Financing in 90503>Question Details

Stephanie, Home Buyer in Torrance, CA

how to qualify for a loan if you have bad credit or very low fico score, but have down payment, good work?

Asked by Stephanie, Torrance, CA Mon Feb 16, 2009

history and no debt?

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Stephanie,

Find a qualified and reliable loan officer that you can sit down with face to face. I see that you are from Torrance. I know a local lender in Torrance that can review your situation with you and if there is a way to qualify you, then he will do it.

Feel free to contact me if you would like the lender referral or see below. You can also go to my website for information on homes for sale in Torrance, including some very affordable new construction.

Michael Magaw
Torrance, Ca
310.259.6850
M@NHLBrokers.com
http://www.NHLBrokers.com

Nick Costa
Countrywide Home Loans
310.941.1666
Nick_Costa@Countrywide.com
Web Reference: http://www.NHLBrokers.com
0 votes Thank Flag Link Mon Feb 16, 2009
Stephanie, You might want to check out the FHA site it's full of information.....http://portal.hud.gov/portal/page?_pageid=73,1&_dad=port…

The Gov. also has free counseling and advice for homebuyers....http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm

If you haven't actually seen your credit report, you might want to look and see what you can dispute or fix..
https://www.annualcreditreport.com/cra/index.jsp
Homebuyer programs approved by the Gov. are good for making local contacts and learning about local
programs/assistance.....http://www.hud.gov/buying/localbuying.cfm

No one knows for sure what new programs are going to exist soon or which ones will change. It's a good time to make use of what is available and be in position for new opportunities..

Good House Hunting, Dunes
1 vote Thank Flag Link Mon Feb 16, 2009
It depends on what your score is. You can get a 3.5% FHA loan even with a 580 score. It also depends what is it that is keeping your score down.
1 vote Thank Flag Link Mon Feb 16, 2009
Speak with a lender. Everyone's cicumstances are unique. A 10-20% or larger down payment and a clean credit history for the last 12 months won't hurt either.

Mortgages are not readily available these days for people with bad credit who have shown no willingness to fix their problems and get their finances in order. Remember, owning a home is a privelege not a right, and with all the homes going into foreclosures these days lenders are not in a hurry to lend out money to those they deem not worthy. Even with the economic stimulus money being released into the financial markets, the empahasis on lending going forward is going to be on SUSTAINED homeownership, not making everyone into a homeowner.

My best advice I can give you is to speak to someone local and reputable to find out where you stand now, and if you're not in a position to qualify now then find out what you need to do in the next 6-12 months to put yourself in a good position to become qualified. Set a plan and stick to it religiously and you will get your mortgage at some point

Best of luck!
0 votes Thank Flag Link Mon Feb 16, 2009
It all depends on your situation. Sit down with a Mortgage Broker, and discuss your options.

I am a mortgage broker. If I can be of service, please let me know!

Martin Smith

Precision Funding
877-238-6324 Ext 704
513-536-7184
877-238-6324 FAX
MSmith@PrecisionFundingUSA.com
http://www.PrecisionFundingUSA.com
0 votes Thank Flag Link Mon Feb 16, 2009
You have two choices:

A very large downpayment on a conventional loan or a manual underwrite on a FHA loan.

More info. is neeed so, if you would like to talk more about it let me know.

Good luck to you.
0 votes Thank Flag Link Mon Feb 16, 2009
You should first review all three credit reports to make sure there are no errors that could be removed to help raise your credit score and also raise your fico score. The next thing would be to see if you can locate a property that the owner is willing to do owner financing and show that you have a down payment and a good job. The other thing that if an owner will do owner financing they will want to have a reference from your current landlord.
0 votes Thank Flag Link Mon Feb 16, 2009
That might depend on how low your score is. You don't know until you appy: http://www.floridadreamloans.com/AreYouPre-Approved
0 votes Thank Flag Link Mon Feb 16, 2009
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