Rental Basics in Santa Rosa>Question Details

Anita Ponce, Renter in Santa Rosa, CA

What if my credit isn't the best but I have great rental history and a good job?

Asked by Anita Ponce, Santa Rosa, CA Sat Jun 16, 2012

Help the community by answering this question:


Your credit can be as low as 580 and you can still qualify for a 3.5% down, FHA loan. What is your score?
0 votes Thank Flag Link Sun Nov 25, 2012
he is asking about RENTING - and he asked this back in June
Flag Sun Nov 25, 2012
Dear Anita, if you have local family here, now's the time to talk to them about taking advantage of the benefits of rental income and tax deductions. If you have family with good credit, suggest they talk to their accountant about whether helping you by being your landlord might be a benefit to both of you. Give me a call to discuss it more! Best, Terry Bell, CPS RE, Santa Rosa, CA 707-292-5712
0 votes Thank Flag Link Mon Nov 19, 2012

Call 537-3000 and ask for Brian Toohey, Terra Mortgage (be sure to tell him I referred you). Brian is currently working with a couple I am working with in building up their credit score so that they will be able to buy a home in 2-3 months. I call him ... my "miracle worker". If it can be done, he will do it. It never hurts to just pick up the phone and talk. It's a way to get started with no obligation.
0 votes Thank Flag Link Sun Jun 17, 2012
P.S. Anota my email is :
0 votes Thank Flag Link Sat Jun 16, 2012
Hello Anita,

FHA loans are a great way for someone that doesn't have good credit and for as low as 3.5% down you can buy a home. With FHA you can have a credit score as low as 640 and still get a loan. My lender that is very patient and works with first time buyers is Astrid Garner Stearns Lending 707-481-4828. If you only have money for the down payment don't worry I'm really good at getting the seller to pay for your closing costs, so you only need to come in with the downpayment. I have 28 years in the business and love working with first time buyers.
Please call me @ 707-953-3444

Your Friend in Real Estate,

Brenda Alarcon
0 votes Thank Flag Link Sat Jun 16, 2012
Hi Anita, the best place to start is always with a mortgage broker or your current bank or
credit union. There are many loan programs that can help you even if your credit
is not the best. Some lenders will even help you try to restore your credit rating. Should
you want any names of lenders that might be able to help you please give me a call.
It costs practically nothing to get pre-qualified with a lender and until you do that
step you can not move forward on any type of purchase. All offers require a pre-approval letter
from a lender for that offer to be considered. Call me if you have further questions or need
further help. Thank you,
0 votes Thank Flag Link Sat Jun 16, 2012
Lending is tight, but not impossible. A lot has to do with why your credit got dinged and how much debt you are carrying. Terry Bell is right about having a family member sign on with you. That is probably the surest way to go about it, especially if you have a decent down payment. You can let the loan age a bit while your credit score improves and take them off the loan when you're on your feet.

If you don't know where to start with lenders, contact me and I will give you some names of reputable loan brokers.
0 votes Thank Flag Link Sat Jun 16, 2012
You can likely still get a loan, but it may cost you a little more than it would for an A-1 borrower. I suggest contacting one of my favorite loan brokers Mike Lamka, with Stearns lending, at (707) 494-4026. He really enjoys working with first time buyers and if he discovers something in your credit situation that is a hinderance to getting a good loan he will help you figure out how to recify that situation.
0 votes Thank Flag Link Sat Jun 16, 2012
A loan broker is the best place to start as they have many different types of lenders at their disposal. Contacting an agent at open houses or here on trulia will help you get acquainted with the usual way things work and can refer you to some lenders. Definitely, the more you can put down, the lower the risk you will be. If you have family with good credit that can go in with you, that can be helpful as well. Certainly now is the time to buy as a house payment may be less than rent!
0 votes Thank Flag Link Sat Jun 16, 2012
If you are employed for 2 years at same job and have 20-25% DOWN PAYMENT than you have a good chance to get a loan.
0 votes Thank Flag Link Sat Jun 16, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer