 | Richard Ciemny is Vice-President, Director & Branch Manager of The First National Bank of Anthony, Wichita Branch. Richard has been in the banking profession for many years in the Wichita area. He has been an active member of the Kansas Bankers Association and the Community Bankers Association of Kansas. The First National Bank of Anthony, Wichita Branch, is located at 10111 W. 21st St. North. You may contact Richard at (316) 721-9000. |
Banking & Finance
2003-02-01 15:14:00
Poor credit &/or no cash
: I've got poor credit and no cash for a down payment. Can I still get a mortgage?
ANSWER: Yes, it is possible for people with poor credit or no cash to obtain a mortgage but your individual situation would still need to be evaluated.If you have both poor credit and no cash it may make it a little more challenging, but with a little guidance most people can repair their poor credit and get over the cash to close hurdle. Think of the process of getting approved for a mortgage like going on a job interview. Like an interview, it's a matter of packaging yourself neatly and presenting it with your best foot forward, always remembering... the most important thing a lending institution is looking for is your ability to re-pay the loan... in prompt fashion.Credit issues need to be resolved, or determination needs to be made as to the cause of these issues. In some cases, poor credit is not an individual’s fault but a result of a situation (i.e. divorce, sickness etc.) If the issue is cash availability, there are low down payment programs or a variety of alternatives to explore. The most important thing for someone to understand that may feel they are prevented from securing a mortgage because of credit or cash problem is, with time and effort it is achievable. If you can’t get approval for a mortgage today, the most important thing is to get on a path towards getting approval on a mortgage tomorrow.Most lending institutions will be happy to assist.
