got denied on home loan
so the bank told me......NO WAY. in fact, when i went in to talk to them they said "we are surprised they even took your application because you failed all the early indicators". apparently the loan market is in a serious crunch right now and very few people are making loans. anyone who is less then perfect on their credit is being turned down....or so they say. oh well.
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Really? Damn I must be one lucky feller! My credit score was 210 and I just got a 5.75 home loan from countrywide for 250 grand. Those two fourclosures didnt really hurt me. Damn yep 0 -
quote:Originally posted by Stink Foot
Really? Damn I must be one lucky feller! My credit score was 210 and I just got a 5.75 home loan from countrywide for 250 grand. Those two fourclosures didnt really hurt me. Damn yep
bull.....poop0 -
Try another mortgage lender. Years ago, when my wife and I were house shopping and had picked out a house priced at $127,000, we had a mortgage company advise us that we could only qualify for a $85,000 mortgage----largely because we had a loan on a 28' sailboat. When I told our realtor, he gave me a phone number of a mortgage company that he had worked with several times. I called and after they compiled all the financial info on my wife and I
we qualified for the $127,000 house with a 7% fixed rate, 30 year mortgage. About 2-3 years later, I refinanced the mortgage at 5-1/4% fixed.
I'd try a mortgage company----not a bank.0 -
Barking Dog...
I would believe what you were told...It was in the papers here and on tv about the foreclosure rate, and how anyone even with PERFECT credit is being denied mortgages and loans...I know for the month of July it stated in the paper (st pete times) that there was something like 75,000 homes foreclosed on in that month alone just in Florida...
Drive down any street and there are at least 3/4 of the houses up for sale...most are empty, a lot of homes are being auctioned off for very very little and most are being sold with the owner holding the mortgage...
Dont feel bad or think its something against you...There are a lot of ppl with excellent credit rating being turned down..0 -
BD - they are lying to you. 0 -
It is a consperacy of lies! Yep! 0 -
quote:Originally posted by BarkingDog
quote:Originally posted by Stink Foot
Really? Damn I must be one lucky feller! My credit score was 210 and I just got a 5.75 home loan from countrywide for 250 grand. Those two fourclosures didnt really hurt me. Damn yep
bull.....poop
I'd try another source....Or possibly it is just in your area.... A guy I work with has to have the worst rating on the planet and still got a loan.... Went Bankrupt twice and still buys beyond his means...0 -
Try to help a feller and he bull poos ya. I caint help it if Im lucky. Damn straight 0 -
[/quote]
I'd try another source....Or possibly it is just in your area.... A guy I work with has to have the worst rating on the planet and still got a loan.... Went Bankrupt twice and still buys beyond his means...
[/quote]
that is fast becoming the american way [:(!]
It's bush's fault,
and those damm japanese aren't helping either[;)]0 -
There are tons of folks that have lost there homes because lending institutions were handing out loans to people who couldn`t afford to make the payments. They are in serious trouble. If your credit is bad then you will not get a loan ......Period! 0 -
Banks fault that the loans went bad??? 0 -
quote:Originally posted by BarkingDog
so the bank told me......NO WAY. in fact, when i went in to talk to them they said "we are surprised they even took your application because you failed all the early indicators". apparently the loan market is in a serious crunch right now and very few people are making loans. anyone who is less then perfect on their credit is being turned down....or so they say. oh well.
The market is in a monster crunch right now. People are foreclosing on houses right now like its no big deal.0 -
Banks and lending instutions aren't closed. They are still giving credit on homes and homes are still being sold. Just read the paper of all the new purchases. Try again. 0 -
Yes forclosures are up.. and YES it is the lenders faults. I see people buy houses WAY beyond their means and see appraisers inflate values of homes. ( I am an appraiser and do alot of reviews)
However, they have not stopped giving loans! They are still available out there for all credit types. I see people get loans every week with MUCH less than perfect credit! Try another lender.0 -
Uhhh......if you get turned down for a mortgage go see your local www.rurdev.usda.gov office.
The Feds will give Rural Development Loans to people that can't get normal financing.....lower interest rates. Think it's like 4%.0 -
What about "FHA" loans ,for first-time home buyers? Are they easier to get? How are the rates?
Jeff0 -
quote:Originally posted by soopershot
If your credit is bad then you will not get a loan ......Period!
That is untrue. My father and mother in law have horrible credit and just got approved for their first home loan.
Barkingdog try another place and ask about the FHA loans they can lower your interest rates quite a bit.0 -
gee i hate it when im right........sorry to hear of your deal..
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Posted - 10/01/2007 : 08:37:23 AM
in case im the only one awake, for those that are following home loans, home loans are the hardest thing to get these days. even with good credit, loans are not being approved.0 -
quote:Originally posted by Stink Foot
Really? Damn I must be one lucky feller! My credit score was 210 and I just got a 5.75 home loan from countrywide for 250 grand. Those two fourclosures didnt really hurt me. Damn yep
HEYYYYYYYY Stink foots back.Good to see ya man.Where you been/0 -
quote:Originally posted by phillip
HEYYYYYYYY Stink foots back.Good to see ya man.Where you been/
Howdy there Ace back at ya! Been around but sometimes life will grab a fellar by the short hair and keep him adancin. DAMN STRAIGHT0
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