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NO CREDIT CHECK MORTGAGES!!


BIG_MIKE
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I had a friend who recently obtained a mortgage with NO credit check. Anyone else heard of this? All you need is 3 personal references, 10 percent down on the house you want to buy, and that's it. I called the company this morning, and they told me there was a $500 application fee, guaranteed approval, and that 100% of the 500.00 went towards the purchase price. The loan was a 30 year fixed at 9.9% interest. I have a 560 middle credit score, and am self-employed so I have very little verifiable income. I tried to get a sub-prime mortgage no doc-no validation loan but could not. Any thoughts here guys?

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We have companies here in MO that will do that. I think some houses they didn't even want that big of a down payment. We were offered a $280,000 mortgage and they only wanted 10,000 down and 8.5% interest and they don't check your credit. This company gets a loan from the bank and finances it back to you. But I also know that they don't offer much in the way of leniency when you are late. They just take it back and keep your down payment.

I'm sure that's where they make their money. A lot of people are late on mortgages at one time or another and the banks usually are a little more understanding.

E-mail me and I'll give you the phone # and name. I talked with these guys just a few months ago. itsmerandy@classicnet.net

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