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Mortgage shopping, any suggestions?

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Anonymous
Not applicable

Mortgage shopping, any suggestions?

I am mortgage shopping and don't know where to start. I don't think big banks will like me because I have a charge offs. I don't have money for down payment and to payoff the chargeoff so I'm looking for lenders that will be okay with my charge offs. They are old anyway.

 

 

Message 1 of 4
3 REPLIES 3
ezdriver
Senior Contributor

Re: Mortgage shopping, any suggestions?

I must be missing something. How do you plan to buy a house if you have no money for down payment and also none to cover closing costs and reserves [I'm assuming]?

Message 2 of 4
topa
Regular Contributor

Re: Mortgage shopping, any suggestions?

You may want to forget about mortgage shopping and see if USDA is possible in the location you are interested in. FHA may also have 100% loans.

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Message 3 of 4
SamsungHDTV
Established Contributor

Re: Mortgage shopping, any suggestions?


@ezdriver wrote:

I must be missing something. How do you plan to buy a house if you have no money for down payment and also none to cover closing costs and reserves [I'm assuming]?


I think this person means he/she cannot afford both paying off the charge off and down payment. Probably has money only for down payment.

 

In any case, I have heard about bayou city mortgage once or twice. Google it. I can't vouch myself because I havent used them. I think they are a mortgage broker.

Message 4 of 4
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