No credit, no you cannot have it. I said no! You have bad credit.

Didn't Your Mother Ever Tell You NO?

I've got an interesting job.  All day long I listen to people’s stories as to why their credit score is down in the Arizona Home Mortgage.  They call and I listen to a point.  It’s usually not their fault as to what happened.  They had a loss of job, had to move, got a divorce, company went out of business, house was upside down,  the mortgage company did an illegal foreclosure (whatever this means) and they end up saying ‘it was not my fault that I am now at a 424 FICO’.  I listen and listen and emphasize with them and say as you know it’s not something that you could have avoided.  It’s really not your fault.  However, being in this business for years I've come to some striking conclusions; they are:

low 400 ranges and they want an

The credit score is the King when it comes to a Mortgage approval.  If you’re down at 505, the Mortgage Companies, FHA, VA, USDA really don’t care to listen to your story.  It’s a fact on your credit report and it’s not going away.  Even though some lenders will take a hardship letter of explanation for an Arizona Home Mortgage this usually does not work.  When you get down to the Nitty Gritty, they don’t care and your mom does not work there.

It really was your fault.  You should have had a plan or found a second job, or had sufficient cash reserves to handle the bump in the road.  It’s your fault when you did not pay for the mortgage and the bank foreclosed on you and kicked you out.  When you don’t pay it’s your fault. 

When the borrower is told NO, that they will not qualify for that Arizona Home Mortgage, this news is not new news for them.  They already know the answer.

People want to focus in on the problem and not the solution.  They will tell you about problems in the past and how it’s ruined their life and they will talk to anyone who will listen to them.  They want to say the same thing over and over again, ending the story with ‘It’s not my fault’. And mostly they say ‘it’s not fair.  Why can’t I have this new home?  It’s not fair.  But I want it; I want it, why can’t I have it? I want it. It’s not my fault. It’s not fair’.  You get the picture; they go on and on and on.

So what is the solution for this borrower?  First they need to find the person whose fault it is that put them in this bad situation, track them down and confront that despicable, mean, awful person for putting them in this horribly unfair situation.  They usually can find that person by looking into the mirror.

Second they need to focus on the solution not the problem.  The problem is in the past and you can’t back it up and do a re-do.  I don’t hear a universal backup BEEP BEEP BEEP.  So let’s not linger on the problem, but the solution.  Ask yourself how are you going to solve the problem of a 505 credit score?  When you focus on the solution the problem goes away.

And finally, NO that Arizona Home Mortgage is not going to happen.  If you don’t believe me ask your mother.

Dennis Dahlberg
Broker/RI/CEO/MLO
Setabay Home Mortgages
Tel:  (623) 582-4444 | Fax: (888) 279-6917
www.Setabay.com
NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027