Can You Get Approved for Home Loan with Bad Credit?

Can You Get Approved for Home Loan with Bad Credit?

Can you get approved for a home loan
with bad credit? So, you want to get a home loan but you have some bad marks on
your credit. Well, it's still possible. There's a process that you're going to have
to go through and there's some tips and some tricks but I can tell you exactly
how to get it done. Let's go. I'm going to tell you the number one way to
get approved for a home loan with bad credit. The second thing I'm going to tell
you, some unknown tips on what lenders look at so that you can get approved and
show them exactly what it is that they want to see and what they don't want to
see so that your loan does get approved.

And then last but not least, I'm going to
share with you the top secret to get your loan approved with bad credit in a
matter of weeks, not months. So, let's talk home loans, let's talk mortgages, okay?
Home loans, mortgages, this is the financing that you need when you are
buying a home. And if you have bad credit, it can make the process a little
bit more daunting. And in many cases, people will tell you you can't get
approved at all with bad credit.

Well, that's not exactly true. It really
depends on what we mean by bad credit. So, let's kind of talk about that for a
second. Many people think that they have bad credit.
But that means different things for different people. Sometimes when we're
talking about bad credit, we could be talking about you pay people late or you
have a lot of credit card debt and it's really close to the limits. Even though
you're making your payment's, you may have bad credit just because of your
credit utilization and how you may have paid people.

Even if you pay them on time,
you may be really maxed out and have a low credit score and bad credit for that
reason. Some people have bad credit because.. Well, maybe they didn't pay
people. Maybe something happened and you didn't pay that car loan or you got that
apartment and you got evicted from it or you got behind you on those credit card
payments and now they're not paid. Or in many cases… And this is so, so popular now.
But I'm going to tell you how to get past it. It's student loans. Many people went
to school, took out student loans, got out and they were not able to pay those
student loans and so it now reports on their credit as bad credit and their
scores are low. So, let's talk about which one do you fall in. Are you someone that
just has too much debt or are you someone that literally does have bad
credit where you did not pay people on time as agreed.

And so, the easiest way
that you can find out which one you are is go to myFICO.com. I'll give you a
link below. You look up your credit. What is on your
credit report. What does it say? How many trade lines do you have. What is your
score, okay? What is going on with your credit? That is the first step. So, when
we're talking about bad credit, it's a big difference between not paying your
bills or having credit cards that are maxed out. Because if you have some
credit cards that are maxed out, that's a little bit easier to fix than if you
have like repossessions and foreclosures and things like that on your credit. So,
first things first, look at your credit, see what's up there before you ever
start applying.

And know which one of those two categories you fall into. Alright, let's get to the next thing. You know, during the home loan process, your
lender, your mortgage company, your broker; they're going to do what's called a
qualification of you, okay? They're going to pull your credit. Just
have them pull your credit. You're going to do an application with them where you
tell them pretty much everything about yourself. Your name, your Social Security,
your date of birth, where you worked for the last 2 years,
what kind of bank accounts do you have and then you're going to list out all of
your liabilities that aren't listed on your credit report, okay? That is called a
mortgage application. Or in the business, we also call it a 1003. 1-0-0-3. It's a Fannie Mae number for the form. So, you may hear a 1003 application
in the mortgage process. That is just the initial application that you put in with
all of your information.

And what lenders are looking for of course is "Can you
repay this loan?". So, this is really important I want to really break this
down for you. Because you got to understand what the lenders are looking
for. And so, mortgage loan officers are the people that will help you through
this process. And in order to do a mortgage loan, so anyone that you go to,
they must be licensed with the state, okay? And it's a really big deal, because
mortgages had really got out of hand. People were giving people mortgages that
they could not afford, called subprime lending.

And we'll get into that in a
second because a lot of that is back and I'm going to tell you there's some things
that you can use to benefit you, okay? So, prime is not a bad word. It is just that
some people used it really wrong and they got into a lot of trouble. Mortgage
loan officers are now licensed professionals, okay? They have to be
licensed they have to go through background checks. They have to meet
education requirements and standards like that. No more just coming
off the street and giving people bad advice and mortgage loans that they
can't afford. So, that's a really, really good thing.

So now, that we know what a
loan officer is, what their purpose is, we know that they work for lenders and
their job is to find people like you who want mortgage loans. And so, let's talk
about that process and how you can use it to your advantage. There are different
types of lenders. There are mortgage companies that only do mortgages.

