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Malibu23, Home Buyer in Las Vegas, Las Vegas,...

How do I buy a home in las vegas with bad credit?

Asked by Malibu23, Las Vegas, Las Vegas, NV Fri Jun 8, 2012

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31
DAVID COOPER 1.888.616.6226’s answer
Your interest rate on a bad credit loan will be very, very expensive, and you will still need a cash downpay. If you have saved some cash, try and pay off your bad debts to increase your credit score. You can do it yourself for no cost by following the instructions at creditboards.com

David Cooper Helping You Find a Great Deal since 1994. 1st House or the Perfect Investment
READ MORE http://www.lasvegaswinner.org
FACEBOOK http://www.facebook.com/davidcooper.lasvegas
0 votes Thank Flag Link Mon Aug 19, 2013
You can get an FHA loan with under a 600 middle score with some lending institutions but not many. I would recommend finding a broker or service to help you locate a reputable lender that can approve your loan at a decent rate.

The Lenders Network specializes in bad credit lenders, they could refer you to a Lender to help you...

Good Luck!!
3 votes Thank Flag Link Sat Sep 28, 2013
You can buy it for cash... this doesn't require credit...

You can also get in touch with a lender and determine what you need to do to increase your credit and purchasing power; figure out what you need to do to purchase a home in 1 year... market's not going anywhere anytime soon...

I hope this helps.
1 vote Thank Flag Link Fri Jun 8, 2012
0 votes Thank Flag Link Sat Sep 28, 2013
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0 votes Thank Flag Link Thu Sep 26, 2013
An experienced Realtor should know which lenders can do specialty loans for disadvantaged credit. You will pay more in the long run for mortgage brokers that can assist with your loan. Your other options are to use cash or re-build your credit.


Regards,
Chad Roberts
Broker/Salesperson
Realty One Group
0 votes Thank Flag Link Mon Aug 19, 2013
How long for me to buy a house in Las Vegas , USA if i will move to live and i am from UK ?
0 votes Thank Flag Link Mon Aug 5, 2013
How long for me to buy a house in Las Vegas , USA if i will move to live and i am from UK ?
0 votes Thank Flag Link Mon Aug 5, 2013
Hi Malibu23,
I would start by talking to a lender. Often my clients start a conversation with me by saying they have bad credit and after speaking to a lender many times it is not that bad. So start with consulting a good lender. I have recommendations. If your credit does need some repair find out the do's and dont's from a lender or credit repair specialist. Sometimes paying off and closing a line of credit could lower your score.
I hope this helps!
Georgia Purpura
0 votes Thank Flag Link Thu Aug 1, 2013
Google "Creditboards" and learn how to turn bad credit into good credit in a short period of time. Even if someone will accept your bad credit for a loan, be prepared to see really high interest rates. Better to fix your credit.


David Cooper Helping you find a great deal on your 1st house or a perfect investment
READ MORE http://www.lasvegaswinner.org
1.888.616.6226
0 votes Thank Flag Link Thu Aug 1, 2013
You may talk to a mortgage banker to know how you can get mortgage with your bed credit score.
0 votes Thank Flag Link Thu Jun 14, 2012
Malibu23:

I am a local Lender here in Las Vegas, NV...

To answer your question, it will just depend on what your definition of "bad credit" is. What is on your credit that made it bad?

Give me call so we can assess your scenario and guide you to the right direction.

Eugene Prospero
All Western Mortgage
702.324.2377
0 votes Thank Flag Link Thu Jun 14, 2012
Bad credit because i dont have any credit in US because i am United Kingdom citizen...
Flag Tue Aug 13, 2013
Bad credit because i dont have any credit in US because i am United Kingdom citizen...
Flag Tue Aug 13, 2013
Why not consider having your credit repaired? You don't have to chalk it up as having bad credit forever, there is a solution to your problems.

Having a good credit score before you go for a mortgage will save you a ton of money and a lot of hassle. A homeowner with bad credit can expect to pay an extra $50,000 to $130,000 in interest alone for a typical American home. That adds an additional $140-$361 to your monthly mortgage payment with a 30 year mortgage.

I am a Credit Consultant specializing in Credit Repair. I can fix your credit report by permanently removing negative items like collection accounts, tax liens, judgments, medical payments, whatever the case may be. You can expect to see your credit score rise 50-150 points within 3-12 months. I'll be happy to take a look at your credit report and see what I can do. If you don't have a credit report, I'll get you one! I work closely with some good Mortgage Brokers too, so that when the time is right they can get you your mortgage.

