So-So credit and no downpayment
Hi, I'm a first timer looking for some advice. We have a mid 600 score and have been qualified for a convential loan requiring 10%down. We make too much money for FHA but not enough to save 10% of a home price in CA. Does anyone here know about asking the seller to carry the 10% and having the buyer pay them on a scheduled basis? It sounds inticing and may be our only hope of becoming homeowners right now. Desperate for answers..... thanks
Can you do 5% percent down.
We can do 3%, but have only been qualified for a 10% conventional and are nervous about even applying anywhere else to get turned down.
Have any ideas?
I bet you can get a 100% loan with your credit score in the mid 600. I my be able to help you with this I speacialize in qualifying clients with 580 and above ficos for 100% loans maybe I can be of help e-mail me at **Please See My Profile** for details. Maybe I can Help!!!
Tips....
Thanks a million for the advice. I am grateful for the opportunity at least.
Hi, Da !
You actually have mutliple options.
Send your contact info to **Please See My Profile** so we can discuss?
Thanks and Good Luck!
Mark
I know of a loan that is like an FHA but its conventional. RBMG has a loan product like an FHA. This loan product accepts gift funds from non-profits ( I work for the non proft that gifts these funds to people like you). Gift funds can be used for down payment and closing costs. If you would like more information, i am happy to help. Please email me at **Please See My Profile**
Thanks to all of you for your great help.
Hope is in the air.............
I hope to become a Senior investor after working with all of you and growing my portfolio!
Have the seller lend you the 10% from the equity in their home in the form of a home equity loan they take out.
Pay them 15% interest for their money, which is very attractive them. They get to sell their home, and make a profit between its selling price and its payoff amount, while still earning money on the money that they lend you for the downpayment.
Once you acquire the house, refinance and then quickly payoff the 10% loan you got from the seller that was your downpayment, after the house is re-appraised. You will only owe interest for the money you borrowed from the seller for a short time, maybe 3 months, and paying 15% interest for 3 months is not too bad for such a short time period.
The seller helps you finance the purchase, and "gifts" to you part of the downpayment. That is the main logic behind this idea. In reality, he is paid interest on this money, and at the same time, gets to sell the house at the price he wanted to sell for, but you get into the house with the funds you currently have.
Jump the sale price up by 10% and write the purchase and sales so that there is a 10% credit off the price towards down payment or deferred maintenance or something. This may help you deal with the lender you have already been working with.