Foreclosure in San Antonio>Question Details

donnamarie20…, Renter in San Antonio, CO

if my credit is bad can I still get a foreclosed home?

Asked by donnamarie2001, San Antonio, CO Sat Jun 30, 2012

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8
Sarah Goulart Nathe’s answer
When buying a foreclosed home, if you are taking a loan, it is really the same as a non-foreclosed home in many respects. You need to be qualified for a loan and armed with a pre-approval when you make an offer. I'm not sure how 'bad' your credit is, but your first step will be to ensure you qualify.
1 vote Thank Flag Link Sat Jun 30, 2012
Sure you can. You need an asset based hard money lender. They are going to want to see that you have a job and some cash reserves though. This is for investment property only as interest rates for these programs are around 12% and are used as an interim construction financing. You're real concern is the exit from these loans if you are using the property as your primary residence.


Ryan Harthan
210-710-1617
rharthan@gmail.com
http://sanantoniorealestateinvestments.blogspot.com/
0 votes Thank Flag Link Tue Jul 3, 2012
It really boils down to this: Without knowing your exact credit scores, we can't really give an answer to your question. Below 620, there would be some, but few, lenders working an FHA loan. Hard money will take you with 30-50% down, and way above-market rates. Then you could consider an "owner carry," with some down payment and again above-market interest rate.
I also suggest working with a credit repair specialist. Call me or email me for a referral.
Barbara Coker
NMLS#228545
Licensed Mortgage Loan Officer
210-842-4185
0 votes Thank Flag Link Mon Jul 2, 2012
it is a very simplee process to begin straightening out your credit. multiple lenders can offer credit repair. Don Eyerman 210-380-9290
0 votes Thank Flag Link Sun Jul 1, 2012
Define bad.

Many have told me they had bad credit and I was able to get them market rates.

Tom Burris
Mortgage Banker
DallasLoanGuy.com
(214) 763-4629 cell/text/nights/weekends(Really!!)
tomburris@dallasloanguy.com
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
0 votes Thank Flag Link Sat Jun 30, 2012
Donna Marie,

More than likely no, at least not right now. However, way too many variables and unknowns to answer definitively either way. If you are not already working with an agent, you can give me a call tomorrow and I will try to help you out. 210.387.4001.
0 votes Thank Flag Link Sat Jun 30, 2012
This is a question for the Real Estate Oracle. Just one moment while the real estate crystal ball warms up.

Waiting . . .

Okay, all warmed up. Here you go, the Real Estate Oracle has spoken:

How the heck would we know?!? You need to go to a lender and discuss your finances with a lender. No one on a message board is going to be able to discern what your ability to obtain a loan is. No one is going to be able to answer that question without reviewing your credit history, perhaps even you taking a loan application and bringing is paperwork (W-2's, tax returns) to substantiate your ability, or inability (as the case may very well be) to borrow money to buy a property, foreclosed or otherwise.
0 votes Thank Flag Link Sat Jun 30, 2012
Best bet is take all the guess work out of it and get the facts. It won't cost you a penny. Contact Lisa Warren at SWBC Mortgage to see where you stand. Here is her contact info:

Lisa Warren
Senior Mortgage Banker - SWBC Mortgage
NMLS# 227358
8400 Blanco Rd, Ste 100
San Antonio, TX 78216
210-494-5626
lwarren@swbc.com
http://www.swbcmortgage.com/warren

She is super easy to work with. Let her know Darrell recommended her and whenever you are set to find a home, I'll be glad to assist. Good Luck!


Darrell D. Drouillard
Home Team of America
16719 Huebner Rd., Bldg 4
San Antonio, Texas 78248
210-373-6160
210-881-6760 (Fax)
http://www.dddrealtor.com

'Serving all Your Real Estate Needs'
0 votes Thank Flag Link Sat Jun 30, 2012
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