I look forward to speaking with you,

Josh Buchter

Credit Rescue Inc.
124 Chestnut Street
Philadelphia, PA 19106
215-821-1109
joshbuchter@creditrescuephilly.com
http://www.CreditRescuePhilly.com
0 votes Thank Flag Link Tue Jun 12, 2012
Check with a reputable mortgage professional to ensure your 'bad credit' is as bad as you think - Cash is the easiest answer, though not always the most available...
0 votes Thank Flag Link Tue Jun 12, 2012
They're are several organizations that will help you get into a home, even with questionable credit. Right off the top visit: http://www.naca.com After you have checked out their website, visit thesheltonsellingteam @ http://rent2ownhome.kwrealty.com
0 votes Thank Flag Link Mon Jun 11, 2012
If you have a job/currently employed. If you have no other debts/ no creditors. If you can afford mortgage but can't purchase a home because of bad credit. Then either you buy cash or find a property with Lease Option (Owner Will Carry or Owner Financing available).

If you need more information, I can help.

Andrei Esca
Axiom Real Estate Solutions
Email: andrei@axiomprofessionals.com
Phone: 702 299 5297
0 votes Thank Flag Link Mon Jun 11, 2012
If you have creditors, you might not want to own any real estate in your name. Anything you own can be attached thru court proceedings. If you have the money, better to settle your debts and rework your credit.


David Cooper. Investor and and a Buyers Agent at Since 1917 Realty 702-499-7037
0 votes Thank Flag Link Sun Jun 10, 2012
I agree with Mark - the best way with completely wrecked credit is cash.

We have SO little homes on the resale market right now that there is even less opportunity to buy something with great incentives like OWC or lease option.

Hard money is your next best bet but you will be paying big time for that hard money loan.

I do recommend Sky Blue Credit Repair if your bad credit is a result of incorrect reporting.
0 votes Thank Flag Link Sun Jun 10, 2012
What do you mean..there are SO little homes on the resale market right now??? All I see, are houses for sale...??
Flag Sun Aug 12, 2012
You could do a lease option while you are improving your credit. I have many of them call me.
Jan Ratzlaff
702-379-7773
janratzlaff@gmail.com
0 votes Thank Flag Link Sun Jun 10, 2012
My wife and I have lived in Vegas since 1976 and have been helping people with their realest needs since the mid 80's. We have developed a great team to help buyers with different levels of credit, income,down payment and we help you with your short, medium and long term goal to come up with a plan of action wheather it's: 1. Owner Will Carry is the best way to go 2. Lease Option..not my favorite 3. Hard money lenders for short term - expensive 4. Friends and Relitives who may be able to help. We will first start by having a chat and then confirming your current status/credit to see where you're at and then we'll discuss the pros/cons of the different options and come up with a plan for you. We've been very successful with this and hope we can help you as well. Feel free to use our web site to search for homes to see where the market is at untill we can create a custom search for you. Thanks, Kim and Matt

Matthew D’Ercole
One Source Realty and Management
Buyer/Investor Specialits
Cell - 702.501.0973
Website - http://matthewsellslasvegas.las.mlxchange.com
0 votes Thank Flag Link Sat Jun 9, 2012
There are few choices that you can take

A. Lease option
B. Buying from a seller that ownes the property free and clear and will conceder a short term loan until
You are able to qualify for a loan
C. Get together with a lender that will go over your credit and build a plan to repair your credit.
D. Ask a relative to buy the property for you for a shirt term
E. Buy cash
F. Obtain hard money loan. It will cost you higher interest rate and a large down payment, but you will
Be able enjoy the low prices of the current market and refinance later.

Rena Levy
Broker/Associate
Realty Executives
702-612-7099
Cvegashomes@gmail.com
0 votes Thank Flag Link Sat Jun 9, 2012
Sorry my key was stuck. Did not mean to post seven times
Flag Sat Jun 9, 2012
Asking a relative to sign a loan for you, is bad advice. And, loan fraud.
Flag Sat Jun 9, 2012
Asking a relative to sign a loan for you, is bad advice. And, loan fraud.
Flag Sat Jun 9, 2012
Asking a relative to sign a loan for you, is bad advice. And, loan fraud.
Flag Sat Jun 9, 2012
Asking a relative to sign a loan for you, is bad advice. And, loan fraud.
Flag Sat Jun 9, 2012
Asking a relative to sign a loan for you, is bad advice. And, loan fraud.
Flag Sat Jun 9, 2012
Asking a relative to sign a loan for you, is bad advice. And, loan fraud.
Flag Sat Jun 9, 2012
Asking a relative to sign a loan for you, is bad advice. And, loan fraud.
Flag Sat Jun 9, 2012
How much money do you owe and to who do you owe that money to make your credit bad? Those creditors will have a field day getting liens against an asset such as a house. Better get those creditors off your back before getting a house in your name



Dabid Cooper Investor with a Buyers Agent License at Since 1917 Realty 702-499-7037
0 votes Thank Flag Link Sat Jun 9, 2012
Firstly, how bad is bad?

