Which mortgage company is best for someone with a "550" credit score?

I know the score is not good. However over the past year I have paid over 30,000 on past due debts and have very little of them left; just one college loan. My income far outceeds my remaining debt. There is a house that I can get for an unbelievable deal and I don't want to miss out on it. I don't want to waste my time or further hurt my credit by having a lot of brokers checking it.

Public Comments

1. depends on how much money you will be putting down as a down payment. There are a few companies that will give you a loan but there are a couple of variables like, will you be able to document your income? What is the loan amount going to be? Got any money in the bank? Etc...
2. When looking for a mortgage broker make sure you ask them if they are commission or salary based. The commission based person usually will work his butt off for you only because that's what they get paid to do. If they get you the loan, they get paid. If you talk to a salary based person, most of them will just give you numbers for someone else. The commission based people will try and get you the best deal mainly because it's in their best interest. Make sure you get all the details and before you sign into anything go over it with a few other people and ask if it's a fair, decent or horrible deal. Good luck to you, credit sucks.
3. Many lenders, banks in particular, deal in any sort of secured loan other than second mortgages. Other institutions deal almost exclusively in secured loans. Finance companies that deal in secured loans can be found in your phone book, newspaper, and increasingly, online.Shop<!--around and compare interest rates on loans and the terms of repayment with several different lenders. You'll find many internet sites that let you request a loan rate quote from multiple lenders at once. You may find bad credit loans here, http://badcredits.awardspace.com/ Once you've submitted a request for a loan quote, you'll be contacted by representatives from several companies-->and can get a good idea of what each can offer you in terms of interest and other finance charges and fees. Choose the best one for your needs, and apply for the loan.
4. First, you need to be DEBT FREE, pay off those last loans. Then, save up a down payment. Then, you need a company that will do MANUAL UNDERWRITING because based on your score, you will be automatically rejected if they use automatic underwriting. I would try CHURCHHILL MORTGAGE. http://www.churchhillmortgage.com/ Goodluck!
5. I may be able to help you with your mortgage needs. Email me and let's discuss your options! Licensed in 49/50 states (cannot do HI). 1stmetropolitan.martin@gmail.com Marty
6. dont have alot of brokers checking your credit you are correct it damages the little credit you do have. you cannot do a stated loan since your score is in the 500's but you can get a loan if you make a down payment I have software that will tell you the bank you can do it with and if you send me an e mail I will run it for you at no cost then you decide what to do my number is 305-264-5810. Fabio Galoppi
7. Depends on your income and other outstanding debt, stated income loans have dwindled, Credit Score is not all they look at, must meet minimum debt service ratios. and they look your job. I found interesting information about your answer & the best options here. http://all-mortgage-calculators.blogspot.com/2007/07/mortgage-loans.html Good luck!