After you get advice, you may want to use the Hard Money Lender for a loan as well.
I dont know anyone else who will lend to a 480 score. But I believe you will discover that Hard Money Lenders are a perfect choice for Real Estate investors even if they have Good Credit.
As I read over my own post I realize that it sounds like I am a mortgage broker, but I'm not. I am an investor.
If you develop a relationship with a Hard Money Lender, he will gain a trust in you. And know that you are in this game for real.
When he sees that you are smart and also conscientious and CARE about paying off your debts he will ignore your previous credit and ONLY look at the value of your house.
Lend 65% of the After Repaired Value which may exceed the purchase price. (no bank does that).
Lend it fast. You can close in a week or two.
And close without worrying about termites and other factors of poor condition.
There is a list in the "Lenders" section on this website. It is sorted by State. Maybe you can find a local company that will finance you.
My mortgage broker just got a buyer of mine a loan with a 550 credit score. She said FHA firstime homebuyers owner occupied with good loan to value can qualify as low as 450 score if they have some money to put down, good job history, and steady income.
I know of a lender that will lend 80% LTV with that score. Have to have excellent housing payments for last 12 months. Send me private post. I am mortgage broker/ newbie investor.
There are a variety of different lenders out there that are doing Low FICO and even NO FICO programs. But obviously, everything else has to be in order and you’re rates are going to be higher.
Have you tried the "Lenders" link on this site? That’s a good place to start. If you don’t find anything, let me know.
If you have any luck in finding a lender please let me know.
I am having trouble as well and I have a 630 score but only been in the country for 3 years so I dont have the history and being self employed doesnt help matters with little money trying to get a primary residence first.
bj2964..
Try talking to a hard money lender..not for a loan..just for advise and direction.
mcldavid
After you get advice, you may want to use the Hard Money Lender for a loan as well.
I dont know anyone else who will lend to a 480 score. But I believe you will discover that Hard Money Lenders are a perfect choice for Real Estate investors even if they have Good Credit.
As I read over my own post I realize that it sounds like I am a mortgage broker, but I'm not. I am an investor.
If you develop a relationship with a Hard Money Lender, he will gain a trust in you. And know that you are in this game for real.
When he sees that you are smart and also conscientious and CARE about paying off your debts he will ignore your previous credit and ONLY look at the value of your house.
Lend 65% of the After Repaired Value which may exceed the purchase price. (no bank does that).
Lend it fast. You can close in a week or two.
And close without worrying about termites and other factors of poor condition.
There is a list in the "Lenders" section on this website. It is sorted by State. Maybe you can find a local company that will finance you.
Good Luck,
N.
My mortgage broker just got a buyer of mine a loan with a 550 credit score. She said FHA firstime homebuyers owner occupied with good loan to value can qualify as low as 450 score if they have some money to put down, good job history, and steady income.
I know of a lender that will lend 80% LTV with that score. Have to have excellent housing payments for last 12 months. Send me private post. I am mortgage broker/ newbie investor.
I have a score of 488 and I am trying to puchase a KB home. Do you know anyone who can help me out and get me approved for a mortgage loan?
There are a variety of different lenders out there that are doing Low FICO and even NO FICO programs. But obviously, everything else has to be in order and you’re rates are going to be higher.
Have you tried the "Lenders" link on this site? That’s a good place to start. If you don’t find anything, let me know.
HTH
If you have any luck in finding a lender please let me know.
I am having trouble as well and I have a 630 score but only been in the country for 3 years so I dont have the history and being self employed doesnt help matters with little money trying to get a primary residence first.
Thanks