In this video I discuss why I believe it is perfectly moral to breach a contract under certain circumstances when dealing with particular types of contracting partners. I do not advocate breaching contracts where it is not moral to do so; however, Americans have a sense of fair play and integrity that makes them reluctant to breach even where doing so is perfectly fair (considering all the circumstances involved). To continue to be conditioned into not breaching in a world full of contract partners that consistently play by their OWN set of rules; is not good for the community. Note: I refer to 'corporations' as being the 'evil-doers' here; but of course I don't mean to imply that every single corporation in the world is run without a moral compass. It's obvious though that almost every major multinational corporation disregards Contract related ethics when dealing with relatively powerless individuals.
mortgage-investment.blogspot.com Is it Moral to Breach a Credit Card or Mortgage Contract?
No charges were filed, though the officials said the real estate agents violated the Fair Housing Act. Wells Fargo violated that law, as well as the Equal Credit Opportunity Act, in its mortgage lending, the Justice Department said. It said loan ... Speak up if you were a victim of Wells Fargo mortgage discrimination
The first step in preparing to purchase home or to refinance your current mortgage is to understand what a mortgage lender expects from you the borrower. Too often people just call a bank to see if they qualify for a bad credit mortgage without doing any research on their own about their own credit situation. There are many free ways to pull a credit report such as freecreditreport.com or you can pay 15 dollars and go to a bank that can pull your report. Make sure when you pull a credit report that it is a tri-merge report, meaning that all 3 credit bureaus are reporting on the credit report.
Now that we have that out of the way lets get down to the nitty gritty about what mortgage lenders want to see on a credit report and what they will accept.
The first thing an underwriter looks for is payment history. An underwriter does not want to see lates, collections, or judgments that have happened within the last 12 months.
They will however make an exception on a few bad things that have happened within the last 12 months ONLY if you have a high credit score. Why is that? The reason is that if the score is high it means you have a high probability of getting back on track to make your payments on time every month. If you have a credit score around 620 but have had lates within the last 12 months you will not be able to qualify for a bad credit mortgage loan product until 12 months have passed since the date of you most recent late.The second thing an underwriter looks at is the mid credit score. This score is calculated using special equations specific to each credit bureau such as the Fair Isaac model and beacon. FHA and VA loans require a minimum score of 620.
Conventional loans accept credit scores within the range of 680-740. If you have a score lower than a 680 absolutely look into a FHA or VA mortgage as they are amazing products that are usually much cheaper than a conventional mortgage loan.I cannot stress this enough, but buying a house is a process! If you can't qualify right now its OK! By researching your credit situation you can make a plan that can help you get to qualification status within the year. If you have had lates just work on getting on time and then just be on time for 12 months since the last late. Too many people just give up and think they'll never get into a house and ruin their credit even more. Don't get caught into this trap. Be proactive and work out a realistic plan to help you move to qualification material.
Recommend Bad Credit - What Do Mortgage Lenders Expect? ArticlesQuestion by Alice V: Are ther any 1st-time loans for those with poor/fair credit, and what are the differences? I have a discharged bankruptcy (over 2 years ago) with a credit score of 605 (and continuously rising on a monthly basis). I'm looking to buy a house and wanted to know what's out there. Adjustable vs. fixed rate? Direct lender vs. mortgage broker? 20% (around 60K in my area) or no-money down? I worked with one mortgage lender who is a total nut, pulled my credit report before we even finished talking, and won't explain anything to me. I need help from the Central Jersey area if possible. I need serious help and the internet just isn't enough. Best answer for Are ther any 1st-time loans for those with poor/fair credit, and what are the differences?:
Answer by whatevit
Your credit is bad, but the lenders are more interested in the property you are buying. If you are buying a property that has a lot of equity in it (20% or more). You could get a mortgage with on down payment. Just concentrate on owning a property for now. Your next house can be your DREAM HOME.
Answer by jeff s
the secret behind the barnkruptcy is if you have reestablished good credit since with no negative credit. if you have done that it is possible to get a mortgage. there are many people (bankers and brokers alike) who will try to give you a high rate sub-prime loan but if you are buying a house that is within the fha loan limits you will be able to get an fha mortgage at a competative 30 year fixed rate mortgage. there are no income limits (restrictions) but there is a maximum loan amount based on the county you are in. to find out the maximum loan amount you can go to www.hud.gov click on buying and then look for the icon that say loan limits. if you want help you can send me an email and i will be happy to help you or you can call 1-877-OK-MONEY for help on FHA mortgages. in the meantime, i wish you the best of luck
Answer by Ron B
Lenders will give you a loan now, but your best bet is to wait a couple more months. Once your score is at 640 you will get a much better quote on your loan. This will also give you time to put a few dollars away and to research the areas in wich you want to live. As far as improving your credit, try to keep all your credit cards under 50% of thier max amount, and make your payments on time. You should also refrain from letting anymore people check your credit for a the next fw months. Having lots of checks does lower your score, but they disappear after 90 days. You should definately get a mortgage broker you can trust. It sounds like this guy is a little shady. Brokers are much more likely to find a program for you at decent rates. They should find out about your specific situation before telling you what you need. A fixed loan is not always the best option for someone. I fyou do get a variable just make sure it covers the length of time you plan to be in the home.
Answer by pattibcacl
I agree get a house thats more money I,m doing that myself, good luck
Answer by Phil H
Our offices are located in Jersey. We can give you credit repair and a loan. Email me at mtgofficer26@yahoo.com if your interested.
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