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Is there a second chance mortgage lender for those with low credit ratings.

great job, poor credit scores, with a 5% down payment.
(0) | asked by: Ida Rivera | share | 2 weeks ago | Report
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answer by Theresa Daniels   |   Visit My Website   |   Contact Me
answered questions: 11
There might be, check with your small local bank or a larger local bank with its own underwriting department. sounds like you won't fit in the typical mold and sail through their desktop underwriting system. They will have to look at YOUR specific scenario to see the extenuating circumstances. They will pry and ask lots of questions so prepare yourself with all possible written records as back-up. Scores are determined by established credit and it being paid on time. Poor credit scores typically mean late payments (particularly during the last 12 months), new accounts or simple not enough credit established. Although 5% down sounds good at first glance, if its 5% of $50,000 that might not be enough. Don't do it online, you need a face to face meeting with a lender!
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