Home Buying in Truckee>Question Details

Dmh, Home Buyer in Truckee, CA

If you have steady income and bad credit. But put down 50% or more, will a bank finance the rest?

Asked by Dmh, Truckee, CA Thu Sep 1, 2011

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A 50% down payment and a good income is pretty strong. If you're saying that you will have enough to pay cash by next year I'd like to get a job where you're working. What is your budget?
0 votes Thank Flag Link Thu Sep 1, 2011
If you are 1 year away from being able to buy a home in cash - I think buying a home with cash will give you more negotiating power as well as open you up to homes that may not be able to be purchased with mortgage financing (such as home's at courthouse auctions, etc.). If you aren't in any rush, that is what I'd strongly consider.

If you really want to buy now, a 570 score certainly isn't good, but I can refer you to a loan officer in Northern California who does FHA loans down to a 500 score - with 50% down and taking a 15-year fixed loan, you would have a real low interest rate and wouldn't have to pay any monthly mortgage insurance. I can do FHA loans down to a 600 score, so if you worked on things a bit I'd be able to help you out once you hit that level (I could also help you work on your credit).
0 votes Thank Flag Link Thu Sep 1, 2011
I would suggest you call Sierra Mountain Mortage - a local Mtg. Broker - they have a large selection of products. You might also be able to buy a home with owner financing.
0 votes Thank Flag Link Thu Sep 1, 2011
We're looking at a house for about $200k and we have about $120k. We make about $9500 gross with no credit card or car payments. Score is about 570 I think. Or does it make sense to save even more and buy outright next year?
0 votes Thank Flag Link Thu Sep 1, 2011
It depends on your credit, how bad is bad and how much your steady income is. We can put you in touch with local lenders so you can find out exactly what you can afford. It's a great time to buy with rates so low and home prices in the area at approx 2000 levels! Feel free to check out our website, truckeesales.com or give me a call for lender info, 530-582-2416.

Jeremy and John
Truckee Sales
Coldwell Banker
0 votes Thank Flag Link Thu Sep 1, 2011
Hello Dmh,

Every lender is different. Some can do loans with credit scores around 580 and some around 640. Also, it depends what is going on with the bad credit too. Are there judgments, collections, charge-offs, late mortgages? All of these have to be determined before figuring out if you can qualify. Do you have a minimum loan amount in mind as well?

Michael Abram
First Capital Mortgage
NMLS #235060
Direct: (310) 434-1718
Fax: (310) 451-6407
0 votes Thank Flag Link Thu Sep 1, 2011
For an accurate answer, do visit with any loan officer(s), after reviewing your overall financial information, a determination on qualification can be made; if you don't yet qualify, he/she may offer great suggestions as to what needs to be done in order to qualify in the near future. Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
0 votes Thank Flag Link Thu Sep 1, 2011
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