I am looking for A mortgage broker, or other lenders?

Question

I am in a situation where I would love to purchase a home. I am looking for someone in michigan that works with person with a bankruptcy and a credit score that is a little above 500. If you can help, please let me know. Thanks!

Answer 1

I have lenders who can do loans if you are out of bankruptcy but they might not be able to do it with a low FICO. If you want to email me the situation I can run it by them, but I can tell you right now it doesn't look too promising. I have access to a company that can fix and add credit lines to your credit report and that might boost your score, but it could take a few months.

I won't run your credit but I need to know your mid score (the middle of the 3 bureaus), how much monthly debt/expenses show up on your report, the home price you are looking at, your monthly income and if you are putting anything down on the home and I should be able to give you a ballpark figure.

Let me know if I can help!

Answer 2

How long ago was your BK and was it a chapter 7 or a 13? Going FHA - has to be discharged 2 yeas. FHA is going to be your best bet with a 500 middle credit score. Unless you have the 10 - 15 percent to put down. The sub-prime market has changed so much these past months, that it is harder for one to get a mortgage.

FHA will look at assets. Money in a checking acct, IRA - Pension, etc. Job time of 2 years (in the same field of work), rental history for 2 years. This all will be verified. ANy questions I am with VanDyk Mortgage dba, AmeriMortgage Financial Group. Home office is in Grand Rapids, MI - my office is here in Indiana.

ALSO -
When you Decide to buy, decide on how much you want to spend, if you want to escrow the taxes and insurance. Say the taxes are 1200 a YR and insurance 800 a year (just an estimate, ok) That is 2,000 a year divided by 12 = 166.66 If you paid 1,000 a month now - (166.66) your P/I Principle and Interest would be 833.34. Now you decided on the price range you are looking into. If you have great credit, a 1 loan at 130,000 at a rate of 7 percent over a 30 year time would be 864.89 - This is just a estimate - ok - Just depends on your credit. You could get a lower interest rate or it could be higher - it is all based on credit. It is up the Lender what they offer you.

It greatly depends if you need help with closing cost, (The seller could do Seller Help toward your closing cost). If that is the case, I normally tell my clients NOT to hackle over the price, since you are asking for closing cost help - especially if the home is thru a realtor, and the seller has to pay the realtor their fee which runs from 3-6 percent of the selling price, and you ask for 3-5 percent toward closing cost -assistance) Follow me so far?? You may find a For Sale By Owner, they are sometimes more willing to help you with closing cost(s) associated with your loan, since there is no realtor fees.

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.) FHA/VA approved too. 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 &/or refinancing, 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.

By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). The GFE will tell you the up-front closing cost associated with your loan. The TIL will tell you the terms, rate associated with your loan. This is a estimate only - not the final - but it does help you figure things out

Answer 3

This is in case you could o would want to wait about 1 year to purchase your own home.
I know a very good credit service, that can help you fix your credit for FREE, also get bankruptcies off your report for FREE! This is no scam, they only charge you a 25 $ processing fee to become part of their club, so you can get their service at a wholesale price, sort of like costco or sams club. It will take them about 6 to 12 months to make you more credit-worthy, but at least they are honest! Also if you are interested, they can work with you on getting business credit, if you would like to establish a business or already have an existing business. These people are really great, and if I were in your position, i would rather wait up to a year, but get a better deal when buying that house. You will also save a lot of money in interest, and a lot of headache to go shop your loan.

The Number for the credit hotline is 310-287-4777 and its called the Dream Richly Club.
There is no obligation when calling, just tell them that you were referred by Malik and they will take care of you.

Answer 4

You simply need to shop around a bit. There are mortgage brokers everywhere who will work with you. Some brokers are only interested in "A" grade paper, which refers to those with nearly impeccable credit. Others specialize in "B & C" paper, and my guess is that is where you would fall.

Talk with a variety of brokers, and choose the deal which best suits your needs. Do NOT assume that the deal will be the same everywhere you go.

Good luck !

Answer 5

When you call a broker dont let them run you credit . When people run your credit it drops your score . Tell them of the rip you situation. Dont shop too much. Im a loan officer and I can tell you we all use the same lenders anyway.