If your credit is less than perfect, you’re not alone. A recent study by the Mortgage Bankers Association of America revealed some startling facts. “Out of 100 people who applied for a standard 30 year fixed rate mortgage through traditional
Lending avenues (banks, savings & loans, credit unions, etc.) less than 40% qualified for that loan.” That leaves over 60% who were forced to seek alternative real estate financing solutions.
Credit issues that can prevent you from obtaining a traditional lending profile include:
- Late Payments on Home loans, car loans, credit cards, etc.
- Judgments (also called Abstracts of Judgment)
- Bankruptcy/Consumer Credit Counseling
These items, unless paid off and/or eliminated, will not go away and will continue to prevent you from realizing your best financial future. Over the years I have seen firsthand that “bad things do happen to good people.” Fortunately, credit challenges are not permanent. Over the years I have the learned how to help those with “less than perfect credit”.