Mortgage broker that deals with low credit score???
I need help, my husband and I have been turned down for a mortgage a couple times. He has absolutely no credit history, I have a low-middle score. We have recently found a rent to own which is okay for now but is verrrry small and we don't own the land. I know that we can't stay there forever, but worried our credit won't be good enough by that time. We would like to have a family but I'd like to be a little more secure before that happens. God, I hate money. Why is it that other people that have worse credit than us can get approved???? Does anyone know a trick that can help us along????
sorry, forgot to mention I'm in Alberta, Canada, if that matters
- Anonymous1 decade agoBest Answer
Have you tried FHA loans, as long as your current history is ok in the last 12 months (usually this means a score over 580). You should be ok, FHA revies credit history not score and they will be willing to look at alternate tradelines (such as utility bills) for your husband since he has no credit. If you can hold off, i'd wait at least a year open a few accounts in your husbands name and make sure he keeps paying them on time. Continue paying your bills on time and keep the amount of debt on them low. in a year or so he should have established some history and your score should raise some.Source(s): mortgage broker
- mapstonLv 43 years ago
Banks in many situations shop their mortgages and do each and every of the servicing themselves. the biggest income to it truly is having a guy or woman you are able to actual bypass to in case you ever have problems or choose something. It additionally seems good to help your close by agencies, and could be great to have people who actual comprehend you working for you. on the different hand..... which would be the biggest draw back, too. in case you run into hardship, you have anybody on the city understanding your business enterprise earlier you became it around. that would desire to be embarrassing. loan brokers do particularly some busines and would get you greater desirable deals interest-sensible. they have greater resourceful financing suggestions accessible. the great draw back is that usually those "resourceful" loans chew you interior the butt later. (Like arms, or Balloon funds, or "interest in simple terms" fee suggestions or Pre-fee consequences.) examine heavily each and every grant you get. Ask what it is going to fee you in case you pay this very own loan off early. Ask in case you pays it off early with out penalty or with out dropping funds. Ask once you are able to refinance it--would desire to an superior deal come alongside later. (on occasion you will desire to attend a pair of years or pay enormous dollars.) lead them to clarify each and every little thing, whether they get truly aggravated. (in the event that they do, locate yet another loan broking provider.) yet another draw back of brokers is they infrequently, if ever, provider the loans themselves. this ability which you will have your loan bought over and over back--in the process the existence of the non-public loan--to servicing companies. it truly is extremely annoying to you. One month you pay the fee to XYZ business enterprise, the subsequent month you pay it to ABC business enterprise in yet another state. some companies are greater desirable than others, too. some have not got actual human beings answering the telephone--in simple terms recordings. some are in states you have in no way heard of. some can charge $50 late expenditures, and a few can charge $20 late expenditures. that's well worth it to apply a broking provider in case you get a terrific deal--yet once you don't get an superior deal than the financial company, bypass with the financial company.