I'm a real estate agent. Mortgages are MAIN need for these in my opinion. Bad credit right now are a lot of folks that make even more than they need to qualify.... but APR loans in the crash that doubled their payments, divorce putting folks down to half income, etc. has put them in this position. Someone with a foreclosure can't get a conventional mortgage for 7 yrs... but can get an FHA loan three years after or two years after if their was a bankruptcy and the mortgage was included. It is entirely possible for their income to be high enough and bring their scores up with hard work, or...... THE PRODUCTS AND SERVICES THAT COHO PROVIDE. Anybody can go to one of these buy here/pay 100% interest car dealerships, but no one can go to get buy here/pay here owner financing without a big chunk of change to make the seller happy to wait for a year or two for them to obtain their own loan. Now, this is why COHO is great... they offer the ability for people to work on it without going to credit counseling for a cheap monthly rate with things like ScoreNavigator, etc. This is BIG and is going to get bigger FAST because mortgage rates have ALREADY GONE UP AND WILL GET HIGHER QUICKLY AT THIS RATE. May be back to 6-7% (what it was before the crash) by the end of the year or next year. It is getting a lot more house for your money or a cheaper payment on one than after they rise. Could mean hundreds of dollars difference on even the smaller price range. Plus, COHO has credibility. Hell.... they are hooked up with TransUnion, one of the big bureaus! And that my folks..... is my own humble opinion. :)
AI
