To put it without beating around the bush: your chances are nil. You are a high risk borrower even though your credit score is slightly better than bad. You may blame the lender’s stringent policy but once you jump into the other party’s shoes the vision will change dramatically. As a loan officer you would be simply following your superior’s orders. The board of directors require that the bank is protected from defaults whose recent numbers have been significant. The money has to be made somehow providing you guarantee its repayment. Even you spare no flak consecutive lenders that keep denying your application take a hard look at yourself.
Is Poor Credit Well Earned?
The notorious mark of bad credit that your credit report carries could be attributed to various factors and circumstances as well as the personality and family influence. If you have been plagued by unsuccessful attempts at running businesses that folded up soon afterwards or been miserable at handling your finances in a properly logical manner, no wonder the credit score plummeted. With today’s direct debit or standing order tracking down all the payables is no longer problematic, but most importantly, it is the cash surplus and savings that have not been thought of somehow for worse days ahead.
At the sight of poor credit any prospective creditor will balk at first and most probably reject it. What you can do is to think how to repair what has been damaged beyond your expectations? The waiting period could take ages and if you hesitate to wait for other several years before everything is fixed you might be setting yourself up for disappointment.
FHA Loans to Help
The grand idea to help those without enough support in the form of a substantial paycheck has been somewhat warped by a multitude of defaults incurred. It is no wonder that the rules of the game will be adjusted soon so that more reliable borrowers will receive approval unlike before. With a low down payment at 3.5 % compared to standard of 10 and more percent FHA backed loans have gained quite a popularity in the low income neighborhoods. Nowadays thousands of homes are waiting for their new occupants in short sale proceedings. The whole districts and inner cities are meant for revitalization for 100 dollars in a down payment in programs Officer and Teacher Next Door for those brave souls ready to embrace a new version of the wild west conquest. If you are coming from a different place and the job you hold is not viewed in a positive light as guaranteeing long time employment the wait for better times is inevitable. And to add some fuel to fire, why should you even want to incur more debt if you are already in that kind of trouble with your unsettled debts? In this context mortgage loans for poor credit sound like a bad joke indeed.