Home Buying in Alexandria>Question Details

Jean, Home Buyer in Alexandria, VA

I have poor credit. my score is 350-400. I'm self employed and have $80,000 in saving Is there is any lender out there that can help me.

Asked by Jean, Alexandria, VA Sat Jun 2, 2012

Help the community by answering this question:


I checked with one of my best lenders who told me it would be very difficult for you to obtain a loan with a credit score that low. If you were able to do some private financing, it would be in your best interest. Good luck with trying to work this out. I am certain, after 16 years, you would not want to move.
All the best,

JaneStottlemyer, GRI,ABR,CRS
Lifetime Top Producer, NVAR
Avery Hess Realtors
0 votes Thank Flag Link Sun Jun 3, 2012
You are in a very unique situation and really need to consult with a local expert. Clearly the details of your existing contract must be known. If it has been in place for 16 years and $300 a month allotted to building and equity interest...you may very well be in a good, a really good position. You need to consult an attorney in regards to the existing contract. This is a legal issue. Consult an attorney.

Another resource should additional funding be needed is through a local bank...you know who they are, those banks who invest in the community with home and business loans as opposed to the big banks whose business seems to be loan denial..

Find the local bank with an A or B rating. Make an appointment. Have a chat regarding your options. You will need to be equipped with the information provided by your attorney.
Simply plug your zipcode into the website below.

Let us know how this turns out.
Best of success in buying this home.
Annette Lawrence
ReMax Realtec Group
Palm Harbor, FL
0 votes Thank Flag Link Sun Jun 3, 2012
@ Jane. Thank you so much. I have $80,000 in a saving from my parent passing. I want to purchase the house im living in now. I already have a rent to own contract that ends December of thi year. The landlord passed away and th house is in a trust. They say that the trust needs to be close out so they can split the money with there brothers and sister. I have been living here for 16years. Someone also told me that i can finance the house directly from the landlord. I pay $1300.00 for rent with $300 from that the landlord save for us to go towards purchasing the house.
0 votes Thank Flag Link Sun Jun 3, 2012
A low doc loan is when you have enough money down, that it doesn't matter what your FICA score is. and the lender does not have to use all of the quaslifying criteria that they would normally use. I would talk to a repputable lender about the possibility of doing a loan like this and see ifd they are still doing low doc loans in this market. I will check with one of my best llenders and try to get an answer for you.
0 votes Thank Flag Link Sun Jun 3, 2012
If there is a lender out there that can help you, please let us all know. You really need to focus on repairing your credit. I would suggest sitting down with a lender to decipher and guide you on steps to boast your score. With your current score, this healing process will not be quick fix. The minimum acceptable credit score is 640 for a FHA loan. Anything less than that will generate undesirable terms or no terms at all. All the best.
0 votes Thank Flag Link Sat Jun 2, 2012
@ jane in Springfield. The house is $260,000. What is a low doc loan?
0 votes Thank Flag Link Sat Jun 2, 2012
I would suggest meeting with a good quality lender to see if they can counsel you a bit in ways to get your credit score up. There will be many more options available if you can get that score up close to or over 600. I work with several lenders who are very good at helping folks with this type of thing, so there should be someone in your area too.
0 votes Thank Flag Link Sat Jun 2, 2012
It depends upon what price range you are in. Credit or FICA scores are very important in this market but with enough cash down, it is possiblue you could get a low doc loan. Do you know what price range you are looking at?
0 votes Thank Flag Link Sat Jun 2, 2012
It will be a challenge but your large down payment may be your savior. you should meet with a local and trusted mortgage company who can prequalifiy you. You may be required to put 30 to 50% down though. Only a loan officer can tell you what the exact terms, costs and rate will be though.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sat Jun 2, 2012
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