Fannie Mae

In fact,
I used to work for a couple… I work for a great company called movement mortgage. I
absolutely loved them. Still love the owners and the CEOs and we have a great
relationship. But I've also worked for many banks like Chase, Bank of America
and Wells Fargo. And although they do mortgage loans, they do all different
types of loans and bank accounts and things like that, so mortgage loans are
not usually their number one source of income or the thing that they do.
I personally…

Again, if you have bad credit, I recommend going to a mortgage
lender. A lender that only does mortgages or a mortgage broker. A mortgage broker
is a company that is attached and they have a relationships, wholesale
relationships with lots of different lenders and they can shop your loan
around to see who will approve it at the best terms and rates. Now, you pay them a
fee and then they find those mortgage companies for you. Again, if you have bad
credit, I actually do recommend you finding a mortgage company or a mortgage
broker, okay? Not going with a bank like Wells Fargo,
Bank of America, blah, blah, blah. Just because in many cases they are not going
to have programs designed for people with bad credit. Just being really honest
with you, as of the timing of this video, most of the large banks do not have any
interest in that.

They or their appetite for risk is just not there. So, you want
to go to who will lend you the money and you want to understand that companies
that only do mortgages, they are going to be more favorable and have lots more
programs, okay? They'll usually have lots of different programs not just 1 or
2 or 3 hundreds of different programs and different caveats and
different guidelines. Or you know, some mortgage brokers have tons of lenders,
they have all different types of the headline. So, this is where you want
to be if you have that credit. Additionally, I'll give you one quick tip.
With the mortgage broker in the mortgage bank, their loan officers only do
mortgages all day every day, that's the source of their income. In many cases,
they have the time and the resources to help you fix your credit, okay? They have
lots of different systems that tell you how to restore your credit, they know
exactly what needs to be paid or not be paid.

Things like that. So again, this is
just Noelle's opinion for many years of experience and education telling you
stick with probably a mortgage bank or a mortgage broker if you have bad credit.
And that is why because they want to get your loan fixed. And they want to help you
with your credit and things like that. And now Noelle is going to give you the
granddaddy of how to get approved with bad credit. So again, go to Mortgage
Bankers. You know, pull your credit things like that. But now I'm going to give you
what I did, okay? This is literally what I did when I lost everything in 2009.

And I
literally had to move back with my parents, me, my husband, my kids and moving
my parents basement just because I had tried to invest in real estate. I was a
total idiot and I didn't know what to do and I ended up losing everything. One of
the things that I learned that helped me get to millionaire status was I learned
a concept called "subject-to", okay? And I learned to find people that were already
in foreclosure or pre foreclosure or bankruptcy or divorce or whatever a
property problem they were having. And those people were able to sell me those
properties and leave that mortgage in place, okay? So now, I got a house but I
didn't have to get approved for a mortgage loan. I didn't have to deal with
banks at all. And to this day, Noelle still rarely deals with banks,
okay? Once you get away from the traditional way to do things, okay? When I
gladly will tell you the traditional way, I worked in that business for many years.
But it's way better on this side on this investor side.

And what you can do is
help people that are in these situations where they can't keep their properties
and that's an opportunity for you to get properties for pennies on the dollars,
without spending very much money and without ever having to
at any bank for a loan. And you still get properties. Again, properties you can
either live in yourself or make money on.

And that's what I do now and that's what
I teach other people to do. So, if you've been watching this video, again, hopefully
I gave you all the information of how to do the traditional way. But know that you
can do something called subject to where the work the home can be sold to you
without the mortgage being paid off. And it's coming to you. And it doesn't have
to leave out of the person's name, it doesn't you know this is not an
assumable loan. You're not gonna go to the bank and ask them to put the loan in
your name. No. The loan is going to stay in that person's name. I actually have a
whole video on how to do subject to I'll put a link there so you can
understand the whole concept because it's really awesome concept but some
people a lot of people don't know it, okay? But it's an awesome way again to
start getting properties with bad credit, with foreclosures.

You can be in
the worst financial situation your ownself. But if you have money and have
shown that you can now take over this property, boom. That's what we're going to do.
So, as real estate investors, again, we do not buy properties a traditional way. And
yes you can get approved for loans with bad credit. Yes, you can get a mortgage
with bad credit and yes you can get properties and become a real estate
investor or a homeowner with bad credit.

If you need more information and more
help, please take a moment and go to Noellesfreetraining.com. Again that's noellesfreetraining.com. I've created in a whole course, it's a little over an
hour long. I couldn't really put it here on YouTube. It's just for you
so that you can get fully trained on this information and have all of the
information that you need completely free to you. This is Noelle. To your success..

As found on YouTube

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