We work with a variety of lenders and we have a few right now that will do low score FHA. The biggest hurdle right now is the cost because of how volatile rates are.
A broken lease will only affect you if it’s tanked your score because it was added as a collection on your account. FHA allows collections. You can learn more here bayou-mortgage.com/fha-guidelines-for-collections-charge-offs-and-judgements/. The bigger issue will be the loan amount. Most lender are going to have a minimum loan amount much higher than $10k
Why do companies just shut you down if you don’t have good credit score i feel it’s like discrimination they don’t say or talk about options they just flat out say YOU DONT QUALIFY like they don’t care they just run away if your not going to get a conventional loan
It can definitely be frustrating. Most loan officers unfortunately don't want to waste their time and only look for the easy loans becuase it's all they know how to do. It's one of the reasons I started this channel to help people who get treated badly.
Great video
Thanks!😊
Does bayou mortgage follow these guidelines when approving potential buyers?
We work with a variety of lenders and we have a few right now that will do low score FHA. The biggest hurdle right now is the cost because of how volatile rates are.
How about a broken lease but i'm buying a $10,000 foreclosed house from a auctions to flip?
A broken lease will only affect you if it’s tanked your score because it was added as a collection on your account. FHA allows collections. You can learn more here bayou-mortgage.com/fha-guidelines-for-collections-charge-offs-and-judgements/. The bigger issue will be the loan amount. Most lender are going to have a minimum loan amount much higher than $10k
Why do companies just shut you down if you don’t have good credit score i feel it’s like discrimination they don’t say or talk about options they just flat out say YOU DONT QUALIFY like they don’t care they just run away if your not going to get a conventional loan
It can definitely be frustrating. Most loan officers unfortunately don't want to waste their time and only look for the easy loans becuase it's all they know how to do. It's one of the reasons I started this channel to help people who get treated badly.