Use caution when using this company. I have some credit issues I have been working on for about 5 years, however I had gotten my credit score up above 610 and was hopeful to get approved with this company who advertises they can approve you with 580 to 620 scores. After speaking to the loan officer I was required to pay off multiple accounts and settle a few collection items of which one was over 6 years old. The hope was a rapid rescore would get me to a credit score high enough to yield a down payment of 3.5%.
Communication is not one of the strong suites of this company. After waiting a week and a half the rapid rescore did not work. (out$2000.00). Now it was suggested we submit what we have, only thing would be we would require 5% down now. Okay, if that is what we have to do then fine. Our closing date was set for the end of the month and we were promised a decision would take about 3 days. The paper work was not even turned into the underwriter until 4 days later. Now our closing date was 10 days away and we were at risk of losing our 1000.00 earnest money. After multiple emails from us requesting updates, some a day or two with no responses, we were given an answer. It turns out derogatory payments over 5 years old are not accepted and we were denied credit.in addition to that, when checking my credit score, Transunion and Experian had dropped 50 points because the settlements have renewed my dates.
We have since spoken to a local experienced loan officer who has given better feedback in a day, then we have received in 3 weeks from Texas Lending. Luckily, it will not take long to correct what has been done and in fairness, what I still need to do. Although the part that still needs to be done, was never suggested by Texas Lending.
I have passed the bitterness of being denied, but the empty promises and additional damage to my credit are not worth the energy, nauseasness, and headaches you will get from this process. Seek a local experienced loan officer and do it right. There are no shortcuts when it comes to the home buying process.
0 comments