Does anyone know of anywhere in western PA that deals with bad credit mortgages

In order to find out the type of loan programs u r qualified for u will have to fill out a loan application, with a mortgage broker, which u can find one in ur local telephone book. Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA & VA loans if u qualify for one.

He will fill out this application, which takes awhile so grab ur favorite beverage & sit down. Once u have completed the application, he will run ur credit report which will have ur credit scores. These credit scores will determine ur interest rate.

The amount of ur monthly debt payments u r required to pay as per ur credit report & the amount of mortgage u can take on based on ur income will determine the amount of house u will be able to purchase.

When u speak with the mortgage broker u will need the following documents to complete the loan application, there will be others, but this will get u started.

#1 One month of pay stubs for each person that will be on the mortgage.

#2 Six months bank statements from each bank in which u bank as well as statements from any 401K from u place of employment.

#3 Two years of federal income tax along with the W-2 that match.

Once he has all that he need to do he can then issue u a pre-approval letter so u can purchase a home. In this pre-approval letter will be the amount of house u r qualified to purchased.

Once he gives u this pre-approval u may now find a real estate agent to find yourself a home or he might have a referral.

Now make sure before u get ur pre-approval u & ur mortgage broker go over all ur options as to the mortgage programs u qualify for, the interest rate, monthly payments.

If u r getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if u r qualified for & approved for a 100% loan.

You should select the loan that best suit ur financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years & then adjust. Some adjustable rate mortgages only adjust once.

Make sure ur mortgage broker explain all ur options so u may make an intelligent decision.

What might be good for one person might not be good for you, in other words just because ur friends & all ur real estate buddies r telling u about the great fixed rate they got, ur financial situation might call for something else.

So select the best option for u & ur financial situation.

You should also get a Good Faith Estimate (GFE) which will indicate the cost u will have to pay for getting this loan. It will also indicate the amount of ur down payment.

Once u have found a home the real estate agent will then prepare a contract for u & the seller to sign.

Your mortgage broker will now order an appraisal to show proof of the property value.

The mortgage broker might ask for additional information or documentation, do not get all up tight this is normal, just supply the information or find the documents needed.

After the appraisal has been completed u will be called by ur mortgage broker to sign ur loan docs so u can take possession of ur new home.

Before signing any loan docs make sure they say exactly what u & ur mortgage broker went over when u decided on what mortgage program was best for you.

I hope this has been of some use to you, good luck

''FIGHT ON''