Home Buying in Palmdale>Question Details

Isela Venegas, Home Buyer in Palmdale, CA

what are my chances of buying a home with my poor credit but making a large sum as a down payment? I need help

Asked by Isela Venegas, Palmdale, CA Tue Dec 18, 2012

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10
Depends on how poor your credit is. There are a lot of options out there if you have a large down payment.
0 votes Thank Flag Link Mon Jan 21, 2013
I would recommend for you to make an appointment to speak with a lender. If you have copies of your credit report take that along with income information. A lender could go over your financial situation and advise you better. It is advantageous for a lender to know the big picture for your benefit to avoid mis guiding you.
0 votes Thank Flag Link Sun Dec 23, 2012
If you are sitting on a large sum of cash, it makes more sense to me for you to pay back the debts and account balances that are dragging your credit down! Bad credit follows you around everywhere...sooner or later it needs to be addressed....use what you have to pay things off.

Best of luck.
0 votes Thank Flag Link Wed Dec 19, 2012
Hello Isela, I emailed you last night and will try and call you shortly.

Here are some examples of large sum down payments with various loan programs to help you decide.

Loan 200k CHF Access $1,000 down 3.75% 30 yr FHA fixed rate $1,453.07 PITI $6.500 closing costs minimum 580 fico score required
Loan 200k FHA 3.5% $7,000 down 3.5% 30 yr FHA fixed rate $1,304.06 PITI $6,500 closing costs minimum 580 fico score required
Loan 200k Conv 3% $6,000 down 4% 30 yr Conv fixed rate $$1,359.60 PITI $6,500 closing costs minimum 700 fico score required
Loan 200k Conv 5% $10,000 down 3.75% 30 yr Conv fixed rate $1,337.42 PITI $6,500 closing costs minimum 660 fico score required
Loan 200k Conv 20% $40,000 down 3.75% 30 yr Conv fixed rate $1,024.31 PITI $6,500 closing costs minimum 620 fico score required

http://www.under640ficoscoreloans.com/Pages/HalfPercentDown.aspx

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker – Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
0 votes Thank Flag Link Wed Dec 19, 2012
You should start with meeting a local and trusted loan officer who can prequailify you at no cost and let you kjnow what programs are available given your credit and financials and what the cost or down payments will be.
0 votes Thank Flag Link Wed Dec 19, 2012
Isela,
There are over 20 ways to fund the purchase of a home. One of them is to use a big box lender.
Your situation must be reviewed by a pro who has experience with multiple funding strategies and has the skill to create the contract that protects all parties involved.
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The start of the conversation with the resource that will provide a solution for you should should sound like, "How many funding strategies do you have experience with?" If everyone is pulling water from the same well you can not expect a different outcome.
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When you have identified the right solutions provider, you need to demonstrate you are serious by picking up the phone and calling.
No, don't use that 'contact' button.
No, don't use Trulia email.
Go old school and call......only if you are serious.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, Fl
727.420.4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Wed Dec 19, 2012
Call me; I will introduce you to my lender. He will review your credit and suggest what your next steps should be. You may be able to purchase a home or correct your credit sooner than you think.

(Chyna) Brenda Weems-Hunter
661-609-2353
0 votes Thank Flag Link Wed Dec 19, 2012
What is your "poor credit" fico scores? I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify. You will need a minimum 580 fico score to qualify for CHF Access half percent down payment program or standard 3.5% down FHA. If your fico is between 500-579, you will need 10% down to qualfy FHA.

Do you have down payment and closing costs? If not, You can buy with minimum out of pocket expenses. There are 7 homes under 100k and 29 more up to 200k to choose from. So it depends on how much a "large sum" is? If you have 10k or 20k and want a 150k home. 3.5% down is $5,250 down and closing costs of about 6k equals $11,250. If you choose half percent down is only $750 and 6k closing costs $6,750. Closing costs can be partialy covered by premium financing as well.

Here are some links to study.It only takes a few dozen questions to qualify in minutes.

http://www.under640ficoscoreloans.com/Pages/CreditRepair.aspx

http://www.under640ficoscoreloans.com/Pages/Conventional.aspx

http://www.under640ficoscoreloans.com/Pages/HalfPercentDown.aspx

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker – Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
0 votes Thank Flag Link Tue Dec 18, 2012
I have at least 50,000 for a down pmt...last i checked my credit was 602...
Flag Tue Dec 18, 2012
Hello Isela Venegas,

Obtaining a traditional loan may be difficult, the first step is speaking with a local reputable lender in the area you are planning to purchase. Sometimes people feel that they have "poor credit" but the credit is sufficient for obtaining a loan.

An untraditional option is to find a seller willing to enter into a Lease Option - in the Antelope Valley area we have several Lease Option properties available. This is an active link to currently listed Lease Option Properties:
http://www.tamarastoebe.com/prutroth/index.asp?p=buildsaveds…

With a Lease Option, you make a large downpayment, a portion of your monthly housing payment is considered rent and a portion is credited towards your future house downpayment.

Example ONLY:

House is listed for $100,000 - owner has no loans, owner accepts a lease deposit of $10,000 (will be credited towards your future purchase of home), buyer makes monthly payments of $750 - $500 is rent and $250 is credited towards your future downpayment. Typically term is anywhere from 18 months to 36 months. You've basically agreed to purchase the home on the installment plan. Everything must be in writing, a proper contract executed and you will need to keep track of your monthly payments. During the term you will need to actively work on your credit to get it to the point that you can obtain a loan and complete the purchase of the home. A good local lender will work with you and assist you in creating a future loan purchase plan.

If your interested in sitting down and finding a creative solution, I'm interested in assisting you. Let me know how I can help. Have a great evening.

Tamara Stoebe, REALTOR/Notary
GRI, e-PRO, CHS, QSC
DRE License #01827461
Prudential Troth REALTORS
1801 W. Ave. K
Lancaster, CA 93534
(661) 466-6849
Fax (661) 422-3006
http://www.TamaraStoebe.com
0 votes Thank Flag Link Tue Dec 18, 2012
That really depends upon your "poor" credit. Some people think they have poor credit and they do, others think they do and they don't really. This is something that calls for a face to face with a local lender. I have seen people who thought they had less than stellar credit purchase a home.

Call me and I can direct you to a local lender that can get you started, be it to purchase a home or to correct your credit.

Don Gockel, Broker
661-273-6654
0 votes Thank Flag Link Tue Dec 18, 2012
Isela, no credit is easy to deal with as long as you have taken care of the "bad" credit. Please call me, I will set you up with a LOCAL lender.
Flag Wed Dec 19, 2012
i just have no good outstanding credit...but i want to make half of what the home is worth for a down pmt...i cleaned up my credit just a few minor things..i
Flag Tue Dec 18, 2012
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