fallen in a large amount of money and have bard credit.However we are willing to put down1/2 of the asking price Will we have a problem with fiancing

Asked by joNtank2004, Rome, GA Wed May 2, 2012

Help the community by answering this question:

+ web reference
Web reference:

Answers

6
Sonja Tani, Agent, SNELLVILLE, GA
Sun Dec 2, 2012
Hi,
Have you found the home that you would like to buy? I see you are from Rome, GA. Are you planning on staying in that area or moving somewhere else?
With that kind of down payment I can recommend a company that I have worked with and found to be very reliable and reasonable. They are a Private Lending Company, licensed in Georgia to make Home Loans. They will finance up to 12 years. They do not rely on Credit Scores but the appraised value of the property and your ability to make the payments. They do not have a Pre-payment Penalty clause in their contracts, meaning that, whenever you can get your credit repaired sufficiently to qualify for a Conventional Loan, you can do so. I am including their contact information should you like to give them a call to dicuss your needs.

The Westmoore Group, LLC
http://www.westmooregroup.com
Ph: (646) 801-6190
Fx: (646) 619-4291

Good Luck and if I can be of any help to you finding that perfect home, feel free to contact me.
0 votes
Tammy Casey, Agent, Rome, GA
Sat Dec 1, 2012
I know a mortgage lady in the Rome, GA area who can sometimes help individuals who have credit challenges with financing when you have a substantial amount of money to pay down. If you have any questions about this please call Tammy Casey at 706-936-0376.
0 votes
Lynel Adams, , Gainesville, GA
Thu May 3, 2012
I would suggest looking into the credit report and see what is there that can be cleaned, cleared, fixed, and or paid off or paid down. Remember keep your balances on CC and revolving to 35% of the high credit limit to add points to the credit report. Most investors and secondary traditional market place are wanting to see a 640 middle score these days. So I would start with working on the credit to see where you can go from there.

Thank you,

Lynel Adams
Sr. Mortgage Loan Officer
NMLS 359696
Silverton Mortgage Specialist
770-318-6740
0 votes
joNtank2004, Home Buyer, Rome, GA
Thu May 3, 2012
what kind of financing should i try to statr with
0 votes
, ,
Wed May 2, 2012
Great answer Gregorio. I'm the person who offers you that type of financing. I can go up to 60% to 70% of the sales price. I do this loan for foreign nationals who don't have a ss#. Therefore, credit is not required. You will have to buy this as an investment property.
0 votes
Gregorio Den…, , San Diego, CA
Wed May 2, 2012
You will still have to meet the minimum credit score requirements for whatever program you choose. If you cannot meet the minimum score you will have to seek nontraditional financing such as hard money or seller financing.
0 votes
Search Advice
Search
Ask our community a question
Financing in Rome Zip Codes

Email me when…

Learn more