You can email me at email@example.com.
I have always received the best rates from restricted-membership credit unions--in particular:
and my latest mortgage holder (a bank):
Oops. I misread your request--for whatever reason I thought your title read "good lender for low rates".
Those lenders I listed will mostly cater to those with a fico of at least 750.
I wish these folks did have a score of 750!
Thanks, though, I'll check 'em out for other buyers.
What about a FHA loan? Those don't need really high credit scores.
FHA required 620.
They are a young couple, had a run of financial trouble (husband's employer went out of business).
The couple tightened their belts until husband found a new job;
they bought groceries & paid their rent & paid their utilities & insurance, but they were 30 days late on a $30 *credit card bill* for 2 months*, & there's no way these days for an underwriter to make adjustments.
In the past, you could document something like that & the underwriter could adjust for it.
Today, if you have a lower credit score, you have to re-build for the next 6 months or so.
Wells Fargo just started a program that will finance 80% with as low as a 500 score. The down payment decreases as score goes up.
Sorry to be harsh, but maybe they should spend some time building an emergency fund until that 60 late drops off. If they can't pay a $30 credit card bill when something bad happens, how are they going to pay their mortgage?
Finger wagging aside, you may want to check the forums on creditboards.com or myfico.com, or direct the couple there. They have great tips on rebuilding credit and links to lenders for folks in their situation.
Us agents do not discriminate against our clients, based on their credit score. If the lenders have programs that will accept them, we have a duty to let them know. What the banks offer for loans, and what the risk is to the banks on getting repaid is none of our business.
Banks offer this type of loan, because they think we have hit bottom, and with a 20% cushion, think their investment is sound.