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Mortgage With Bad Credit and Low Credit Scores
FICO 5, 4, 2 is 610, 569, and 599. We have 4-year-old unpaid COs (job loss, very sick child). Pre-approved with different lenders from $173k (low end) to $225k (high end). the single borrower makes $45k, has a car payment of $370, and has low credit card limits with under 5% util. Excellent VOR and flawless payment history from the past 24 months and on. I made an offer on a house and was accepted for $190k, but I am now curious about other lenders. We’ll need manual underwriting, won’t we? Can GCA FORUMS Mortgage Group do manual underwriting? Are they a direct lender? Can they help us make this dream a reality?
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1 Reply
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Understanding Your Situation
I’ve noticed the FICO 5 score you mentioned is low at 610, with the other scores being 569 and 599, along with some unpaid charge-off filings. Overall, this means that you do qualify for getting a loan manually, as I haven’t seen too many cases where the two went hand in hand. Either way, let’s break it down further.
Manual Underwriting
Why Do You Wish To Rely On Manual Underwriting?
A lot of times, because of bad credit, charge-offs, or any other late payment, a borrower cannot get someone to deliver them services. But in your case, it may decrease your chances by quite some, but the history of rent and previous payments would balance it out in the end. So, cash-out refinance of mortgage may still be a viable solution.
Lenders and Manual Underwriting:
If you want manual services, it’s recommended that you look for a lender who allows them because not all lenders offer cash-out refinance under the mortgage. It’s a harder route, but more doors will open in the long run, provided you have good savings, a record of paying, and a solid income stream.
GCA FORUMS Mortgage Group
Direct Lender Status:
No, GCA Forums Mortgage Group is not a direct lender specializing in various mortgage products, including those requiring manual underwriting. You do not have to be a direct lender. GCA Forums Mortgage Group is a mortgage broker and correspondent lender, which is better due to the availability of wholesale lenders. They can assist you because of their track record of helping people with lower credit get a mortgage loan.
Ability to Assist:
They can help you through the manual assessment. If your mortgage broker needs to be more annoyed by your pre-approval, they will help you. Because you were pre-approved and made an offer for a house worth $190,000, they can evaluate you and assist you in obtaining the money needed to close the deal.
Next Steps
Contact GCA FORUMS:
Get in touch with GCA FORUMS Mortgage Group and clear your throat. Reach out to them in the context of your need, which could be that your offer was accepted, but now manual assessment is needed. Ask them whether they have had such cases and what documentation is required to clear them.
Gather Documentation:
Bring along documents like proof of income, anything that proves you pay rent, statements from banks if any savings accounts exist, and charge-off descriptions relating to your previous bad credit history.
Explore Other Lenders:
GCA FORUMS isn’t the only option. You can consider others as well, but be ready to argue with them. Other lenders might benefit from manual underwriting, which might be useful for telling them about your peculiar financial standing.
Consider Credit Counseling:
Contact a credit counselor or financial advisory professional who can offer insightful strategies for improving your credit standing and forming your ideal mortgage deal.
Your case may require manual underwriting; in this case, GCA Forums mortgage group may help you fulfill your dream of owning a house. Ensure you compile all evidence together, and do not hesitate to speak with any lenders you may approach. If you have more questions or people need assistance by any means, ask!