1.Take the time to sit with a professional loan officer to give you a impartial assessment, of what you need to do. Make a game plan with a reasonable goal.

2. Get your own realtor. Use a realtor who represents you, solely. Having your own realtor helps to avoid conflicts of interest. Your own realtor will be legally obligated to help you, not the other party.

I know many sellers do offer to carry your loan. But, before you give cash. Be aware of the terms of the contract. Do not let yourself get stuck in a contract that is unfairly beneficial to the seller. In other words, get the full facts, before you open your checkbook.
0 votes Thank Flag Link Sat Jun 9, 2012
We manage over 350 homes and many of our owners are selling and will carry you with a minimum of 10% down. They own these homes free and clear and you will then have 5 to 10 years to get a loan and pay them off. Some will go up to 15 years. Call or email me what type of home you want and how much you can put down and we'll help you get into a home. Thanks, Kim and Matt

Matthew D’Ercole
One Source Realty and Management
Cell - 702.501.0973
Website - http://matthewsellslasvegas.las.mlxchange.com
0 votes Thank Flag Link Fri Jun 8, 2012
Sometimes buyers "think" they have bad credit, but you might qualify for an FHA loan. Please call me or email me @ raina.musser@gmail.com

Thank you for posting, Raina Musser
0 votes Thank Flag Link Fri Jun 8, 2012
Have you ever considered a lease option? If you have a 20% down payment to serve as collateral, I can put you in touch with the investor who will let you pick out your new home and lease it back to you at market rent while you restore your credit profile. You would have to execute your option to buy within three years in order to apply your down payment to the purchase.

Feel free to contact me for more information.

Best,

John Paul Mulchay
0 votes Thank Flag Link Fri Jun 8, 2012
I forgot to mention that the credit repair services offered by the Mortgage Officer are FREE as long as you use his services. This is usually a $300.00 to $1000.00 service if you go directly through a credit repair company.

Best Regards,

Chris Harrison
Barrett & Co., Inc.
2885 S. Jones Blvd
Las Vegas, NV 89146
(702) 592-9510 Mobile
Chris.Harrison@msn.com
0 votes Thank Flag Link Fri Jun 8, 2012
If you have some cash but back credit that repairable in 1-2 years the hard money option is still out there interest rates are high and you will 5-6 points upfront plus your 20 plus percent down but can be done.
0 votes Thank Flag Link Fri Jun 8, 2012
Hi Malibu23,

What exactly is it that is effecting your credit to make it bad?

First way is to buy a home paying CASH.

Second way to buy a home with Bad credit is to get a Hard Money Loan. They will ask for 10-20% down payment and your interest rate will be about 10% or higher.

Third way is contact me directly and I can get you in contact with a Mortgage Broker that will work with you on repairing your credit. To help get your credit scores up higher in order for you to be able to purchase your home in the next 3 to 6 months with a regular home loan. If this interest you contact me so we can get you started.

Best regards,

Chris Harrison
Barrett & Co., Inc.
2885 S. Jones Blvd
Las Vegas, NV 89146
(702) 592-9510 Mobile
Chris.Harrison@msn.com
0 votes Thank Flag Link Fri Jun 8, 2012
As hard as it is to get a mortgage nowadays, my advice would be to work with a mortgage professional to clean up your credit and then start purchasing. In the meantime, you should consider renting a home vs. living in an apartment.
0 votes Thank Flag Link Fri Jun 8, 2012
Excellent, honest advice!
Flag Sat Jun 9, 2012
Hey Malibu!

If your credit is not so good, the next best option is to purchase a property with Owner Financing. Typically, you would need at least 20% down and the interest rate would be higher than with conventional financing. If this is something you are interested in, I would be glad to explain how this works and what would be available that fits your criteria. Just call me at 702 497-8029. Maryellen
0 votes Thank Flag Link Fri Jun 8, 2012
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