Fresh Start Mortgage

[fishbjc]

I was looking around on the *net* and came across this loan program.  Since they are  pretty local for me I gave them a call & thought I'd share.  This is a huge co who wrote 19 billion last year.

Fresh Start is for people with past credit issues.  They loan all the way down to 530.  They want NO mortgage lates in the past year.  If you have one or two 30 days on a cc, they can work with you.

No verification of deposits available, they want a full 60 days of bank statement.  Will pre-qualify & letter is good for 90 days...show realtor letter so she knows you're pre-qual for this mtg.  They do pull credit to get pre-qualify letter out to you.

If you call...they want you ss#, employment info, income, etc to get the pre-qual ball rolling.

Just thought I'd share. 

Message Edited by fishbjc on 01-26-2009 02:50 PM

[Breakthecycle2]

Congrats! What is the company name?

[Anonymous]

Hello.. While this is my first post, I was interested in Fresh Start Mortgage. I looked them up on the Better Business Bureau's website. They got an F rating (bad). There were many complaints on the company as they did not fulfill their services.

Here is the link to them on the BBB. http://westflorida.bbb.org/WWWRoot/Report.aspx?site=47&bbb=0653&firm=90012330#ratingdetails

[ShanetheMortgageMan]

There are a LOT of mortgage companies called "Fresh Start Mortgage", I googled the term after I read this post and found so many of them I couldn't even really comment on this post... but since you brought it up I thought I should add this info.  I'm not sure what type of mortgage program this is, it could very well just be an FHA loan under a disguised name of a "Fresh Start Mortgage", or it just might be a sub-prime loan program (there are some of those still around). 

If you are being attracted to something called a "Rebuilder Mortgage", "New Start in Life Mortgage", etc. it's not by accident - they specifically are marketing to people with imperfect credit in the past - and they know you are in a difficult situation, don't have many options, or probably no options, and thus they will have no competition and could give you whatever rate & terms they feel like.  I can't say if that is what Fresh Start Mortgage is doing (or if that is even the company name) but in the past that is how sub-prime companies like Ameriquest, New Century, and what not marketed to people so they could give them the American dream of a 2-year ARM with a 3-year prepay penalty, at 8% and 4 points.  So when you see marketing like that, get the rest of the details such as guidelines, what terms you could expect, etc.