Kory, a recent client of mine, was referred to me by her father, Jerry. Thanks again Jerry for referring your daughter over to me! She was extremely hesitant about even looking into getting pre-approved by a lender. She knew her credit situation wasn’t good and didn’t want to feel embarrassed if she was denied.
I could tell she felt this way by the tone of her voice and the specific words she chose to use, like, “I don’t know if I want to go through this process again.” and “I don’t see myself getting approved”.
Here’s a short part of our initial conversation…
“Kory, I said, did you know your credit score doesn’t matter when applying for a FHA mortgage loan?”
“No, not at all.” said Kory.
“The Federal Government, yes…the government, has insured mortgage financing for lenders to approve loans that are not credit score driven. This type of loan program is mostly concerned that you can afford the mortgage payment.” I said.
“Really!? Sharing my embarrassing credit score is what has been keeping me from even looking into mortgage financing. I mean, seriously, my husband and I can afford this mortgage payment, but our past medical collections and late payments have made us think it will be awhile before we could get approved for mortgage financing,” said Kory.
“This loan program is meant for a person like yourself with the “not so good credit” and “first time home buyers”. We get them approved very often.” I said.
Well Josh, said Kory, this seems to give me another opportunity in getting approved for a mortgage loan. Let’s go through what you need from me. Heck, worse case scenario, you will let me know what I need to improve and we can try again when I improve those things.
“Sounds good Kory.” I said.
Credit score, credit score, credit score! It seems that’s mostly what is being advertised these days. One lender says you need THIS credit score to get approved and the next lender is THAT credit score to get approved. Don’t feel embarrassed about your credit score, your information is not shared or sold. I, myself, once had really bad credit. The feeling you get once you can be approved again is wonderful to hear!
Take the time to see if the FHA program works for you. Yes, the government, has made it easier for you to get approved for mortgage financing.
