can I buy a house in Arizona right now with bad credit?

Asked by char_naki, Reseda, CA Mon Jan 21, 2013

I have a forclosure and tax liens. But I'm throwing away $2500 per month in rent.

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10
, ,
Wed Jan 23, 2013
No...

Rent is not throwing money away, it provides a place for you to live. Protect yourself first, clean up the mess, save some money, then buy a home, good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
Web Reference:  http://jamessimms.com/
2 votes
"WOW" I would look around like I am! I have talk to a lot of people in the industry and I'm hearing you can, always worth the effort to look into it like me.

Good Luck
Flag Wed Jul 30, 2014
Jennie Miller…, Agent, Phoenix, AZ
Tue Jan 22, 2013
You could consider purchasing a home with a seller carry note. What part of down are you looking in? I can email you over a list of properties.
2 votes
Jennie, could you help me with a list of seller carry note homes?
vjohns36@yahoo.com
Flag Mon Jan 16, 2017
BParker, CPA*, , Scottsdale, AZ
Tue Jan 22, 2013
Hi Char Naki:

Interesting how realtors in NY and NJ feel the need to be so abrupt with a person asking a question about Arizona...

If these issues are within the past few years, the answer is "probably not". Jose raises an alternative, with seller financing, as your chances of getting "traditional" financing--i.e., Fannie Mae or Freddie Mac, FHA or VA--are not good within 2-3 years of the foreclosure being completed. The tax liens will need to be cleared up if that could threaten the lender's clear title to your property or your ability to repay the loan.

That is a large sum for rent, so considering buying a home with today's low prices and low interest rates does make sense, contrary to Debra's comments, so hang in there; clean up your issues; and, you will be eligible before you know it. Feel free to contact me off forum should you have additional questions.

Good luck.

Bill Parker, Loan Officer
AZ Lic# 09011570
NMLS #223607
CPA--Licensed, no longer practicing

GenCor Mortgage Inc.
15730 N. 83rd Way, Suite 103
Scottsdale, AZ 85260
(O) 480-525-8496, EXT 743; (M) 602-565-3646; (F) 480-436-5226
EM: BParker@GenCorMortgage.com
Website: http://www.GenCorMortgage.com
LinkedIn: http://www.linkedin.com/in/billparkercpa

MISSION STATEMENT: To create an unbelievably enjoyable experience for my clients, while guiding them through the most important financial transactions of their personal lives. My clients know me as their Mortgage Lender for Life. I truly appreciate your referrals.

If you think it's expensive to hire a professional to do the job, wait until you hire an amateur.
Red Adair, Oil well firefighter
2 votes
Thank You for your professional note.
Flag Tue Jan 22, 2013
AUR, , Shawsville, VA
Fri Jan 25, 2013
Dear Char_Naki

I disagree with the response, that assumes that you demonstrated poor financial judgment. You may have experienced that, but I would not discourage you to believe that hardships are not poor financial management.

The benefits that brings owning a home (also financial benefits) goes beyond the responsibility that implies to have it. No one knows what your hardships were, but I am extremely certain, that you are perfectly conscioius of what happened in your life; but yet you still want to purchase a property. Professionals in the Mortgage Field, should focus on providing an array of unlimited information, and that's where the regulations has been modified. To inform the client, instead of suggestions courses of action that discourage specific decisions.

I would suggest, read and request more information, before letting any one deciding for you. reason for which i reiterate my response: Can you buy a property in Arizona with bad credit? The answer is yes. May not be using standard mortgage finance, but some other options could be available, such as Seller's Finance. Should you buy? I would suggest, depending on the specific reasons that drove you to your current challenging situation, you may need serious financial counseling. You should be the one taking your decisions, and I wouldn't discourage you from keep looking for options, and re-learning from your experiences, and from the answers you may find.

I wish you blessings, in everything you do.
1 vote
, ,
Wed Jan 23, 2013
Good morning BParker,

I respect that, as a fellow Licensed Mortgage Loan Originator, you might want to encourage a potential client to call you and create a business opportunity for yourself.

But Trulia.com is a CONSUMER ADVOCACY website. We real estate and mortgage professionals who participate on this website to provide advice should do so with the consumer's best interest ahead of our own. Consumers come to the Trulia.com site in search of accurate and honest information.

When a person presents a situation with foreclosure and tax liens, I'd suggest the best course of action (as did Debra) for that consumer is to put her financial house in order before taking on the responsibility of owning a home and paying a mortgage. A person with a previous foreclosure has already demonstrated poor judgment in financial matters and, at the very least, severe irresponsibility with regards to paying back a mortgage loan. Add the tax liens---char_niki clearly stated, "I have....tax liens." NOT, "I HAD tax liens," present tense, and you have a picture of a serious and ongoing financial calamity.

It doesn't take much experience as a mortgage professional to review this consumer's question, make a quick analysis, and provide a short answer to the question as I did, "NO."

When mortgage professionals respond as you did---providing a ray of hope to a person who has obvious serious financial difficulties---they perpetuate the behavior that led us into the BUST in the first place. Further, we Licensed Mortgage Loan Originators must go above and beyond the pale to once again earn the trust of consumers so badly abused by those in our profession who led them down the path to financial ruin.

I applaud Debra for her advice in the response to this consumer's question. I stand by the advice I provided to this consumer; it doesn't matter what State I live in because BAD mortgages have affected ALL STATES.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528
1 vote
Bravo - nicely put!
Flag Wed Jan 23, 2013
, ,
Tue Jan 22, 2013
You can use seller financing. Everyone has the right for a second chance! I rather a positive note, than responding with your liver.
Like many other agents here, responded, you could use seller financing; and fix your credit in the mean time. When you have a Foreclosure, you have to wait at least 3 years, to qualify again with a FHA loan. Pay all your liens, specially if they are government related. Ten bring your credit history and credit score up. I truly wish all the best; Just remember to not give up, organize your financial affairs. There is light at the end of the tunnel.
1 vote
Debra (Debbi…, Agent, Livingston, NJ
Tue Jan 22, 2013
not "abrupt", or interesting - just honest

and, it doesn't matter where a person is located.......imo.......someone in financial distress shouldn't compound their problems by adding more debt.
1 vote
Jose Dias, Agent, Scottsdale, AZ
Tue Jan 22, 2013
You might.

Even if you don't qualify for traditional financing, have you considered seller financing? The biggest difference between a traditional mortgage issued by a bank, is that in seller financing the seller of the property finances you. You still get the deed to the property and pays mortgage to the seller, not the bank.

Here is a list of seller financing homes in the valley in case you decide to go that route -> http://www.myfirsthouseaz.com/index.php?filter=sellerfinancing.

Good luck!

Jose Dias, REALTOR
(623) 418-5700
Jose@MyFirstHouseAZ.com
http://www.MyFirstHouseAZ.com
1 vote
, ,
Tue Jan 22, 2013
Good morning char_naki,

The short answer is, "NO."

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528
1 vote
Debra (Debbi…, Agent, Livingston, NJ
Mon Jan 21, 2013
Let me understand this..............you have "bad" credit, and you are in the middle of, or had, a foreclosure and still have unpaid tax liens ?

No, you can't buy another house at this time, nor should you, until you clean up the mess you're already in.
Your focus should be on dealing iwth your issues, not looking to get further in debt.

Best wishes..........
1 vote
I wanted to move to Arizona in which they have prices of homes there at $50k. I work in an industry where I make pretty good money. Will FHA help me back to home ownership? The mortgage on that will be very small and a monthly mortgage should be around $500 per month. I can afford that
Flag Tue Jan 22, 2013
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