If you have a 50% down payment, is it possible to get a loan with really poor credit?

Asked by Tlb530, Pennsylvania Tue Aug 3, 2010

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Kamal Salim, Agent, Davie, FL
Wed Aug 4, 2010
A hard money lender will usually charge between 8% and 10%. But you will save on the closing costs and any mortgage costs. Don't try going with a mostgage, since they will charge just as much in interests, sometimes even more + you will have all the closing costs, and other charges.
Web Reference:  http://www.kamalsalim.com
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, ,
Wed Aug 4, 2010
yes you can althought the rates will be higher

Alan
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Ronni DeGiul…, Agent, Monroe, NY
Tue Aug 3, 2010
You might ask the owner if he/she would be interested in holding a 1st mortgage for a few years while you repair your credit - you'll save on closing costs and time - with 50% down it is very inviting. The upside for the owner is that the property may be worth more in a few years and you can make an offer at that time @ fair market value. Win- Win
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, ,
Tue Aug 3, 2010
Possibly a hard money loan, but maybe you would rather work on your credit if you have that much to put down.
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