William Burg…, Home Buyer in Shingletown, CA

I like this property but it seems like no lender likes it. My credit score is 610 and I'm retired with an ever encreasing score. I have the dow

Asked by William Burgess, Shingletown, CA Sat Nov 23, 2013

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I can do loans with that credit score, I would have to see if there are other problems, but I can do loans with that credit scrore.

Give me a call I would love your business.

949-297-1207
0 votes Thank Flag Link Mon Nov 25, 2013
Often on Trulia, when there are questions about financing with a low credit score, you will get responses that tell you to find a lender who will work with the lower scores. This may be helpful for some, but for most, there is a reason the scores are where they are and often that underlying cause must be addressed before you get a home loan.

If you have had your credit run by a lender, ask for a copy of the report and ask for their help. If they can't or won't provide it, let one of us know and we can review your report with you and tell you just what it would take in order to both improve your score and soon become eligible to get financing that will certainly be more advantageous than if you acted now.

Rob Spinosa
rspinosa@rpm-mtg.com
0 votes Thank Flag Link Sun Nov 24, 2013
I a friend of mine works at The Lenders Network, they actually specialize in lower credit score loans. I think it's 560-580 is the lowest score they can do. Good luck!
0 votes Thank Flag Link Sat Nov 23, 2013
Trevolyn is absolutely correct, find an FHA 203K lender and you should be able to purchase the home AND finance the repairs.
0 votes Thank Flag Link Sat Nov 23, 2013
Reading the description of the property, it sounds like repairs are needed & that could be why you are having problems financing. You may want to try a different type of loan.

If you are trying to use an FHA loan, they have a product called a 203k loan that you can use when you wish to buy a property that needs repairs or even if you want to add extra space. It does cost a bit more and the property has to be able to appraise for the amount of the purchase & the extra money that the loan will provide for renovation (i.e. as is purchase price is $60k, you borrow an extra $20k for the work that you want done, including getting new appliances, the home will need to be able to appraise at $80k or more). Even if a lender provides the regular FHA loan, they may not offer it so ask your agent for some lender referrals.

Good luck.
0 votes Thank Flag Link Sat Nov 23, 2013
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