Friday, December 29, 2017

My Credit Is Bad But I Want To Buy A House

Pamela Madore
Pamela Madore Mortgage

My Credit Is Bad But I Want To Buy A House

This is somethig that I hear very often.  My first question is always, "how do you know?"

Answers range from:

  • I've got some stuff on there
  • I've got some medical collections
  • I had a repo
  • I had a foreclosure
  • I had a bankruptcy
  • I don't really know but Credit Karma says I am in the 500's
  • The bank turned me down
Sound familiar?  Have you ever said any of those things?  

First, let's get a few things straight.  "Bad" means different things.  It can come in degrees.  Credit scores are not always the deciding factor.  

For instance, let's say you go to a local family owned bank.  You have your checking and savings account there and you have a car loan.  That would be the logical place to go, right?  Let's say, for whatever reason, your score is a 619 (they require a 620 score) on the day you go in.  They say "no".  What do you do next?  Your bank has said "no" so it must be "no".

WRONG!!  Let me explain.

Banks are very conservative and only want people that don't have a blemish and really never had.  Is that realistic?  How many people have gone through 10 years without some sort of credit problem?
Pamela Madore Mortgage

Pamela Madore Mortgage is a mortgage broker.  I work a lot like an insurance broker.  You want insurance on your car and you go to an independent insurance agent and they "shop" for the best deal.  

As a mortgage broker I do the same thing.  In my case, the best deal may simply be a "yes" instead of a no.  I am an approved Mortgage Broker with lenders across the United States BUT I am local.  We can talk and see each other.  You get the best of both worlds.  More choices and local respresentation.

If your bank has said "no" for ANY reason, contact me.  I have hundreds of different programs to fit many unusual circumstances.

Pamela Madore
Pamela Madore Mortgage
3955 S. Soncy
Amarillo, TX 79119
806-290-1920   Call or Text