Financing in Arlington>Question Details

Newtoinvesti…, Home Buyer in Arlington, TX

Have a 550 credit score. Need a lender in N. Texas for a loan. The property is a fourplex listed at $125. I can come up with between 20-30k for down.

Asked by Newtoinvesting, Arlington, TX Tue Jul 26, 2011

I can get a co-signer, but I prefer not to because I dont intend to pay on the motrgage for more than about two or three years before I pay it off. Any help would be greatly appreciated.

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Answers

7
If you net worth is that good.... Why don't you hire a credit repair firm to help you get that score up?
I know it doesn't help you on this deal.... But it will in the future.

There is a lot to credit repair. Some is repairing damage and the rest is opening new accounts and managing your score. The education alone is worth the money. And they will be able to get rid of some of the negatives too!!

Let me know if you would like to learn more.

Tom Burris
Mortgage Banker
DallasLoanGuy.com
(214) 763-4629 cell/text/nights/weekends(Really!!)
tomburris@dallasloanguy.com
Lending all across the entire Great State of Texas!!
1 vote Thank Flag Link Tue Jul 26, 2011
You can get approved with under a 600 credit score for home loan, I am not sure about a 550. I have had clients with a 580 credit score get approved for an FHA loan just 3.5% down, The Lenders Network is the place to start for any questions loan related. If you need help to get your scores up they can help with that too.

Good Luck!
0 votes Thank Flag Link Sat Aug 10, 2013
My credit people will repair your credit for free so you dont have to worry about a refund. I would never suggest a client pay for credit repair.

The companies that charge typically take longer to fix credit problems becuase they are concerned about complete credit repair.

When a good mortgage company reviews your credit and gives credit advice, it is geared more to getting a mortgage and not total credit repair. What important to you, the client is getting a house, not a perfect credit score.

Since my mortgage company is the one doing the credit repair, they dont charge becuase they expect to do the loan for you when your credit is ready.

So to recap, anyone who charges to repair your credit is a rip off.
0 votes Thank Flag Link Fri Jul 29, 2011
I have a great mortgage company that you can work with. I also have a really good credit repair company that promises you a 640 credit score or higher..or they will refund your money. Contact me if you are interested!

Thanks,
Stephanie Simms
Realtor
stephaniesimms@kw.com
0 votes Thank Flag Link Thu Jul 28, 2011
I have a few options for you that I have used in the past as well as helped people in similar situations. Contact me privately if you are still interested in getting this deal thru.
0 votes Thank Flag Link Tue Jul 26, 2011
If you have 25-35% down off of the purchase price then I may be able to help. It would be a hard money loan. You are not bankable for non-owner with that credit score in today's environment. If there's equity to be after repairs are made then you might get in for 25%. On the flip side if its only going to be worth $125k then your max LTV would be 65% of that. Must be investment and you must have a homestead declared in Texas.

Marco Bolado
210-549-5777
marco@entrustequityfunding.com
0 votes Thank Flag Link Tue Jul 26, 2011
You need good credit for investor loans from banks.

Look into 'hard money lenders'. They do not require a payment history.



Tom Burris
Mortgage Banker
DallasLoanGuy.com
(214) 763-4629 cell/text/nights/weekends(Really!!)
tomburris@dallasloanguy.com
Lending all across the entire Great State of Texas!!
0 votes Thank Flag Link Tue Jul 26, 2011
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