unfortunately a good credit history is an important factor when qualifying for a mortgage loan.
I would like to discuss possibilities with you, on how you could improve your credit score. Please feel free to contact me at your earliest convenience, if I may be of any service to you.
Lic. Loan Originator
Many buyers are in your situation but there are solutions. You can get a loan with a private lender; it is easier than the traditional loan. Most of the private loans required to put a 35% to 45% down depending on the type of property you want to buy. The rates are higher from 10% to 12% because this loans have a higher risk for the private lender since they don't use your credit score or income to give you a loan. In 3 years most likely you can go back and get a traditional loan once you have repaired your credit. Take an opportunity for the low prices. Make sure the loan doesn't have a pre-payment penalty.
If you need assistance call me,
Miami Premier Realty
You need to look at buying now, while prices are low and here's why those with a recent SS, FC or BK are buying now.
30% down with rates in the upper 9% range is not bad to use as a stepping stone to accomplish the 3 Rs below :
1. Recover... past lost equity through buying a Florida property at these extremely low prices
2. Re-establish... mortgage credit quickly to then refinance while rates are still low
3. Retain... as much income as possible with Mortgage Interest write off savings on taxes
contact me Steve@pro-option.com http://www.pro-option.com
You will be charged interest rates of 12-16%, and you will probably be asked to put down anywhere from 25-40% of the purchase price of the loan.
You may want to wait until you improve your credit rating, so that you can get a conventional or FHA loan at standard interest rates.
There are some mortgage brokers who are now adertising FHA loans (3.5% downpayment) for credit scores between 580 and 600, so you may want to contact one of them. These same mortgage brokers may be able to connect you to hard money lenders.
Marc Jablon, The Jablon Team
RE/MAX Complete Solutions
You are not alone. It is quite common but today for financing you need to have all 3, income, assets and fair credit. Here is my suggestion. Start working on repairing your credit immediately so within the next 12 months you are where you need to be. The other option is find a property the seller offers financing on. They are limited and you may not be able to negotiate much on price but you can get in to a property now and refinance in a few years when your credit has recovered. Have any more questions, don't hesitate to contact us. http://www.thelazcosteam.com