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Old 07-18-2010, 08:15 AM
 
Location: DFW
40 posts, read 118,409 times
Reputation: 18

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Anyone?
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Old 07-18-2010, 08:25 AM
 
Location: North Texas
24,561 posts, read 40,296,127 times
Reputation: 28564
Quote:
Originally Posted by Twinn View Post
Anyone?
If you have to ask you probably won't like the answer.
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Old 07-18-2010, 08:35 AM
 
Location: DFW
40 posts, read 118,409 times
Reputation: 18
I was just wondering if anyone out there knows someone in the business
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Old 07-18-2010, 10:36 AM
 
3,804 posts, read 9,325,283 times
Reputation: 4978
Credit challenged is kind of a wide swath. Guidelines are waaay tighter today, with good and obvious reasons. It is tough to diagnose your situation without knowing more.

Have you applied and been turned down? PM me -- I would be happy to help without necessarily soliciting your business.
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Old 07-18-2010, 01:33 PM
 
Location: Dallas/Fort Worth, Texas
4,207 posts, read 15,260,214 times
Reputation: 2720
How bad is challenged? Do you know your score? how about DTI?

Naima
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Old 07-18-2010, 03:52 PM
 
Location: TX
2,018 posts, read 3,524,605 times
Reputation: 2180
It's hard now. We had a buyer who had the pre-approval and still couldn't get funding for the loan. Twice. Even if you get a pre-approval, don't count on getting the loan. You may not even know till a few days before closing.
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Old 07-18-2010, 03:56 PM
 
Location: Kingwood, Texas
499 posts, read 2,157,634 times
Reputation: 343
lower than 620? forget it. honestly. Not being negative, just forget it. Unless you have a substantial downpayment 25-30%. Even if you make 150k annual, have zero debt - if you have a sub 600 credit score, no one will talk to you. Just the way it is now.
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Old 07-19-2010, 01:41 AM
 
Location: Dallas/Fort Worth, Texas
4,207 posts, read 15,260,214 times
Reputation: 2720
Quote:
Originally Posted by kreeyax View Post
It's hard now. We had a buyer who had the pre-approval and still couldn't get funding for the loan. Twice. Even if you get a pre-approval, don't count on getting the loan. You may not even know till a few days before closing.
What your buyer had was likely a Pre-qualification and some lenders call it a pre-approval. A pre-qual letter is issued when the credit report is reviewed. The requires the borrower to give his name, address and social to the loan officer. An approval is issued once a full loan application is filled out, pay stubs, bank statements, employment, assets, source of downpayment and more are verified. Once that approval is received, it's very difficult to get denied the loan unless the income or something drastic changed between the time of application and time of closing.

Naima
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Old 07-19-2010, 04:19 PM
 
6,823 posts, read 14,039,451 times
Reputation: 5756
Quote:
Originally Posted by Reivax View Post
lower than 620? forget it. honestly. Not being negative, just forget it. Unless you have a substantial downpayment 25-30%. Even if you make 150k annual, have zero debt - if you have a sub 600 credit score, no one will talk to you. Just the way it is now.


This is pretty much the industry standard now. If your credit is below 620 you will need to focus your attention on raising your score to this magic mark instead of trying to find someone who will do it with a score below 620. The industry has really tighten down the requirements.
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