Financing in Olmsted Falls>Question Details

Dan, Real Estate Pro 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.

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3
Dan Chase’s answer
I knew in divorce the wife took much more than half your stuff. Had no idea she could take most of your credit score also. It sounds like the smart thing to do is to wait awhile. Rebuild your credit, save more money, and then buy a place. no way you should pay 15% or more for interest at this time. That alone would ruin any chance you have of making buying a house pay.
0 votes Thank Flag Link Sat Nov 21, 2009
RJ,

Is that a HML or a bank?



Sean
Web Reference: http://www.SeanDawes.com
0 votes Thank Flag Link Sat Nov 21, 2009
If not, you could always look towards hard money lenders then refi when you can but be prepared to pay 15% interest.

Really wouldnt advise doing that but its answering your question in order to buy.

How about lease option to buy something or find a seller financed property?
0 votes Thank Flag Link Sun Nov 8, 2009
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