Home Buying in Apple Valley>Question Details

Melissa Flow…, Renter in Apple Valley, CA

I would like to buy my first house but i have very bad credit whats the chance i will get approved I make good money paid cash.

Asked by Melissa Flowers, Apple Valley, CA Fri Jun 1, 2012

Help the community by answering this question:


You also might be able to get an owner to carry the mortgage for you with a large (20-40%) down payment, or consider a lease with an option to buy.
1 vote Thank Flag Link Fri Jun 1, 2012
If you have documented proof of income showing consistent deposits in your account, down-payment of 25 percent minimum we have access to private funding sources that will fund your home.

We could help you find a reo home (this does not always mean you need lots of repairs) since it must be up to par for funding partners. FYI If you receive collection calls we could help there as well NO COST for collection call service assistance.

Von Denson
0 votes Thank Flag Link Thu Aug 16, 2012
So you income is paid cash? If you can't supply tax returns showing your income you don't have a chance at a FHA or conventional loan. Maybe a private money loan with 40%+ down.
0 votes Thank Flag Link Fri Jun 1, 2012
Melissa -

If you have credit issues, the liklihood of you qualifying for a home loan are very slim, despite the fact that you make a decent income. I can refer you to a lender who can speak with you regarding your credit issues, and possibly get you on the right track in repairing your credit. Please let me know if I can assist you.

Julie Allen
Shear Realty
0 votes Thank Flag Link Fri Jun 1, 2012

What is "Very bad credit"? Nobody has perfect credit. Do you have bills that are currently outstanding?

If you can't document your income, you may need to put down 35 - 40%. If you are able to do that, there are lenders that can help.
0 votes Thank Flag Link Fri Jun 1, 2012
bad credit lke a 460. Ive gotten a 10,000 car loan before thats working out fine. I know it is going to be hard but I really would like any info I can get.
Flag Sat Jun 2, 2012
You typically need a 580 minimum FICO score to get approved for an FHA loan. You may also look into getting a co-signer or hard money.
0 votes Thank Flag Link Fri Jun 1, 2012
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