Financing in 78221>Question Details

Aquintanilla…, Other/Just Looking in San Antonio, TX

my credit score is 525 can i get a bank to loan me 10,000 to fincance a house?

Asked by Aquintanilla87, San Antonio, TX Wed Mar 24, 2010

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Hi, AQ,

You have asked several questions which all point to the same thing - you need a good home, and you may need some help in straightening out your finances. The tricky part is that there are lots of folks offering help who are predators in disguise.

Texas did away with rent-to-own contracts and contracts for deed precisely for that reason. "Smart" people were taking advantage of the financially less sophisticated. When it came time to exercise their rights under the contract, there was always a catch that prevented it, and they lost their money.

One of my colleagues speaks very highly of C3 Ministries (http://c3ministries.com/). I have no personal experience with them, but I trust the judgment of my seasoned colleague. You may want to check them out, ask a lot of questions, and find an educated ally who can help you make sense of it all.

People who don't have lots of money still need a good, safe place to live. There are ways to get there, but it takes some work and a little good luck.

Doc
Web Reference: http://c3ministries.com/
1 vote Thank Flag Link Wed Mar 24, 2010
Very nice answer! Just by reading it, you gave me some hope... I too am searching for a home, and do not have time to repair my credit before I find a home. Thank you for your kind words!
Flag Sat Mar 1, 2014
Below is a blog written by a lender showing some ways to improve low credit scores. Perhaps it can help you.

http://www.trulia.com/blog/al_akerman/2010/01/can_i_get_a_mo…
1 vote Thank Flag Link Wed Mar 24, 2010
Improving your credit is recommended.d But there are other options such as buying a Owner finance home! Maybe you already have the home you like, but owner finance is a great way to get into a home. You need 10% down though, that's the catch. If you have questions about this go to http://www.satxcasas.com and click on owner finance and fill in the form and I will answer any question you have!
Web Reference: http://www.SaTxCasas.com
0 votes Thank Flag Link Sun Oct 17, 2010
Hi Aquintanilla,

If you are able to obtain a loan it will certainly not be a good loan. You are going to pay dearly for your low credit score. Why not work on improving your credit and then select a good mortgage product? Once you improve your credit score over time through basic budgeting and credit education you can then select a mortgage product that is a good one. You will also enjoy lower rates on car loans, better rates on utilities and insurance policies. First get your credit in good standing, then select a mortgage product that is right for you and then you go shopping for a new home! Good luck.

Hannah Fliegel
The Credit Repair Expert
415-999-9348
0 votes Thank Flag Link Thu Mar 25, 2010
It all depends. I have had clients recently with the same problem and now they are living in theit own home. Some lenders are flexible and might lend you the money you need, as i said before it all depends.
Good luck and, please, do not quit on your search. Good things happen to those who persist,
Sincerely,
Jose Luis Novelo
0 votes Thank Flag Link Thu Mar 25, 2010
It seems there is a question of whether you need 10,000 to add to what you already have available to purchase a home or is the 10,000 needed for the down payment and closing costs?
The first is possible the second is not.
0 votes Thank Flag Link Wed Mar 24, 2010
Petra's answer was very good and I should have said that too. I came across a few owner/financing opportunities where the seller would accept as low as 10% down if the buyer had a strong work history. The interest rate on these are still pretty steep at 10% but keep in mind you can always re-finance once you fix your credit score.



Cathy Bureau, MBA, REALTOR, Green
Broker-Owner
GREEN Home Realty
(210) 378-2489
Cbureau@greenhomerealtyco.com
0 votes Thank Flag Link Wed Mar 24, 2010
It seems like you have quite a bit of money down if you only need $10,000. There are several homes on the market that offer seller financing. With a large down payment this will be a good security for a seller who is in a position to do it.

If I can answer any more questions on this please feel free to contact me.

Best regards,
Petra Richardson
Realtor
210 724-8529
realtorpetra@yahoo.com
Web Reference: http://www.takinguhome.com
0 votes Thank Flag Link Wed Mar 24, 2010
Unfortunately, no. The banks are only lending to people with credit scores above 620. However, there are some private lenders who will do a mortage for 25% down and an interest rate of 11%. Please call me if you would like to discuss.


Cathy Bureau, MBA, REALTOR, Green
Broker-Owner
GREEN Home Realty
(210) 378-2489
Cbureau@greenhomerealtyco.com
0 votes Thank Flag Link Wed Mar 24, 2010
Given the current mortgage market, I think it will be very hard to get a loan, even for $10,000 with that credit score. Usually banks don't even like to loan that small of an amount, however you might have better luck with a local credit union or small family bank. Good Luck!
0 votes Thank Flag Link Wed Mar 24, 2010
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