Financing in Olmsted Falls>Question Details

Dan,  in Olmsted Falls, OH

Is their any lender out there that will lend to a sub-par credit borrower?

Asked by Dan, Olmsted Falls, OH Sat Nov 7, 2009

I am a real estate agent but recently went thru a nasty divorce and needless to say my credit score took a beating. I may be able to get liquid cash of 20% of the buying price from a family member but how could I work this to purchase a foreclosed property for under 80K? Are there bankers or lenders out there that will work with a self-employed stated income borrower such as I? Any suggestions would be helpful.

Help the community by answering this question:

Answers

2
jhatcher’s answer
I work with buyers and lenders of all different circumstances- I can tell you that buyers can be approved with a score at 580 and above. Of course the higher the score, the less risk to a bank..and better rate follow that! Good luck!
0 votes Thank Flag Link Wed Jan 23, 2013
Sorry, sub prime loans are a thing of the past. A borrower with 680 scores can go stated income in certain states, but not with sub prime credit. FHA requires income, if you want to go get a job until after you close. Otherwise, you may have to lease until stated sub primes loans come back in about 10 years if ever.
0 votes Thank Flag Link Mon Nov 9, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer