Financing in Ventura>Question Details

Mnjfrazier, Home Buyer in Oxnard, CA

With bad credit what type of place is it easiest to get a home loan? Would it be a bank, credit union, or what. Thanks

Asked by Mnjfrazier, Oxnard, CA Wed May 2, 2012

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Having worked for all but a Credit Union, bankers/brokers have the most flexibility whereas the credit union can sometimes do some nice out-of-the-box lending to their members.

As was stated numerous times here, have a trusted loan officer review your credit then make a decision how to proceed. With the exception of major credit problems a large % of potential borrowers are within reach, they just need 1-6 months to fix up their credit.
Web Reference: http://RobWeber.com
0 votes Thank Flag Link Wed May 2, 2012
Mortgage broker is the best option because they have multiple sources to take your loan to. Mortgage banker can also be good too. Credit Union is probably the least likely to be able to help you. The first thing I would do is have a experienced loan officer check your credit and analyze it to see if you can make any quick changes to bump your score. A better score can get you a better interest rate and a more smooth loan closing.

Rob,
858-922-7899
0 votes Thank Flag Link Wed May 2, 2012
I would suggest applying for an FHA loan with CFC Mortgage Bankers, Raul Gomez, 805-501-1263 or RG4Loans@aol.com. Tell him Blake sent ya!
0 votes Thank Flag Link Wed May 2, 2012
go to a mortgage broker. They usually have access to conventional and non-conventional sources
0 votes Thank Flag Link Wed May 2, 2012
Seller Financing with a substantial down. If you are over 62, you can purchase with (25-)50% down with a reverse mortgage. Bad credit is a relative term. What are your credit scores from the 3 credit bureaus?
0 votes Thank Flag Link Wed May 2, 2012
It isn’t easy to get a mortgage with good credit. Have your Realtor introduce you to the loan officer they trust the most. Gather all of the support documents that will be needed to apply for a loan and meet with the LO face-to-face, have them walk you through the process and options available, good luck, home this helps,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Wed May 2, 2012
You would need to define "bad." Also, all "bad" credit is not created equally. Some people have low credit scores due to things like medical collections but are still creditworthy. There is no one place that is better or worse, it's your entire credit profile that's important and the circumstances surrounding it.
0 votes Thank Flag Link Wed May 2, 2012
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