Need advice on moving forward with bad/no credit

[Tanija Hudson]

My name is Tanija I am in Milwaukee wi 22 years old. I have been studying real estate for a bit of time now. 

So I began to start taking action found a deal contacted a mortgage company. Got my credit ran. They gave me a pre approval found a deal when it was time to began closing on the deal it failed because my credit history isn’t long enough. I have fair credit I was pre approved for a Fha. But now I feel stuck. Not sure how to move forward so do I just listen to the broker & wait for few years ? 

My dad is a investor he recommended me to continue studying & waiting. 

I genuinely don’t want use hard money, or family. Would prefer to use a mortgage.

[Nathan A.]

Keep shopping around to other lenders. Don't take one no for the final word of all lenders.

In the meantime, keep doing what you can to use credit responsibly and build your credit!

[Kristen L Garner]

Hi Tanija, I would recommend showing your scenario to different lenders! There are tons of other programs out there if FHA isn't a fit. And not all lenders are created equal in their knowledge and creativity.

[Tanija Hudson]

I really appreciate the advice! Will keep looking.

[Tanija Hudson]

Will do Thank you for taking the time to respond.

[Tyler Haanen]

I recently worked with Carol Ford at Waukesha State Bank for a 5% down house hack loan. I think it is a Freddie Mac program, so less restrictive than the FHA ones. Maybe she can advise on your credit and if you can move forward together? Good luck!

[Rebecca Knox]

Don't be discouraged. Did you try the bank that you currently are banking with? 

Also, maybe check with Andrea Werlein/Landmark CU, Equitable Bank & Great Midwest bank. 

Carol Ford at Waukesha Bank is also exceptional. I have used her before as well. I would say check with some local community banks. 

You can also check with Zach Starnes at Clear Mortgage---he offers a DSCR loan which you could maybe use if you do a house hack on a multi-family.

[Gregory Chadwell]

My previous life i was a lender for 10 years. I would get a copy of your credit report perhaps from the last lender. (you don't want too many inquiries) Feel free to dm or contact me i know some good lenders that i use personally too

[Tanija Hudson]

will reach out to all of those resources thank you for taking the time to respond & THE ENCOURAGEMENT. Thank you I will not stop ! I will be a successful real estate investor no matter how long it takes to get my foot in the door. Thank you 

[Tanija Hudson]

Will get a copy of my report before getting any more inquiries!! Thank you.

[Tony Severance]

@Tanija Hudson  Ask the Loan Officer for the exact reason you were denied and, as recommended by @Gregory Chadwell, ask for a copy of your credit report.  Based on your description of the situation and may be for lack of enough trade lines (accounts on your credit report).  If that is the case, sometimes simply opening a new credit card and using it only for a tank of gas each month, then paying it off, will create that additional trade line you need as well as possibly raising your credit score. 

Great job starting down this path early in life and Good Luck to you!!

[Eliott Elias]

Your dad can cosign, or you can target owner finance.