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Any loan options for someone that has fair FICO 591 ,employed 1 year, started job near end of last year

by cherub4455867 from West End, North Carolina. Aug 5th 2018 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

Not many.. First, we would need to know what all 3 major credit bureau scores are.. we have to use the Mid score of all 3 for loan qualification, yet you only provided one.. then, we would need to analyze your complete loan profile. With a score that low, it's obvious you have some major derogatory credit. Certain derogatory events have mandatory waiting periods (BK, foreclosure, Short sale, etc).. other derogatory events need to be dealt with before you can get a loan (unpaid student loans, unpaid judgments, behind on child support, etc).. and some derogatory items can be ignored (unpaid medical collections, or unpaid small collections, etc.).. realistically, if you wan to know if you can get approved, you need to pick up the phone and contact a mortgage banker/broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with a Banker/Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the banker/broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the big box banks. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Aug 6th 2018
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