Trouble getting HML b/c of credit--Need Suggestions


I am attempting to get a HML, but was turned down because of our credit. My husband and I are trying to repair our credit; we are evacuees. I spoke with one of the loan officers and he told me that because of the subprime situation HML look at credit as well. He said the restrictions have been tightened across the board. What other avenue could I take?

Call more HMLs. It sounds like a simplistic answer but that’s how I’d approach it. Many may have changed, for some its business as usual. Try calling a few more.

I completely agree with rich.

Call all of the HML to the left, then google some HMLs. HML have different standards. I don’t remember which ones, but I know I’ve spoken to HML that don’t care about credit scores. Some will focus on credit, some experience, some are big seeing the property personally. But you will find one that will do a loan with a poor credit score as long as the deal is sweat enough.

There is a mortgage planner on this site with the username “investment loans”. He may be able to help you.

Hi Dase,

We actually have spoken and I offered to assist you as there are lenders that wont use credit for a hard money rehab loan.

I cant guarantee that they will approve the loan but we can try.

Your reaction was that you did not want to use my services as you thought you would be able to find a lender on your own.

Lending guidelines have changed for subprime loans, conforming loans, alt-a loans, and even several hard money lenders.