know your credit scores, preferably your middle score. can have an answer for you within a day.

Answer 7

Try this one:

http://www.diversifiedlender.com/

Answer 8

backinbow said it ALL!