Have Poor Credit, but 20% Down - Need Lender Who Will Work With Me (real estate)

[CEBMurray]

Hi Everyone!

We are in the process of moving from CA to AZ. We will be selling our CA home and making a large profit. We would like to buy a 4-5 Bed home for under $300K. However, we have poor credit (FICO scores 540 and 580), a bankruptcy and a history of late payments. We are willing to put a larger down payment as long as can find a lender who will work with us. We are open to paying more in interest then refinancing in a year or two. Any suggestions??

Thanks in advance for your kind assistance!

[Jkgourmet]

Originally Posted by CEBMurray

Hi Everyone!

We are in the process of moving from CA to AZ. We will be selling our CA home and making a large profit. We would like to buy a 4-5 Bed home for under $300K. However, we have poor credit (FICO scores 540 and 580), a bankruptcy and a history of late payments. We are willing to put a larger down payment as long as can find a lender who will work with us. We are open to paying more in interest then refinancing in a year or two. Any suggestions??

Thanks in advance for your kind assistance!

You should copy and paste this, add when the bankruptcy occurred, and put it in the mortgage forum. There are some very knowlegible, helpful mortgage people over there (and some jerks who may be rude about those scores.)

[deep in trouble]

I wish you much success on your move and hope everything goes smoothly in finding you're new home

[Hal Roach]

Look for owner financing or OWC. I financed a buyer with 11% down in 2013. 8% first year, 12% after that. He paid it off, when he sold his other house, so it was just a bridge loan, but he wouldn't have been forced to pay it off. During the crash, there was a private capital company doing 10.6250% for 15 years...with 30% down...but..thirty points! Still you would have made an excellent profit on a 50,000 home that would now sell for 140...and still cheaper than rent. I have a 790 FICO and live in a 20,000 condo I paid cash for. You should lower your budget and work on your credit. Unfortunately, an owner financing deal will not likely be reported to the credit agencies. Real estate is a fgame of compromises...you need to make some. You actually might even have an easier time buying a OWC, than renting...nobody with a nice house is going to touch you with a barge pole. Let me guess. Two dogs.

And to add. I was watching one of those house flipping shows Terek and the kind of hot wife....with the nice SUV and expensive house...must be really successful..lol. On one show he revealed that they were paying his private equity guy 2% interest...PER MONTH...legal limit in CA might be 25%. I recall the early 90s in CA and mortgage brokers were saying they could get you a mortgage with 25% down, even if you just got out of prison. Much tougher, now. And I don't think there is any more Alt A, which you still need 640+ for. And I vestor loans ask for 40% a lot more than 20% down.

[asufan]

I always hear ads on the radio for this:

Fresh Start Program - Peoples Mortgage

[Ohky0815]

STOP posting the same topic multiple times- REPORTED

[Hal Roach]

Originally Posted by asufan

I always hear ads on the radio for this:

Fresh Start Program - Peoples Mortgage

Lol. Yep 30% down with 680 fico and full docs....might be 7%..Salt Lake City...I wonder who is behind that.

[asufan]

Originally Posted by Hal Roach

Lol. Yep 30% down with 680 fico and full docs....might be 7%..Salt Lake City...I wonder who is behind that.

I merely googled it and I guess the Salt Lake City branch came up. They are a local mortgage company

[Jkgourmet]

Originally Posted by Ohky0815

STOP posting the same topic multiple times- REPORTED

Dude, he posted it twice - once here on the local board and once on the RE mortgage board at my suggestion. Where he found out that he is probably eligible for FHA.