Home Buying in Miami>Question Details

Joe Vargas, Home Buyer in Miami Beach, FL

i have bad credit but have 50k

Asked by Joe Vargas, Miami Beach, FL Tue Jul 31, 2012

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9
Hello Joe,

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.

Best Regards,
Beate Rodriguez
Lic. Loan Originator

Beate.Rodriguez@HGFLoans.com
Cell: 954.695.4849
1 vote Thank Flag Link Wed Aug 1, 2012
Hi Joe,
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,
Marco Torres
Miami Premier Realty
(305)903-3123
mtorresrealtor@aol.com
1 vote Thank Flag Link Wed Aug 1, 2012
Congratulations, keep it up,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Thu Aug 2, 2012
Joe,

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
0 votes Thank Flag Link Thu Aug 2, 2012
With a very low credit score, your only lending choice will be with a private money lender, also known as hard money lenders. They call it hard money is because the repayment terms are difficult, and so are the qualifying terms.

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
JablonTeam@gmail.com
561-213-6139
http://www.JablonTeam.com
0 votes Thank Flag Link Thu Aug 2, 2012
under 580 Credit you'll not get a traditional lender to loan you a dime. However there are "Hard-Equity" & "Private" lenders that will loan you based on putting down at least 30% - 50% of the value of the property you're buying, IF all else is well. They're looking for some heavy duty assurance that if you don't pay they have equity in the property when they have to foreclose on you. These lenders are currently charging anywhere from 12% - 18% and the loans are private and on a case by case basis, private wealth basis only. In other words, you or your loan broker needs to "know" the right people. Call me if you want more help.
0 votes Thank Flag Link Wed Aug 1, 2012
We have a credit repair specialist we are working with who is able to help people to repair their credit within several months. Please get in touch if you are interested.
0 votes Thank Flag Link Wed Aug 1, 2012
Hi Joe,

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
0 votes Thank Flag Link Wed Aug 1, 2012
You may be able to buy about a %150,000 nome.

see loan programs at http://www.pro-option.com
0 votes Thank Flag Link Wed Aug 1, 2012
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