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mortgage loans for 1st time buyers with not so perfect credit?
Does anyone know where is the best place to go for a 1st time home loan when the credits not so perfect? I live in Illinois
By
mommykins
Posted on
01/01/08 Total Answers
6
Answers-
Try First Horizon...you can look them up on line.
Answer by :
tandkalexander On Date
2008-01-01 11:58:59
What type of credit score are we talking about here?
Talk to a loan officer at a mortgage lending bank. They should be able to direct you to someone else if you are not elgible for what they are offering, but most lenders deal with a large variety of loans both prime and not-so-prime.
If your credit is slightly tarnished, may I suggest offering a larger down payment? Usually lenders are more lenient if they see you putting more of your own money on the line.
Answer by :
Nave On Date
2008-01-01 11:59:15
Check out Bank of America
Answer by :
Chad On Date
2008-01-01 12:03:20
So you think that you're ready to buy your own home? Hopefully you've done a little research online to make your first home buying experience a good one. First of all you should contact a mortgage broker that will preapprove you for your new mortgage. This is now more important than ever<!--It's also important that once you receive a preapproval you get busy right away looking for your new home. The reasoning for this is that with the mortgage meltdown lenders are changing their lending programs as quickly as Paris Hilton changes her boyfriends. Scary, huh?
http://mortgages-finance.awardspace.com/First-Time-Home-Buyers-Loans.htm
At this point you will let the mortgage broker now how much you would like to get preapproved for. The broker will then take a full mortgage-->loan application. The mortgage broker will also run your credit. With all this information in hand the mortgage broker will see if you have enough income for the price of the home that you would like to purchase.
Answer by :
White On Date
2008-01-01 16:36:21
Looking for good loan info and places to get easy loans try here
http://www.loansurf.info
Answer by :
Billy B On Date
2008-01-02 00:04:42
Referrals are usually the best way to go, but I guess that's what you're coming to us for. ;-)
Use an "up front mortgage broker." These are people who commit in writing how much the loan will cost.
I'm putting a link below from Dr. Jack Guttentag's site. He's a retired mortgage professor from Wharton. Read what he says about finding these people. He also lists them on the site, but read it first so you know what to expect.
2nd, and this is very important, ask lots of questions. A couple of my favorites are -- after it appears they've told you everything --...
1) What would you recommend if I were your sister (daughter, mother, etc.)?
2) Is there anything else I should ask? What have we not covered? Since we're new at this, what might we need more information about?
