Jim Pendleton MrMortgageTM

FHA VA USDA mortgage loans with bad credit are hard to find, if your credit is below 640, but there are still sources still doing below 640 even below 620, even below 580, if you have a good reason for the low score. Dated 3/12/2010 Let me explain what could be acceptable, not guaranteed, the minimum requirements are, a fully documented request. If medical related causes then dated hospital bill(s), doctor(s) letters, any other documents to show to an underwriter. If job displacement or hardship, then documents showing how problem occurred, along with a letter stating how the problem was resolved (if it hasn't been resolved, when it will be resolved ) Include a letter from a third party (future employer, attorney handling your settlement, etc.) confirming your claim that it will be resolved. If divorce or marital issue, copy of divorce decree along with a letter from the divorce attorney stating non-culpability(if that is the case) and a letter from yourself, explaining your X's actions. There are other reasons, but you need to follow the same process and the more documentation the better. Remember, the underwriter is still human, and if you get someone to look at your file, with a good explanation, then it might get done. You need to have a manual underwrite, so most big banks will not consider your story, they don't have the time. Please understand that, not all files can be done, that's a reality in the upside down market we are in today, but sometimes God smiles on us:) If you have bad credit, you really must have compensating factors, such as, good income, money left over after the closing(called reserves) of at least three months of total monthly payments (mortgage payment, taxes, and HO insurance) or a strong co-borrower. Often a relative might be willing to help, it doesn't hurt to ask for help. Yes, it is still possible, but not easy, to get a file approved, with bad credit, if handled properly. Hope this article helps someone:) Jim Pendleton - MrMortgage™ has been in the financing business for over 30 years and has written hundreds of articles on the mortgage industry. Unlike other websites, PrequalFree is under the watchful eye of Jim Pendleton MrMortgage™ and covers all 50 states. He is passionate about helping people get what they deserve.Our goal is to place the customer first and to respond quicker than anyone else, so they can know before they go for free, says Jim Pendleton- MrMortgage™, the company's owner and creator. Jim Pendleton- MrMortgage™, of mrmortgagetm.com, tel +1-631-451-7400 Source: Web Site: http://www.PrequalFree.com/ Article Source: http://EzineArticles.com/?expert=Jim_Pendleton