Can I Qualify For FHA Home Loan With Bad Credit Illinois


This ARTICLE On Borrowers Can Qualify For FHA Home Loan With Bad Credit Illinois With Collection Accounts Was PUBLISHED On May 25th, 2020

Can I Qualify For FHA Home Loan With Bad Credit Illinois

Many folks who became victims of the Great Recession of 2008 still do not realize that home buyers can qualify for a FHA Home Loan With Bad Credit Illinois With Collection Accounts without needing to pay it off.

  • The real estate and credit collapse has created new mortgage guidelines that affected seasoned veteran mortgage loan originators
  • All mortgage loan originators now had to get licensed at both the federal and state levels and pass both criminal background checks and credit checks
  • Half of the nation’s mortgage loan originators ended up leaving the field and thousands of mortgage companies closed their doors
  • Bankruptcies and foreclosures soared to historical highs as well as unemployment rates
  • The whole mortgage industry has undergone a complete overhaul and new federal guidelines were implemented
  • Banks and credit unions were scared to lend and the mortgage industry today is tougher than ever
  • Many honest hard working folks never thought they can ever be homeowners again because they had a prior bankruptcy and/or foreclosure or less than perfect credit
  • The good news is that there are mortgage lenders who specialize home buyers get a home loan with bad credit and you can qualify for FHA Home Loan With Bad Credit Illinois

In this article, we will discuss and cover FHA Home Loan With Bad Credit Illinois.

How Do You Qualify For FHA Home Loan With Bad Credit Illinois?

Like millions of Americans, the real estate and financial collapse of 2008 has affected me personally. I was a real estate investor who owned, managed, and operated 7 apartment complexes which consisted just under 3,000 residential units. Here is my story:

  • Foreclosures, collections, judgments, late payments? 
  • I had them all
  • I soon realized that many of the people I know were in the same situation like myself  
  • As a seasoned real estate investor, I dealt with hundreds of mortgage lenders during my 20 year real estate career and decided in helping folks who needed a home loan with bad credit
  • I specialize in helping folks who are seeking FHA Home Loan With Bad Credit Illinois and who were in the same situation like myself

More than 75% of our borrowers are folks who have gotten denied for a mortgage loan from another lender due to lender’s overlays.

Borrowers With Prior Bad Credit

What do borrowers with earlier bad credit mean?

Most folks have pride and are embarrassed due to their prior bad credit history:

  • But being a person with prior bad credit, I fully understand that it can happen to the very best of us and sometimes these circumstances are beyond our control
  • The mortgage business really sucks due to the many rules and regulations
  • However, helping home buyers secure FHA Home Loan With Bad Credit Illinois who thought they could never ever get a mortgage loan again is the most rewarding part of my business
  • Most of my mortgage loan borrowers are not just my client, but lifelong friends
  • A few of them were so grateful that they either became mortgage loan originators or are in the process of getting licensed as mortgage loan originators

One such borrower who is now one of my best friend and a partner in the mortgage business is Daniel Diaz.

FHA Home Loan With Bad Credit Illinois For First Responders

Daniel Diaz just wrote me a testimonial letter to share with my readers.  I met Daniel Diaz as a client but we really hit it off in a very short period of time.  Daniel Diaz is a veteran Chicago Police Officer who is larger than life and who cares more about others than he does himself.  Like me, Chicago Police Officer Daniel Diaz has been a victim of this country greatest recession and did not think he can ever become a homeowner again due to his previous foreclosure and credit issues.

  • Daniel Diaz was once a mortgage broker and real estate broker
  • However, gave both careers up due to the real estate and mortgage meltdown
  • Officer Daniel Diaz then spoke with a fellow police officer who referred me to him
  • Officer Diaz was literally in tears when he got news that he is approved/eligible per Fannie Mae’s Automated Underwriting System
  • I represent wholesale mortgage lenders with no mortgage lender overlays and as long as you get an automated approval, that if your final approval
  • With a credit score under 600 FICO score the Diaz family can now go and purchase a home with the maximum loan amount of $365,000 and/or a VA loan amount of up to $453,100
  • Officer Daniel Diaz is U.S. Veteran and is also eligible for a zero down payment VA loan
  • Daniel Diaz realizes that there are thousands of folks he can help out, especially his fellow police officers, fire fighters, and first responders
  • Daniel Diaz’s passion to help people made him to get his mortgage loan originator license and become my partner in the mortgage business

Below is a testimonial from Officer Daniel Diaz:

