Home Buying in 29577>Question Details

Colorio66, Home Buyer in Maggie Valley, NC

If I have a bad credit rating but have more than 50 percent to put down, does that make it easier to buy a home?

Asked by Colorio66, Maggie Valley, NC Sat Jan 18, 2014

Help the community by answering this question:


Nope, not under the regulated system that protects you and your money. There are lots of players outside of that system that want to take your money and will step up. If you go that route don’t be surprised if things go sideways, they are not required to follow the rules a traditional lender must follow, which is why they can lend your money. It isn’t called “hard money” for no reason. I would research long and hard before stepping into that arena, Good luck,

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Web Reference: http://jamessimms.com/
1 vote Thank Flag Link Mon Jan 20, 2014
It is less of a risk the more you put down for the lender, but a lot of what you get financed for will depend on your income. The lower your income, the lower they are gong to loan you, even if you have a great credit score. I know few really good lenders who would love to help you with the process. If you have any questions feel free to give me a call and I can refer you to one of them.

Thank you,

Josh Permenter
Weichert Southern-coast
1 vote Thank Flag Link Mon Jan 20, 2014
Dear Colorio66,

Call or email me to discuss in more detail. Several factors will need to be taken into account. You may very well be able to qualify for assistance. Contact me via the phone number and/or links below.

Kindest Regards,
Tracey Waleck, Realtor
SC Real Estate Network
"Where Teamwork Makes Dreams Work"

"Building Relationships While Fulfilling Dreams"
1 vote Thank Flag Link Sat Jan 18, 2014
Depends on just how bad the credit is; since there are other factors involved in determining mortgage qualification, for an accurate and personalized answer visit with any licensed loan officer; all else is merely speculation....
1 vote Thank Flag Link Sat Jan 18, 2014
I just sold two homes with owner financing in the area. The credit issues would not work with conventional financing. The sellers were willing to take on the risk because of the large down payments. You may also find a hard money lender. Meaning the rates and fees will be higher but they may be able to do the loan.
0 votes Thank Flag Link Fri Sep 25, 2015
Could you help me with something like this?
Flag Mon Oct 26, 2015
Could you find me something owner financed? christy@huntstax.com
Flag Mon Oct 26, 2015
You may want to consider finding a home offered with owner financing with a term long enough to allow for you to eventually obtain your own financing.
0 votes Thank Flag Link Tue May 27, 2014
What is your price range? 50% is a huge amount to put down. Sometimes what you assume is a "bad" credit rating is not as bad as you think in the scheme of things. I can direct you to a great banking facility that will works with people who have low credit scores. It is best to discuss with a banking facility to see what your options are. There are many mortgage plans out there that are structured to the buyers situation.

Give me a call at 860-262-1203 or email nancy@screalestatenetwork.com. Be happy to discuss and assist you.
0 votes Thank Flag Link Sat Mar 8, 2014
50 % down is a strong weapon in your arsenal but your credit score will still come into play whenever you have to borrow no matter how small the amount is. I can give you insight as to what your next move should be. You should have conversations with multiple mortgage officers prior to making any decisions.I can link you with a diverse group of mortgage companies. Bryan 843-318-0115
0 votes Thank Flag Link Wed Feb 26, 2014
Bank's Have Federal guide Lines, it all about the Bank. What kind of loan, Personal Home, Second Home, Investment property That makes a big difference.Is it just a low score? I know some banks that hold there own paper, But if they have to sell it off ,it could be tought. Call me I give you there Number . Good Luck.
0 votes Thank Flag Link Sat Feb 15, 2014
The best answer for you is for me to give you a couple of lenders that we work with and let them work with you to see what if and how much you can get pre approved for.
There are so many variables that it is difficult for a agent to answer your question correctly and is best to work closely with a lender that specializes in lending options.
Fulton Bone Weichert Realtors southern Coast
0 votes Thank Flag Link Sat Feb 15, 2014
Another option is to look for either an Owner Finance or Lease Purchase Option for a couple of years while you straighten out any credit issues that are preventing you from traditional financing.
0 votes Thank Flag Link Wed Jan 29, 2014
50% down is pretty good so although credit comes into play almost all of the time, not so much when you have that much to put down!
0 votes Thank Flag Link Tue Jan 21, 2014
The more you have to put down the less risk the lender is taking. If you would like, I can recommend 3 or 4 local lenders who understand our market and you can discuss your situation with them. In the mean time if you would like to browse property, I can email you a list of homes currently active in the MLS. This will also help when speaking to your lender if you have a target property that the lender can work number on.

Let me know if I can help.

Thank you,

Jason Haynes
The Myrtle Group
843 315 8535
0 votes Thank Flag Link Sun Jan 19, 2014
The bottom line is how much risk is the lender taking to offer the loan? a 50% deposit certainly reduces the risk for the lender significantly. But check with a lender, you might be surprised at how low a credit score lenders will be willing to consider.
0 votes Thank Flag Link Sat Jan 18, 2014
The way Banks are today who know, they have so many Federal Guide Lines. BUT are Company has it's own in-house Bankers. Call Me . Let me put in in touch with them. We have been in Bussiness since 1985. Toll Free 877-302-8585.
0 votes Thank Flag Link Sat Jan 18, 2014
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