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

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Hello Heidi, It will depend on what poor credit is your speaking of. You may qualify for conventional 5% down from a minimum 620 fico score up to $546,250.. As I said you may qualify FHA from as low as 500 fico score up to $546,250 loan amount with 10% down in San Diego county. You only need a minimum 580 fico score to qualify FHA 3.5% down or even as low as .5% half percent down payment program. The rate is slightly higher with the lower fico scores or down payment assistance programs but still only near 5%. Private money has high interest rates from 10% and up and high costs which we offer as well but there are a lot more options that may benefit you the best financially.

It only takes a few dozen questions to qualify and go over options. Credit scores can be raised within 3-4 days to qualify for program, rates and terms as necessary. The whole determining factor will be dependent on what your fico scores are now and how much you want to invest into the purchase. Usually a short week will save you lots of money on the rate difference from 500 fico to 580 to over 620. Here are some blogs to study such as Who has credit issues and been declined, Which loan is right for me, Down payment and closing costs hurdles and Pre-approval in minutes.

http://www.trulia.com/blog/under640ficoscoreloans/2012/09/wh…

http://www.trulia.com/blog/under640ficoscoreloans/2013/01/wh…

http://www.trulia.com/blog/under640ficoscoreloans/2012/12/ar…

http://www.trulia.com/blog/under640ficoscoreloans/2013/12/pr…

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
BRE# 01140252
NMLS# 297251
760-486-4225
9am till 7pm Monday thru Saturday, Sundays by appt.
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
http://youtu.be/MrygA2_8fAY

If my response was helpful, consider clicking thumbs up or Best Answer!
0 votes Thank Flag Link Sat Jun 28, 2014
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:

STEVEN SAKOFSKY
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
Email: Steven@sdhomeandloan.com
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 Fairfax, VA
MVP'08
Contact
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)
Henry@century21.com
561-427-4888
0 votes Thank Flag Link Sat Jun 28, 2014
Hello Heidi, your qualifications will be determined by your credit profile, debt to income ratios, fico scores and how much you want to invest into the down payment and closing costs. You may qualify FHA with fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down or as low as .5% half percent down payment program. You may consider 5% down conventional with NO Mortgage insurance (Lender paid MI) from a minimum 620 fico score.

Credit scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary. It only takes a few dozen questions to qualify and go over your options. Here are some blogs to study such as Which loan is right for me, Down payment and closing costs hurdles and Pre-approval in minutes.

http://www.trulia.com/blog/under640ficoscoreloans/2013/01/wh…

http://www.trulia.com/blog/under640ficoscoreloans/2012/12/ar…

http://www.trulia.com/blog/under640ficoscoreloans/2013/12/pr…

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
BRE# 01140252
NMLS# 297251
760-486-4225
9am till 7pm Monday thru Saturday, Sundays by appt.
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
http://youtu.be/MrygA2_8fAY
If my response was helpful, consider clicking thumbs up or Best Answer!
0 votes Thank Flag Link Sat Jun 28, 2014
Heidi,
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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