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Kristen, Home Buyer in Oklahoma City, OK

We have horrible credit, but will probably make around $80,000 profit from our home we currently have on the

Asked by Kristen, Oklahoma City, OK Thu Feb 12, 2009

market. We are looking at homes to buy in the $100,000 to $160,000 range, with the intention of putting our $80,000 profit as down payment. Is it still possible for us to purchase a home, despite our credit, since we have such a large down payment?

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7
You can, since you're putting such a large down payment into the transaction. However, consider a lease with an option to purchase. Negotiate the terms of the purchase up front and then go to work on your credit. A decent credit score down the road will save you money, and meanwhile you can reduce the principle by having a portion of your "rent" apply to the principle or go towards closing costs. Plus, negotiating the price now will protect you from possible rising costs should the market turn.
0 votes Thank Flag Link Fri Feb 13, 2009
Yes, there are several lenders that will still do this. Sit down with a mortgage broker and discuss your options.

I am a mortgage broker. If I can be of service, please let me know!

Martin Smith

Precision Funding
877-238-6324 Ext 704
513-536-7184
877-238-6324 FAX
MSmith@PrecisionFundingUSA.com
http://www.PrecisionFundingUSA.com
0 votes Thank Flag Link Fri Feb 13, 2009
Try to pay $80,000 for a home.
0 votes Thank Flag Link Fri Feb 13, 2009
Right now debt to income plays a huge part of the loan approval process. Your down payment of 50-60% will increase your chances of getting loan approval, but you will need to consult a mortgage broker to get a better idea of your lending potential. If you need a reference I recommend Florida Mortgage Specialists. Contact Judith Plumber at Judith@florida-mortgage-specialists.com.
0 votes Thank Flag Link Thu Feb 12, 2009
Difficult to state unless a mortgage broker reviews credit score and debt ratio. Downpayment of approx. 50% might work only a loan officer can make accurate response. You have nothing to lose however everything to gain. ! Great Question
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Thu Feb 12, 2009
money can make wonders happen but what is your mid credit score?
0 votes Thank Flag Link Thu Feb 12, 2009
How horrible is the credit? Because of the financial mess the country is now in most banks are not taking any chances, although there are some banks that will do the loans depending on the credit score.
0 votes Thank Flag Link Thu Feb 12, 2009
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