No credit score mortgages

[been there]

Bk loan

Nick,
My understanding is that most sub prime lenders are score dependant. I just got a govt. loan at 6.5%. I am 13 months out of a BK with a 487 mid credit score. Countrywide turned us down, but NLMC approved us. I was told there is NO credit score requirement for a Govt. loan but some of the huge companies just don't do them cause they have thousands of great looking applicants that they can do without any risk. A few people told us that. Apparently thats true! This company uses there own money. Maybe that is why we got approved??

[MTG_BANKER_OH]

Nick,
My understanding is that most sub prime lenders are score dependant. I just got a govt. loan at 6.5%. I am 13 months out of a BK with a 487 mid credit score. Countrywide turned us down, but NLMC approved us. I was told there is NO credit score requirement for a Govt. loan but some of the huge companies just don't do them cause they have thousands of great looking applicants that they can do without any risk. A few people told us that. Apparently thats true! This company uses there own money. Maybe that is why we got approved??

Government loans are not score dependent. Were there any extenuating circumstances with your BK? We lend our moey on our government loans as well but that does not mean we can go out side of FHA guidelines. Let us know when you close, your posts really seem like some sort of solicitation for this company then a post on a website.

[newstart]

Are you just getting out of a BK? It is going to be tough without any scores because most of the lenders that do loans just out of BK are score dependent . I do not know of any that will use alternative credit with a no score. You may want to look at establishing some credit and waiting 3 months for it to show up and your scores bounce back pretty quickly. Do you not have any credit at this time. If it was not for the recent BK you could probably get a loan with alternative credit by getting letter from your utilitiy commpanies that your bills have been paid on time, cell phone bills, gas, electric, etc..

I have credit and credit scores I was just wondering how it works and would it be a choice for me to consider. I guess I just wasn't sure what it was. I have built my credit up and have had positive credit history but what I don't know is if it is too early to apply for a mortgage and if I am not sure of the house I want can I still apply without a property or set amount just to see if I can get approved and how much I will be approved for?

[JeepMom]

I have 2 mortgage offers and no house picked out.

The ones we looked at tonight went into the "No" pile.

[been there]

Nick,
I spoke to my bank after reading your comments. Maybe you have different guidelines? I was emailed a form from (an FHA 4155 form???) or something like that. Im sure you know what Im talking about and it basically says I CAN obtain financing in my situation. Im 13 months out of my BK,low score, I have 1 new credit card I got about 4 months ago,thats it. I actually didn't believe I was approved and wanted proof. I was sent some type of computer generated approval (with an FHA case number) form that my RE agent said was as good as gold. Is their something Im missing?? I was told most mortgage bankers just broker out loans to the big companies who set their own guidelines on top of what is required from FHA. These guys don't have to. It's their money they lend. Maybe that is why you think it is outside of the guidelines? Because they dont have to abide by the same guidelines that you do?Im very curious. Also, I could care less if anyone visits NLMC's web site and Im not soliciting for anyone. I've perused this site a few times looking for tips. I tried numerous brokers and "bankers" like yourself with no luck. These people helped me and my family out tremendously,and if they can do that for some other people who have gone through what my family and myself have gone through...then good for them. And are you not soliciting and promoting yourself by being on here, a BK forum as " MTG BANKER OH"??? A little hypocrisy there, don't ya think? But I will take your advice and concerns seriously. If you think there is something I should be concerned about...by all means let me know!

[MTG_BANKER_OH]

Nick,
I spoke to my bank after reading your comments. Maybe you have different guidelines? I was emailed a form from (an FHA 4155 form???) or something like that. Im sure you know what Im talking about and it basically says I CAN obtain financing in my situation. Im 13 months out of my BK,low score, I have 1 new credit card I got about 4 months ago,thats it. I actually didn't believe I was approved and wanted proof. I was sent some type of computer generated approval (with an FHA case number) form that my RE agent said was as good as gold. Is their something Im missing?? I was told most mortgage bankers just broker out loans to the big companies who set their own guidelines on top of what is required from FHA. These guys don't have to. It's their money they lend. Maybe that is why you think it is outside of the guidelines? Because they dont have to abide by the same guidelines that you do?Im very curious. Also, I could care less if anyone visits NLMC's web site and Im not soliciting for anyone. I've perused this site a few times looking for tips. I tried numerous brokers and "bankers" like yourself with no luck. These people helped me and my family out tremendously,and if they can do that for some other people who have gone through what my family and myself have gone through...then good for them. And are you not soliciting and promoting yourself by being on here, a BK forum as " MTG BANKER OH"??? A little hypocrisy there, don't ya think? But I will take your advice and concerns seriously. If you think there is something I should be concerned about...by all means let me know!

What was the reason for your BK? If you have a automated approval you should not have a problem but expect some documentation on the Chapter 7 and why it happened. I am happy for you that you were ablle to obtain financing through FHA. Here is some inforfmation from the FHa underwting guidelines:


A Chapter 7 bankruptcy (liquidation) does not disqualify a borrower from obtaining an FHA-insured mortgage if at least two years have elapsed since the date of the discharge of the bankruptcy.

