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“Anyone can qualify regardless of credit”. “No application refused”. “No minimum credit score required”. The ads are still out there and mostly on Craigslist. Generally those ads are not from mortgage lenders or banks but from mortgage lead generation companies. Unlike mortgage companies lead generators are not required to be licensed, don’t offer home loan services and are not held to the strict standards of mortgage companies in advertising so they make a lot of outrageous claims hoping to get as many people to give them their information as possible.
The truth is there just aren’t any conventional home loans for people with “bad credit”. Not even FHA as is often misconstrued. FHA home loans, just like conventional home loans, actually require a relatively clean credit history although they do allow some negative reporting – even that is limited to scope and history.
There is an answer, however, and I have been able to use some pretty powerful tools to help people clear up some negative issues on their credit report and get to the point where they could qualify for a loan. Only once did I do that and then had the guy say, “thank you now I qualify at my bank” and waste our time and resources.
Essentially we use some fairly sophisticated credit scenario software. If you’re just a couple of dozen points short of qualifying and the program sees a way to help we can use that. Recently I gave the results to a couple who raised their score from 565 to 635 in just a few short weeks. Currently I have a client who is going from a 545 to a 610 and she only needs a 620 so with an extra month of good payments she will likely qualify.
This is not for people who just want a quick fix so they can “get a home”. This is for people who have made a couple of bad decisions but have matured and understand the importance of maintaining a good credit history. It is for people who are serious about makeing all of their payments on time and not getting overburdened with debt for things they either don’t need or can wait until they can pay cash for.
If you have bad credit but recognize you have been through a “rough spot” or have learned to be a better steward then this program can help you. There is no charge for it … the cost comes from “my pocket”. I get repaid when we get you qualified and you buy a home. This is not for people who don’t have any intention of buying a home and just want their credit to get better. It’s not a credit repair or credit restoration scheme where you pay me up front or even after I get your credit up to snuff.
It’s a powerful tool to help those who are serious about owning and caring for a home but who may have had issues including bankruptcy, judgments or other issues. Call me and let’s talk. Georgia only at this time.
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— Ken Cook NMLS ID 208452
Ken… excellent information as usual. We need to educate the consumer and realtor that it’s not as easy as it sounds. And you made an excellent point that many of these ads and such are from companies that are lead generators for other mortgage companies. And just for the fact that they don’t have to adhere to the strict lending laws when it comes to advertisement. Just enough to make the phones ring. Again, great job with this. Thanks, Jeff