Financing in 78251>Question Details

Erniepenajr, Home Buyer in Houston, TX

Currently in the home we want to buy, need help

Asked by Erniepenajr, Houston, TX Sun Jul 21, 2013

Currently dealing with a bad credit situation. Income went from over $200,00 on 1099 to $40,000 on w2 over a short period of time. But been in a rent situation for 2 years not enough time to repair credit. We want to stay in this house asking price $265,000. I now have income to support it, but short down and bad credit. Father wants to help and can but we are running into some roadblocks. Any suggestions.

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Only really 2 choices. Fix the credit, or come up with a down payment. Google "Hard Money Lender" and check out all the sites that come up. They don't much are about income or credit... they care about how much the home is worth, and how much you are going to borrow. The rates are high, but no matter how you slice it... it's better than paying rent.
0 votes Thank Flag Link Mon Jul 22, 2013
I work with several Lenders that can have several options for financing. Contact me so we can connect and hook you up with a Lender.

Ronald Claypool
Best Agents in Texas
713-726-6801
0 votes Thank Flag Link Sun Jul 21, 2013
Your father could purchase the house as an "investor," as long as he can qualify and put the 20% down payment minimum. At some time in the future, when you have rectified the credit and income situations and saved enough for a minimum down payment, he could sell it to you. Of course, he would have a taxable event, and both of you should seek the advice of a good tax accountant before making any decision.

Barbara Coker
NMLS#228545
Licensed Mortgage Loan Officer
100% Home Loans All Over Texas!
0 votes Thank Flag Link Sun Jul 21, 2013
PNC Mortgage, a division of PNC Bank is one of the largest banks in the nation. We offer just about every loan product available in the market and we have an office in San Antonio. If you would like to discuss your options, please call me at 210-325-7631 mobile. A link to my website is listed below
0 votes Thank Flag Link Sun Jul 21, 2013
A private lender may be your only other way to fund the purchase. The rates will be higher than from a bank.
0 votes Thank Flag Link Sun Jul 21, 2013
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