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Established Member
Posts: 16
Registered: ‎06-09-2009
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Has anyone used first guaranty mortgage corporation?

I am looking for a company that will give me a loan with a score lower than 620. ( My scores are 590, 600 & 613 ). I'm still in the middle of credit repair so I know my scores will go up, it just that there is a house on the market I'm really interested in so I'm hoping to find a company that will work with me. If you used first guaranty mortgage corporation or heard anything about it please let me know!! TY

Valued Contributor
Posts: 1,863
Registered: ‎09-20-2011
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Re: Has anyone used first guaranty mortgage corporation?

Haven't heard of them but Wells Fargo says they will do 580, now whether anyone has actually closed at that score your guess is as good as mine.

Regular Contributor
Posts: 208
Registered: ‎03-11-2007
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Re: Has anyone used first guaranty mortgage corporation?

Wells Fargo LIES... it's a gimmic.  My mortgage is through FGMC.  My scores were less that 620.  They required a LOT of documentation.  However if you are ok with the hassle, they have (so far) been good to me :smileyhappy:

Closed on my 1st home on: 11/30/2011
First Guaranty Mortgage Corporation (FGMC)
Starting Score:Equifax: 490 (01/14/2011)Transunion: 498 (01/14/2011)
Current Score: Equifax: 609(07/09/2012) Transunion: 644 (10/14/2011) Experian: 593 Lender Pull (08/22/2011)

Goal Score: 700

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Frequent Contributor
Posts: 491
Registered: ‎02-06-2012
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Re: Has anyone used first guaranty mortgage corporation?

Mocha, you actually closed with less than 620?? My LO said that banks say that they will be they generally get turned down in uw. It is encouraging to hear that it is possible! :smileyhappy:

CLOSED ON OUR FIRST HOME MAY 30TH!!!


Starting Score: TU 589 EQ 526 EX603
Current Score: TU 635 EQ 603 EX ??
Goal Score: 750


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Established Member
Posts: 16
Registered: ‎06-09-2009
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Re: Has anyone used first guaranty mortgage corporation?

thanks for the info!!

 

What docs did they require that a typical lender wouldn't have?

Established Contributor
Posts: 945
Registered: ‎02-07-2011
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Re: Has anyone used first guaranty mortgage corporation?

[ Edited ]

Due to a recent, unexpected change in on my credit reports, my score just dropped below 620 so I am also pursuing the possibility of a mortgage loan with sub-620 scores. I have found 5 different lenders that can technically accept a middle score of less than 620. Here is a list of the lenders and any additional rules or restrictions they apply to sub-620 loans:

 

CompanyBank of AmericaWells FargoEmbrace Home Loans First Guarantee Mortgage CorpQuicken Loans
Additional RulesMax of 35% back-end DTIMin 5% downpaymentNone known yetNone known yetAll collections over $500 must be PIF

 

March 1st UPDATE: I have gone through UW with First Guaranty and received a conditional approval with them with a middle score of 612. So far, they have been really great., I am working through the conditions now and waiting for their feedback. I will update to let everyone know my final experience, but I am really happy so far :smileyhappy:

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
Jan 2012 Current Scores: FICO EQ 604 FICO EX ??? TU98 623
Feb 2012 Goal Scores: EQ 620 EX 620 TR 620 (or just the middle to be 620!!)
Regular Contributor
Posts: 208
Registered: ‎03-11-2007
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Re: Has anyone used first guaranty mortgage corporation?

[ Edited ]

I sold a few items (totaling around $1000) on craigslist and FGMC said that I couldn't use the funds for closing b/c I didn't have proof that I sold them or their value (items should have been appraised prior to sale)... Who does that? I had to provide them with a copy of the craigslist posting and luckily I had the person sign a copy of the receipt for the items for my records.   I had a great broker who spoke to the underwriter and got it all cleared up.  I had to write not only a letter of explanation for any past credit issues,  I had to write out my current budget AND write out my expected budget for after my home purchase.   FGMC is "documentation crazy."  They use nontraditional credit lines to help scores.  Nontraditional, i.e. energy bills, child care, etc.  So make sure if you plan to use them that you pay these on time b/c they do call the "creditor" to verify payment history or request a verification letter.  I had only 4 conditions to clear, but they required a lot of documentation.  Overall they are very thorough.  I guess they have to be b/c they are lending money to consumers who are considered high risk.  Overall it was aggravating more than difficult.  It's like they were playing cat and mouse.   They knew they were going to lend to me, but they wanted to make me sweat a little. :smileyfrustrated:

Closed on my 1st home on: 11/30/2011
First Guaranty Mortgage Corporation (FGMC)
Starting Score:Equifax: 490 (01/14/2011)Transunion: 498 (01/14/2011)
Current Score: Equifax: 609(07/09/2012) Transunion: 644 (10/14/2011) Experian: 593 Lender Pull (08/22/2011)

Goal Score: 700

Take the FICO Fitness Challenge


Regular Contributor
Posts: 208
Registered: ‎03-11-2007
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Re: Has anyone used first guaranty mortgage corporation?


Catacam wrote:

Mocha, you actually closed with less than 620?? My LO said that banks say that they will be they generally get turned down in uw. It is encouraging to hear that it is possible! :smileyhappy:


My rate is pretty good too (ofcourse they are lower now).  4.75% (November 2011)

Closed on my 1st home on: 11/30/2011
First Guaranty Mortgage Corporation (FGMC)
Starting Score:Equifax: 490 (01/14/2011)Transunion: 498 (01/14/2011)
Current Score: Equifax: 609(07/09/2012) Transunion: 644 (10/14/2011) Experian: 593 Lender Pull (08/22/2011)

Goal Score: 700

Take the FICO Fitness Challenge


Established Contributor
Posts: 945
Registered: ‎02-07-2011
0

Re: Has anyone used first guaranty mortgage corporation?

mocha - I am sending you a PM now!

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
Jan 2012 Current Scores: FICO EQ 604 FICO EX ??? TU98 623
Feb 2012 Goal Scores: EQ 620 EX 620 TR 620 (or just the middle to be 620!!)
Established Contributor
Posts: 945
Registered: ‎02-07-2011
0

Re: Has anyone used first guaranty mortgage corporation?

For anyone that has used First Guaranty, can you please please PM me with your LO's contact information (if you recommend them)? I would really like to reach out to them to learn more about their sub-620 mortgage options, but I would really prefer to speak with someone that comes recommended, as oppossed to whomever answers the phone when I call. The sooner the better because I would really like to reach out to them tomorrow (Feb 22nd). Thanks!

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
Jan 2012 Current Scores: FICO EQ 604 FICO EX ??? TU98 623
Feb 2012 Goal Scores: EQ 620 EX 620 TR 620 (or just the middle to be 620!!)
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