Home Buying in Portsmouth>Question Details

Marty Patrizi, Real Estate Pro in Dover, NH

Is there any way a person with less than perfect credit can buy a home?

Asked by Marty Patrizi, Dover, NH Sat Sep 24, 2011

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Yes, there is, and if the banks aren't willing to work with him/her, then private investors (myself included) might be willing to do a deal with him/her with creative financing. The details of how that arrangement would work with him/her will depend upon the specifics of his/her case.
2 votes Thank Flag Link Sat Sep 24, 2011
If you have a good down payment, then yes. The bigger the down payment, the better your chances! Little or no down payment decreases your odds though unless you have something to use for collateral.
0 votes Thank Flag Link Fri Feb 15, 2013
Absolutely! There are a variety of lending programs available to buyers with less than perfect credit. A big misconception is that perfect credit is needed. That is not the case these days, but there is a minimm criteria we lend off of.

How much less than perfect MAY help determine the rate, but also might not, as there are programs available to lend to a wide range of borrowers without the credit being as strong of a determining factor.

Lenders will typically look at credit, income, assets, and the property type to help build the overall scenario of your ability as a borrower. That info will all help determine if: A) you are eligible for a home mortgage, and, B) what your rate will be on the loan.

I am a lifelong Portsmouth NH resident so I can assist with any needs you may have in the area.

Regards,
Scott
0 votes Thank Flag Link Wed Dec 14, 2011
of course. but you need to post more info. how "less than perfect" are we talking about. do you have a downpayment saved up? what is your income? what price range are you looking in?
0 votes Thank Flag Link Wed Dec 14, 2011
Hi -
The short answer is yes. The bigger answer is how 'less than perfect' is it?
When we as lenders look at the borrower - we look at 4 things -- credit, income, assets, and the type of property they are looking to buy.

Thinking like the legs of a table - if all are strong.. then we have a good solid table.
If three strong legs - -then we have a tripod -- still ok and sturdy
If we have 2 or 1 -- we dont have a table (or a leg to stand on.. sorry.. had to include that)-- and therefore no loan.

If the credit leg is a bit beat -- then we can still do the loan -- if they have 3 other parts that are strong.. good down payment, a single family that they are going to live in, and a good job -- then they are likely able to get a loan.

However -- it does depend on how bad the scores are.. if they are iffy.. some old lates on credit cards -- possibly an OLD collection.. still may be ok. But, if there was a recent bankruptcy, repo, or foreclosure -- then you still need to heal that debt before they can move ahead.. those are biggies.. Typically have to wait 2 or 3 years if they are big issues like those are involved.

If you want more info on how to improve it -- feel free to pop by my site at mortgageinfo.tv

Thanks, Jason
Web Reference: http://www.mortgageinfo.tv
0 votes Thank Flag Link Wed Dec 14, 2011
There is... however they will need a down paymeht and closing costs that are slightly mor ethan someone with good credit. Any buyer should first meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at their credit plus their financials and let them know if there are any programs that they may quailify for.

http://www.trulia.com/blog/scott_godzyk/2011/08/how_do_i_kno…

Please see my blog for a full list of tips and advice for getting amortgage
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sat Sep 24, 2011
I have many options that will work for less than perfect credit. If you're credit is really bad I can coach you on how to improve it.
Web Reference: http://www.daledoughty.com
0 votes Thank Flag Link Sat Sep 24, 2011
Hi Marty,

Your best route is to contact a local lender. There must be a program out there that can work for you.
Good Luck.

Maria
0 votes Thank Flag Link Sat Sep 24, 2011
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