The borrower must have reestablished good credit or chosen not to incur new credit obligations.

The borrower also must have demonstrated a documented ability to responsibly manage his or her financial affairs.

An elapsed period of less than two years, but not less than 12 months, may be acceptable if the borrower can show that the bankruptcy was caused by extenuating circumstances beyond his or her control, and

Has since exhibited a documented ability to manage his or her financial affairs in a responsible manner.

The lender must document that the borrower's current situation indicates that the events that led to the bankruptcy are not likely to recur


If this fits your situation then you should be ok. An automated approval is about 98% good. The other lenders you checked probably did nto even run it through the automated underwriting system or they would have gotten the same response of an approval. We all run the same system when it comes to approvals. I would not be worried about the determination, but I have never seen one with a BK less then a year get approved through the automated system, usually you have ot send it in for a manual underwrite. FHA loans are not different from one place to another just the lender that underwrites them, some are more strict and others are not so strict. I am really here to help people out I can only do loans in ohio and florida and if you have read through the posts most of the people here are from all over the country, that would be a waste of time helping people in states I cannot even do loans if I was just here soliciting. I a offering free advice without asking for anything in return. Congratulations, please keep us updated on your progress.



Were you in a chapter 13 or a chapter 7?

[Tedderbear]

Been There-
What state do you live in? WIll NLMC work with you regardless of what state you are in? I live in North Carolina.

[Spiritwovles_2]

CONGRATS to you ! you must be so excited. Things are looking up for you and that is great...
did you go thru lending tree or something to get offers just curious becuz im going to be looking shortly and wanted to know which route to go.
congrats again.

I have 2 mortgage offers and no house picked out.

The ones we looked at tonight went into the "No" pile.

[MTG_BANKER_OH]

CONGRATS to you ! you must be so excited. Things are looking up for you and that is great...
did you go thru lending tree or something to get offers just curious becuz im going to be looking shortly and wanted to know which route to go.
congrats again.

Your best bet is to get a couple of quotes, a referral from a friend, a bank quote and a broker, and compare. I would not just call anyone out of the phone book.

[Spiritwovles_2]

Your best bet is to get a couple of quotes, a referral from a friend, a bank quote and a broker, and compare. I would not just call anyone out of the phone book.

******************

Thank you so much!
what do you mean by a referral from a friend?
Plus how do you go about getting 'quotes' if your not using lending tree?
do we just go into places of interest to us (banks,etc) and state were interested in seeing
what they can do for us as far as a home mtg goes?

[Spiritwovles_2]

what is NLMC ?

[JeepMom]

******************

Thank you so much!
what do you mean by a referral from a friend?
Plus how do you go about getting 'quotes' if your not using lending tree?
do we just go into places of interest to us (banks,etc) and state were interested in seeing
what they can do for us as far as a home mtg goes?

Ask your friends who they carry thier mortgage with, are they happy, what kind of rate are they getting?

You can call a mortgage broker and get pre-approved.

[Spiritwovles_2]

Ask your friends who they carry thier mortgage with, are they happy, what kind of rate are they getting?

You can call a mortgage broker and get pre-approved.

Thanx JeepMom

[MTG_BANKER_OH]

******************

Thank you so much!
what do you mean by a referral from a friend?
Plus how do you go about getting 'quotes' if your not using lending tree?
do we just go into places of interest to us (banks,etc) and state were interested in seeing
what they can do for us as far as a home mtg goes?

A friend that has purchased or refinanced their home is usually the best bet for a good referral as long as they were happy with their service. If you are working with a realtor they are usually a good resource because they have worked with this person and know they provide good service, you also may want to call your local bank who you do checking and savings with. I am not saying lendingtree is bad but you are getting calls from people that paid for the opportunity to talk to you, and they have to make that money up somewhere. And in my experience sometimes people there will tell you what you want to hear, so that you stop talking to the other people until the last minute. If you do lending tree have one person pull your credit and do no not have every broker there pull your credit. Have someone pull your credit scores and then tell them what your scores are, or check them out at myfico.com.

Do you have a realtor?

[Spiritwovles_2]

A friend that has purchased or refinanced their home is usually the best bet for a good referral as long as they were happy with their service. If you are working with a realtor they are usually a good resource because they have worked with this person and know they provide good service, you also may want to call your local bank who you do checking and savings with. I am not saying lendingtree is bad but you are getting calls from people that paid for the opportunity to talk to you, and they have to make that money up somewhere. And in my experience sometimes people there will tell you what you want to hear, so that you stop talking to the other people until the last minute. If you do lending tree have one person pull your credit and do no not have every broker there pull your credit. Have someone pull your credit scores and then tell them what your scores are, or check them out at myfico.com.

Do you have a realtor?

Hi MTG_BANKER_OH,
thank you for explaining that, yes that makes sense.
no we dont have a realtor yet. We are thinking of doing a rent to own but have to weigh our options first. We arent very sure at this point how rent to owns work all the fine details of one.