company offer loans for those with poor credit?

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I hope this is posted in the right category, does anyone have any knowledge of this company. this was sent to me by an online friend, I was wondering if this is a ligitimate offer or is there a catch. and are there other companies like this who offer mortgage loans to people with poor credit ratings. I have never heard of this company before so I thought I would ask. thank you for your replies.
I just saw this site advertised on ION. It’s about mortgage loans for “less than perfect” credit.

I was told by a guy at one of the FHA loan places that I would probably be approved for a loan even though everyone else has given me excuses not to approve me. My credit is less than perfect but I have made effort to pay off old debts.

Does anyone here think he’s telling the truth? Is it possible that this is my only and last chance to get a home loan before my credit score climbs 100 points? If it ever does. I keep getting credit pulled trying to get approved. HELP!!
Thanks alread Golferwho…..I need to know a lot. I don’t know much of anything about this biz.

  1. Reply
    February 22, 2011 at 10:31 pm

    probably a lie

  2. Reply
    February 22, 2011 at 11:01 pm

    Okay. I went into the website and read their “Legal Terms and Conditions” and other info. As near as I can tell, they are a “mortgage broker” which means they don’t actually lend the money, they take applications for loans, then connect the applicant to an actual lender, for a fee. The problem I have with them is all the disclaimers. They assume no responsibility for viruses, etc. picked up from using their website, you automatically have to release them from any liability, now and in the future, they don’t even insure that your information can be kept private. [Please be advised that Topdot Mortgage has taken reasonable and appropriate measures to insure the protection of your personal information; however, we cannot guarantee that the personal information you enter and send to us will not be intercepted by others, decrypted, and/or used for unauthorized purposes. ] Anyone who throws out that many disclaimers Before you apply is probably not quite on the up and up. I’d stay away from them.

  3. Reply
    Debbie s
    February 22, 2011 at 11:22 pm

    Most of those companies have very high interest rates and 0 tolerance for late payments,even by a few days. The chances of losing your home to them is very high. Please think carefully before becoming involved.

  4. Reply
    February 22, 2011 at 11:29 pm

    Not ALL mortgage professionals are FHA VA approved. FHA is a government backed loan and has mortgage insurance built into your payment monthly for the life of the loan and the appraiser must be FHA cert. The home must pass inspection. Have him give you a pre-qualified letter and go house hunting based on the approval. When making an offer on a home make it a condition that it pass FHA standards and FHA underwriting. The max loan is 97% of the value but there are first time buyers programs out there that can be applied for to help with closing cost if need be. Just a word of caution. DO NOT BUY ALL THE HOUSE YOU CAN AFFORD! Why, very simply this, all monies will seam to go into the house. If you do not have a cushion and an emergency fund in place — you could be a foreclosure waiting to happen.
    Good luck to you.
    I am a FHA VA approved mortgage banker in Tennessee.

  5. Reply
    February 23, 2011 at 12:21 am

    Talk to your Realtor about this. He should know a mortgage company that can help you. As golfer said, not all companies are FHA approved, and so they don’t have that option for you. FHA is a bit easier on your credit score as well as medical bills. Do get pre-approved prior to shopping for homes. You don’t want to be paying for inspections or appraisals, only to find out you don’t qualify for that much house…

    FHA is also more lenient as to where your down payment and closing expense money comes from. You can have the seller pay part of your costs. FHA does want for you to have a minimum of 3% invested in the house. This comes out to 2.25% minimum down payment and 0.75% towards closing expenses. Even this 3% could come from relatives or non-profits or government grant programs. A knowledgeable loan officer (versed in FHA) can help you with that.

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