Asked by Bell, Atlanta, GA Fri Jun 17, 2011

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Bill McGoldr…, Agent, Atlanta, GA
Fri Jun 17, 2011
I do agree with the other comments that your best alternative is to improve that credit score, but if you have issues that will prevent you from qualifying for a mortgage in the next year or two, then seller financing is a vialbe option....but only if the seller is actually making you a loan, drawn up by an attorney, who will also conduct a real estate closing and provide you with a warranty deed to the property. The seller will have his interest protected by a security deed. Do not get drawn into a "lease to own" contract where there is no closing, no deed transfer, and NO equity in the home until the "loan" is paid off. These types of arrangements are a total rip-off for the buyer.
0 votes
Gerard Carney, Agent, Spring Hill, FL
Fri Jun 17, 2011
Bell now is not the time to stretch what little rating you have, you need to be real and repair you credit, you can raise this credit rating to above 600 in a few months if you take the time and the effort to do so! please consider doing that!
1 vote
Jonathan Shi…, Agent, San Bernardino, CA
Tue Jun 28, 2011
Do not despair!

Although conventional lending has become tied up a little tighter. The old fashion method of owner financing is still legal and still performed.

Owner Financing is a good option. Make sure it is structured properly, and you do so with an experienced Realtor in this venture.

though in California, My office has a handful of Owner-Will-Carry situations. However most are contingent upon your cashing out or refinancing in 2-5 years. Most owners that are willing to do what is called an "All inclusive trust deed" or "Lease Option" here in California that I have met are not willing to hold the note for very long and are just looking to sell and move on. So raising your score through diligent care and repair is PARAMOUNT.

When you do have it structured, make sure that the payment is legitimate, and the property is not within some form of foreclosure, and I would suggest having it recorded (your Realtor will help you out with that). As well as having the property's payment done through a title servicing company or other form of escrow.

You will have to have a down payment towards the property, but as this is with an individual, it can be negotiated (a good rule of thumb is 10% down). and make sure your documents are in order to prove that you are able to make the payments.

I happen to know of a condo in Athens, GA that is a friend of mine's that may be willing to go "Owner Financed"
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Suzette Gall…, , Atlanta, GA
Sat Jun 18, 2011
The ideal situation would be for you to raise your credit scores, however, I do have a lender that works with credit scores as low as 500. Please contact me to discuss your options. suzette.galloway@metrobrokers.com or call me at 678-548-3339. I look forward to speaking with you.
0 votes
M Fairly, , Atlanta, GA
Sat Jun 18, 2011
I would recommend you repair your credit, in order to bring up your score. Even, if there is owner finance in place, sometime it is only for a few years, until you have to refinance the home.
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Morgan Hill,…, , Sandy Springs, GA
Sat Jun 18, 2011
If you have cash yes... There are two ways to buy things in this world and that is Cash or Credit. If you don't have one you better have the other and if you don't have either than your done. Owner finance deals require 10% down in most cases.
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Rodney Mason, Mortgage Broker Or Lender, Atlanta, GA
Fri Jun 17, 2011
The industry minimum credit score for FHA has been 640+ since last October. There are a few lenders, such as Prospect Mortgage, who can do an FHA mortgage with a credit score down to 580+ with at least 3.5% down. You need to work on improving your credit score in the meantime. Make sure that you are not late on any payments or have any new collection acounts for at least 12-24 months. It may be that you need to start paying off some of your collection accounts if they are still reporting recent lat activity.

Rodney Mason
Sr Loan Officer / FHA 203K Renovation / HomePath Specialist
Prospect Mortgage
Atlanta, GA
(404) 591-2453
NMLS #151088
Apply Online at http://www.rodneymason.com
Licensed in AL & GA
0 votes
Elizabeth Wa…, Agent, Atlanta, GA
Fri Jun 17, 2011
Hi Bell, I suggest you talk to our inhouse lender who is great at offering suggestions for improving credit scores.

Please feel free to email, call, text me! I look forward to hearing from you!

Elizabeth 'Beppy' Walton, Realtor
Keller Williams Peachtree Battle
C/404 234 9418; eFax/404 604 3965
Email: beppyswalton@gmail.com
Website: http://www.beppyshomes.com
0 votes
Regina Croth…, Agent, Atlanta, GA
Fri Jun 17, 2011
I could put you with a great lender that can work with you to help get your credit scores up. Feel free to contact me at regina.crothers@metrobrokers.com if you are interested.
0 votes
davidwbrower, , Woodstock, GA
Fri Jun 17, 2011
contact a reputable loan officer who focusses on credit rebuilding. I have one to recommend:

David Neimark
Southeast Mortgage
0 votes
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