Home Buying in Land O' Lakes>Question Details

Jeframarlo78, Home Buyer in Land O' Lakes, FL

I have a total of 40K to put down, I need 60K financing, but my Fico is only 530, can i get finance

Asked by Jeframarlo78, Land O' Lakes, FL Tue Nov 15, 2011

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Jim Simms’ answer
I would check with a local credit union, make an appointment with the branch manager, apply in person and ask for their help.

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1 vote Thank Flag Link Tue Nov 15, 2011
My advice to you would be to speak with a trusted local loan officer. The magic number in lending these days is 640. More then likely you will need to build and/or repair your credit. Many lenders are now working closely with credit council and repair people. They can give you great advice on how to manage your credit repair to maximize your credit score. There is a possibility you could find some private money, however you would pay a very high interest rate.
1 vote Thank Flag Link Tue Nov 15, 2011
Do you have 40K because you don't pay your bills. Your FICO indicates that you have a problem. To to your local non profit housing group for credit counseling. The counselor will tell you what you are doing wrong. Listen to them and follow their advise. Your FICO will go up.
0 votes Thank Flag Link Tue Nov 15, 2011
You have a substantial down payment and even if you cannot qualify for a conventional loan with a bank I think you would be a great candidate for owner/seller financing. Ask your agent to pull all the listings in your area that offer seller financing terms within your budget.
0 votes Thank Flag Link Tue Nov 15, 2011
You may want to ask the seller to seller finance and take a year or two to fix your score. The only low score financing I have seen is private and seller. Most hard money loans want a good credit score and you need to have 50% in down payment plus your closing costs which may include two to three years up front interest payments.
0 votes Thank Flag Link Tue Nov 15, 2011
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