Home Buying in Blairsden>Question Details

Timothy L Be…, Home Buyer in Sparks, NV

if i put down payment of 50% on a bank owned home will they finance with bad credit but with great income. tim at timmer868686@yahoo.com

Asked by Timothy L Bennett, Sparks, NV Sun Jan 30, 2011

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With 50% down, there are lots of private lending sources you can use, even with bad credit. There is a loan out there for just about anybody, but you will not get the low interest rates and terms you can get from a conventional lender. You may have to pay higher fees than from a conventional lender. The loan term will be short... one to five years usually.
Don't dismiss this kind of loan... it may be exactly what you need. This may be a good way to get into the home, then when your credit is fixed, you can refinance and get the good rates. By then, you should also have more than 50% equity because of appreciation. Talk to a Loan Broker, not a bank about finding these loan sources. Banks are conventional lenders. Loan Brokers have many sources for financing.
FNMA has some loan programs on their own Foreclosed properties that are more lenient regarding credit, too. Go to the FNMA site and find links. A Loan Broker may also be familiar with these loans.
0 votes Thank Flag Link Fri Nov 2, 2012
I like Robin's answer. If you have so much money to put down, then you should use that to pay off debts and clean up your credit problems. Doesn't matter how much you put down. The bank still wants to know you're a "good risk" for a loan. Talk to several lenders and find out what you need to do. Good luck!
0 votes Thank Flag Link Sun Jan 30, 2011
How about using some of that 50% to clean up your credit so you can get a loan? Hopefully you will find a local loan officer to help you out and make some suggestions about what you can do, or even if you can do something that will help, and still have enough open credit to have a decent score. The answer to your initial question is probably not. They are not into hard money lending.
0 votes Thank Flag Link Sun Jan 30, 2011
Confer all your questions to mortgage broker who will review loan application Many questions need answers virtual opinion NOT to your best interest

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Sun Jan 30, 2011
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