Financing in Escondido>Question Details

Heidi, Renter in 92026

if my credit is poor is it impossible to get a conventional home loan? are there private investors who lend?

Asked by Heidi, 92026 Fri Jun 27, 2014

Help the community by answering this question:


There are hard money lenders who will lend on primary residences in California, but many will not. Hard money lenders can have longer terms of 3-5 years in some cases. A hard money lender will require a down payment of around 30% and will be forced to verify your income due to new government regulations.
0 votes Thank Flag Link Fri May 8, 2015
Great Question!

There are private lenders who lend, but many times their terms are not favorable to the buyer.

I would recommend contacting Steven Sakofsky he will be able to answer your questions:

Broker, Owner
SunTrust Homes Real Estate and Mortgage
12526 High Bluff Drive #300, San Diego, CA 92130
License: CA00945149
NMLS # 324379
Phone: 866-377-7283 | Cell: 619-246-5626 | Fax: 858-509-3768
0 votes Thank Flag Link Sat Jun 28, 2014
Yes there are some investors that may be able to do your loan but as mentioned the terms are not very favorable. Some lenders require just a 620 score for a conventional loan. If your credit score is under 620 there may be a few things you can do rather quickly to increase it.. We work with several investors and lenders that lend to borrowers with all types of situations. Email me or visit our website if you would like to be referred to a lender that can help you.
0 votes Thank Flag Link Sat Jun 28, 2014
To clarify: Hard money lenders won't lend to you. They don't lend on primary residences. They don't lend for longer than 6-12 months.

There may be private investors who'd consider lending. But you're going to have to pay a lot. It's also possible that some banks that hold their own loans might consider lending to you. Or wait until you've cleaned up your credit.
0 votes Thank Flag Link Sat Jun 28, 2014
Don Tepper, Real Estate Pro in Burke, VA
Private investors (Hard Money Lenders) are definitely an option. My experience in Florida is that they require 30-50% down payment and it is strictly related to the property (location, condition and value)
Google "Hard money lenders" in your area.
Henry L Kaplan
Licensed Real Estate Salesperson - Florida (Servicing all South Florida and offering FREE relocation assistance worldwide)
0 votes Thank Flag Link Sat Jun 28, 2014
Finding an angel finance you may be possible, but nothing comes without a cost. Some investors for situations like this are all smiles and handshakes up front, and can't wait for you to miss a payment or two to scoop up what equity you may have found. This option is risky and not recommended unless it's a close family member, and even then it's risky on the relationship.
What is better is to take some time to resolve your credit issues once and for all. I've seen several people do this through the years and it is possible. Sometimes it can even happen quicker then you think. Pay your bills on time or early. Pay down any balances on open accounts and quit using the cards. Do not close any accounts or pay off any old collections, this will lower your scores.
There are mortgage lenders who assist with credit repair. Find one, discuss your issues and see how fast they can get your scores up and position you for long term success. It's not a short cut, but it pays off.
0 votes Thank Flag Link Fri Jun 27, 2014
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