“Brother this is my testimonial.
 “I am a Chicago Police Officer and I want to send this out to as many people as I can reach that want to buy or refinance a house but due to the recession and horrible market you can’t. I am a proud Chicago Police Officer and have served the city of Chicago since 1993. During the real estate boom I was also a realtor and enjoyed every minute of it. It allowed me to take care of my family and I was able to help a lot of people buy a home and helped many others with refinancing. The thought of our economy and the real estate market completely going belly up never crossed my mind but when it did and it was plastered on every TV set and newspaper I knew we were in trouble. As for me, I owned a primary home and an investment home and  like so many I had several credit cards and a couple loans. I thought that this was going to be a temporary thing but as the weeks turned to months and the news that the housing market was headed for a recession I knew This was the beginning of the end.  People were trying to sell their investment homes so to avoid foreclosure and no one was buying anything. I tried to sell my investment home as quick as I possibly could as well but so was everyone else. I remember when my tenants one after the other called me to tell me that they had lost their jobs and if I could wait for the rent til they got back on their feet. All I kept thinking was Oh my God, I might lose my building if I cant sell it. That wasn’t it. As for my relators license, I gave it up  after the market crashed. I was working very hard and was bringing home two paychecks and now I was down to one but the bills kept coming in. I tried everything  to sell my building but there wasn’t a buyer to be found. After a little over a year and none of my tenants paid rent I had to turn in the keys to my investment home. My credit cards were maxed and I couldn’t pay the monthly minimum. I was trying to work every part time job I could get my hands on. Security at a store, at a parking lot and even spending the night working at a construction site making sure no one got in. This to try to catch up to my bills and recreate that other check I was making but I couldn’t catch up. I am a father of four beautiful kids and my only son who I adore has autism which made this that much more difficult. After working my primary job and trying to work all my part time jobs to no avail. The reality of losing my house started to become the reality I was trying to avoid. After several months of trying to modify my mortgage to possibly keep my home the bank wasn’t interested in helping me. My nightmare was here. We went thru all the legal steps and struck a deal with the bank that we would turn In the keys to our beautiful home and that would be that. It was a very hard for me but I understood that the real estate market just wasn’t coming back. I was able to rent a house and after a few years went by I tried to maybe buy a house. I went to several mortgage brokers and it was the same thing. Because of my credit which was only affected because the recession I couldn’t qualify for a new loan because of my overlays ” bad history of open or closed  credit, foreclosures” I couldn’t buy a home. I have the income to afford a home but cant get a loan because of my past. I had a 710 credit score before but now I have a 570. How was I ever going to buy a home so I could leave to my kids or use it to help get my kids thru collage when the time came. But most importantly to be a homeowner again. To call it my home not my rental house. I had completely given up on the thought of owning at least for now but when I was at work a friend rode past my squad car to say hi and we started talking and we talked about real estate and I told him how I just couldn’t qualify for a loan and what he said after that has changed my entire life. He told me about a guy that was able to help those who were in my situation and I told him that there’s nothing out there that could help me. He gave me a website and said just give it a try you never know. I cant thank my friend Jimmy Z enough. I got on the website he gave me and a guy named Gustan Cho was on it and as I kept reading what he could do I immediately got on the site and applied and a couple hours later a man called me and introduced himself as Gustan Cho and wanted to know if I could answer a couple questions and after verifying what I had put on the application he said what I thought I’d never hear. If you can verify what you put on the application, congratulations. You will be a homeowner again. I didn’t believe him one bit and he laughed and emailed me my approval for a FHA mortgage. I have given him what he needed and I have been shopping for my home. Gustan Cho has called me every day since he first called. He has become a friend and someone that I respect and trust. Someone who understood and helped me step by step to get me where I’m at today. If you have bad credit, a forcloser or a bankruptcy please give Gustan Cho a call. He has truly stood by his word and continues to help me and several of my friends who are in a tough situation because of no fault of their own. As you get to know Gustan  he will tell you of how he also was a victim of the housing market but has bounced back and continues to help so many that have been turned down by so many banks, mortgage brokers and mortgage companies. I am so thankful for my friend Gustan Cho and I want to tell everyone about him. He truly has the magic touch of helping those that have bad credit because of our past and giving us the ability to own our home. If anyone has a doubt or wants to ask questions email me your number and I will call you soon after I get it. My email address is If this is your situation don’t waste anymore time dealing with all these other guys that say they can help and after they pull your credit they either don’t call or call a week or two later telling you that they cant help. What I respect about Gustan is that if he cant help you. He will stay on your side helping you with all the assets he has available to help you qualify later. You don’t have to be a Police Officer or a Firefighter to get help. This is for everyone, even our Vets have so many opportunities that Gustan can help you with.
Daniel Diaz, Chicago Police Officer
A client and friend of Gustan Cho”

How Can You Qualify For FHA Home Loan With Bad Credit Illinois

How Can You Qualify For FHA Home Loan With Bad Credit Illinois

Everyone with income can qualify for a FHA Home Loan With Bad Credit Illinois and collection accounts.  Its not if I can qualify, it is when you can qualify for FHA Home Loan With Bad Credit Illinois.  Home Buyers who have had a period of bad credit history, that is fine. However, borrowers who are a habitual late payment with recent late payments due to irresponsibility, then it may be a problem. Mortgage loan underwriters will look at a borrowers overall credit history and do understand periods of extenuating circumstances where the borrower may have lost their jobs, gone through a divorce, death in the family, or medical issues.  However, most mortgage lenders will like to see that the mortgage loan applicant has since recovered and re-established your credit.  If you have bad credit and are seeking to qualify for a FHA Home Loan With Bad Credit Illinois, contact The Mortgage Team at Gustan Cho Associates at 262-716-8151. You can also email us at We are available 7 days a week, evenings, weekends, and holidays.

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