Home Buying in 92071>Question Details

Kmatt44, Home Buyer in El Cajon, CA

I dont have good credit. What are my chances of getting a 30 year fix loan with 5% interest? I want to make a move now, but I'm not sure how I can

Asked by Kmatt44, El Cajon, CA Tue Feb 5, 2013

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Depends on EXACTLY what the credit issue is, and how low the fico is. 600s? You are OK. 500's? Not so much. But, there is a lot you could do to repair your credit if you have some time, and are willing to put in the effort...

Daniel Lehman
0 votes Thank Flag Link Sat Mar 29, 2014
What is the problem with the credit? Are you not paying on bills that you have had for a long time, or did you have a foreclosure or BK in the past few years that you think is keeping you back? I would find a good Loan Officer (I can give you a lot of local ones here in San Diego) that work with credit repair companies that can get your credit to the point where it needs to be to purchase a home. Give me a call when you are free, 562-209-3816 and we can see where you are and where you want to be and help create that bridge to get you there.
0 votes Thank Flag Link Sat Mar 29, 2014
Hi KMatt44 - I work with a wonderful lender that can help prequalify you and let you know exactly where you stand. Let me know if you would like his info. I am local to East County and would love to help you locate your perfect home.

Suzanne Coleman
SureSell Real Estate Group
Web Reference: http://suzannecolemanre.com
0 votes Thank Flag Link Mon Jun 24, 2013
Good evening Kmatt44,

First steps:

Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Thu May 2, 2013
Good Morning, it depends what you mean by not having good credit. Do you know what your credit scores are? You can get an FHA loan with credit scores in the low 600's and the rates are very good. Feel free to reach out to me for more information.

FYI, we are a direct lender and located in San Diego.

Paschal Curtin
Equity Loans, LLC
0 votes Thank Flag Link Thu May 2, 2013
Hi Kmatt,
Feel free to contact me directly and I can put you in touch with a great gal that can see what programs you currently qualify and/or put you on a path to get qualified.
Sinead McAllister
McAllister Homes Real Estate
0 votes Thank Flag Link Fri Feb 15, 2013
FHA is good if you have 3.5% down payment for whatever you might be qualified for.

If your credit is that good, you could consider 5% down, it eliminates Mortgage Insurance, thus, making your mortgage payment lower.

Your best bet is to get pre approved for a loan and then link with a Realtor to start looking at homes. A loan officer will take into account all your debts and gross income to qualify you as well as run a credit check and verify assets....it only takes a few minutes.

I do both, so if you'd like, I can pre approve you in less than 24 hours and start sending you homes to look at via email today as well.

Call, text or email if you want to get started today.

Valli Lopez
619.916.9595 cell
0 votes Thank Flag Link Wed Feb 6, 2013
Try a FHA loan they can make loans to people with less than perfect credit.
Here are some lenders to try.

Local Help with Your Real Estate Needs

Jerry Heard
Your Broker
The San Diego Property Shop
Direct 619-920-9796
Office 619-269-5545
Fax 619-269-9168
CA DRE # 00648687
0 votes Thank Flag Link Tue Feb 5, 2013
Depends on your credit. Even with pretty bad credit, I would assume you should be able to get better than a 5% interest rate... Typical rate currently is in the mid to high 3's on a 30 year fixed, and we just had a REALLY bad run in the bond markets. So that affected rates negatively.

The other option would be to put a plan in place to repair your credit if necessary. There ARE things you can do, whether that involves you personally fixing your credit, or getting a reputable company to help you.

If you want some help getting going in the right direction, drop me a line and I will do whatever I can to help...

Daniel Lehman
0 votes Thank Flag Link Tue Feb 5, 2013
You don't need stellar credit for a FHA loan, and the down payment is only 3.5%, with low interest rates. You do need 12 months of on-time bill payments though. If you think you might be able to do it, and depending on how low your credit scores are, contact me and I'll send you some lenders to talk to, and we can go from there. I do have some good info on how to help raise credit scores too, if you're interested.

Warm Regards,

Cory La Scala, REALTOR
Independence Realty
Lic # 01443391
0 votes Thank Flag Link Tue Feb 5, 2013
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