well here is the problem. we were approved for a home purchase loan and everything was going through. it was approved and everything. we sold our previous home and was ready to move in as soon as the check was cut, and then on the day it was suppose to go through the lendor ended up rechecking the house info and realizing it was a manufactured home and denied my loan.
we found another home that isn't a manufactured home, but after all the credit checks that were done to find a loan at the right price, it lowered my credit score to far for even the original bank to approve a loan on it...after they createed most of the problem by sending multiple credit check through more than one credit scoring agency.

is there anything that can be done immediately to get us a home loan?
one banker told us about investers that will cosign for this kind of loan. is this true? if so what are they called, how can someone contact them?

There are many loan types available to borrowers depending on the specific situation. Credit scores, assets/down payment, employment situation, property type and condition all play a part in getting a loan and the terms.

You mention there were many checks made to "find a loan at the right price". Were these checks done with the same lender or different ones? What was wrong with the "price" to make you continue to shop around?

many different ones. we were looking for better rates for one. for another, the lending institution that did the most damage does a credit check anytime you even speak them them about a property rather than.."yeah you can get approval on that." and using the first credit check. they also ran it through multiple credit reporting agencies at once so when the info actually updated it looked as if they were separate credit checks. so one credit check became posted as three or more. they performed a total of 4 of them over the course of us speaking with them. so a total of 31 credit checks were posted.
the maine reason we shopped around was because we were getting an FHA loan and had to make sure the properties we were looking at were approved. took them until the last second to find out the property we wanted wasn't able to be approved. after already telling us it would be.

was one of those,"oops we screwed up." deals that left us in a very very bad situation.
now we found another home we would like to purchase, and it could be approved but since they really socked it to our credit rating....I either need a cosigner, or much much more than i intended as a down payment.

Not all lenders rely on the credit score. Some look at your debt-to-income ratios and only rely on the credit reports as verification of the debts you report on your application and to see your record of making timely payments - they will not hold the numerous credit checks against you if you explain it to them. Try to find one of these lenders. If you concentrate on smaller community-based banks you will be more likely to find a lender who will evaluate your particular situation and not have to rely on your credit score.

A couple of observations:

If you were approved FHA originally and were only declined due to the property, you should be able to get the FHA loan again-the FHA program does not have minimum score requirements, so considering the fact that the original bank caused the problem, they should be able and willing to approve you for FHA financing again, providing the new property meets FHA guidelines (and you still qualify otherwise-again-FHA does not have minimum credit score requirements-payment history is more important, although the score is considered in the overall quality of the loan). Unless your income has since dropped, or you have incurred more debt to bring your ratios out of line, adding a co-signor doesn't make sense.

Secondly, it seems excessive your credit was checked that often-the only thing i can think of is if the lending institution was "shopping" your info out to other investors, and they checked your credit-it is not uncommon for that to happen. However, you should be able to document the situation as you have explained and use that as the reason your credit was checked so frequently.

SOX in '04 is on target. If you were approved FHA, you should still be able to get an FHA loan so long as the property meets FHA standards and your finances are still the same.

I truly am sorry for you situation. This is an unfortunate example of getting what you pay for. Lenders offering the cheapest rates (in my experience) offer the worse service and are just out for a fast buck. Good lenders, lenders that have been in the business a long time, will offer a fair rate and give you better service.

Sox,
yes i spoke to my wife and it was because they "shopped" me out to investors.
i tried explaining that to the lenders, but they said it made no difference, they want a credit score before even putting it through for FHA. the other lender that originally approved it will approve the other but the downpayment and all other aspects will be based on my current score after they jacked it up not the original one. which makes the downpayment much much larger.

by documenting it, what do you actually mean? is there an official way to do so where it will not effect the credit score? other lenders i have spoken with says it makes no difference. like i said before, they base your loan arrangments on your credit score and then are trying to put it through for FHA.

Sox,
yes i spoke to my wife and it was because they "shopped" us out to investors.
i tried explaining that to the lenders, but they said it made no difference, they want a credit score before even putting it through for FHA. the other lender that originally approved it will approve the other but the downpayment and all other aspects will be based on my current score after they jacked it up not the original one. which makes the downpayment much much larger.

by documenting it, what do you actually mean? is there an official way to do so where it will not effect the credit score? other lenders i have spoken with says it makes no difference. like i said before, they base your loan arrangments on your credit score and then are trying to put it through for FHA.

everything everyone says here sounds good in theory, btu i have yet to run into someone who feels the same way.
credit score is the only problem we have as far as report is concerned...we don't have any bad credit marks other than the credit checks.

if you know any more reasonable lenders in the Arkansas area that feels who will ignore the credit rating for the good payment history and give us an FHA loan feel free to PM me some details.

I have been involved with FHA loans for 12 years (10 as a HUD approved underwriter) and I can tell you the required downpayment has nothing to do with credit score. It is a standard calculation, and is based on the purchase price, appraised value and closing costs, and a couple of other factors that don't appear to be relevant to your situation. (FHA does have maximum loan amounts based on location and # of units,so if the purchase price exceeds the maximum loan amount for the area, you would need to make a higher down payment). It is possible that the investors this lender is using may have a minimum score requirement (FHA does not have a minimum score requirement)-if that is the case, you should find another lender. Quite frankly, the FHA underwriting guidelines tend to be more lenient to allow more people to get into home ownership. I would suggest contacting other lenders in your area and without authorizing them to look at your credit, just ask if there are any credit score minimums on FHA loans.

As for the documentation, I suggest you keep a letter of explanation which addresses why you have so many inquiries (and any paperwork you may have to back it up). This will not help to increase the score, but should help explain why there are so many inquiries into your credit. In my experience as an underwriter, we would aske the customer to address why they had so many inquiries-if it made sense, no problem. If a customer said " well, I applied for a credit card last week and was approved"-now my concern is they may now have new debt that I need to take into account for qualifying purposes.

thanx sox,
from what i can tell from you have told me sounds like the lender is playing games that i don't wish to play. i will look for someone else.
thanx