I am interested in buying a single family home, but my credit is bad. Is there any way I can get a mortgage? I'm hoping to find a Foreclosure.

Asked by Debra Steffen, Tampa, FL Sun Oct 13, 2013

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13
lendersnetwo…, Agent, Plano, TX
Tue Oct 22, 2013
Yes. We help people who have low credit scores and match you with a lender that has a loan product for you. 580 credit score needed for FHA and 620 for conventional with 3% down.
2 votes
Andy Wood, , Florida
Mon Oct 21, 2013
Hi,

I am a lender and agree with a lot of the answers already posted. The first step is to pull your credit and define "bad". There are 3 scores, and we take the middle one...a lot of folks see the low bottom number and just assume they have bad credit. If you would like me to pull your credit, I can see if you qualify, if not, I can give you precise steps on how to get it to where it needs to be. Depending on the situation, you can pull your credit up in no time if it's just debt to ratio issues. We pulled one up 25 points last week to get someone qualified so, it just depends on your situation. Please feel free to reach out to me if you would like assistance. I also specialize in FHA 203K Renovation financing which is an awesome program for foreclosures!

Andy Wood
awood@titanhl.com
7270410.9663
http://www.titanhl.com
1 vote
Michelle Hum…, , Land O' Lakes Acres, De Land, FL
Sun Oct 13, 2013
Give me a call tomorrow 813-842-3955
1 vote
Brian Nguyen, Mortgage Broker Or Lender, Mission Viejo, CA
Fri Feb 14, 2014
There are a lot of details you would need to add in order to answer this question with accuracy. First off, what is your exact credit score? Who knows, it still might be acceptable. For example, I have been able to give out loans with scores as low as 580. So if you are above that or at the range then you might have a chance. If not, I suggest you work on your credit. The simplest way to fix your credit is to pay off your debt and revolving credit balance. Also, it is important to understand that your ability to obtain a loan does not solely depend on your credit score. I relies on other factors including your income, expenses, assets, liabilities, down payment, employment, as well as credit scores. I recommend you speak with a lender directly. There are lenders like myself that would be glad to speak with you to help you get the loan that you need. Well I hope this helps! If you have any other questions or if you would like a loan, feel free to contact me. Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes
Franches Sch…, Agent, Tampa, FL
Sun Oct 20, 2013
I recommend you to look at every type of property within your budget. Not only foreclosures, because might be a little bit more expensive at the end if it has been vacant for a long time, it might be missing appliances, ac might not be working or missing, broken windows, etc. probably know what you are getting into, and also you will have to pay for the deed stamps. If you have a big amount of cash you might be lucky to get a mortgage but you need to realize that your interest rate and APR range will be highly dispersed and that your closing costs will be very high. But once again CASH is KING! Good luck...
Franches Schnell, REALTOR SFR
Realtor.Franches@live.com
813 784-2663 Español
http://www.nicehome4sale.com
Future Home Realty
0 votes
Colleen Wadm…, Agent, Marietta, GA
Sun Oct 20, 2013
Have you checked with Urban Housing (usda). I know they accept a 580 credit score and allow the seller to provide down payment assistance. Also NACA, works with you to get your credit straight and counsel you on budgeting.
0 votes
orestes09, Home Buyer, Sanford, FL
Sun Oct 20, 2013
I'm working on my mortgage now with naca if you need help on your credit call me i have a good company that will get you back on track soon no game every one have credit issued this program will removed all the bad accounts from your credit report guarantee....and i can proved it to you call me at 321-288-0699 orestes
0 votes
Orestes, is there any costs for this service?
Flag Sun Oct 20, 2013
Joel Lobb, Mortgage Broker Or Lender, Louisville, KY
Wed Oct 16, 2013
As a rule of thumb, however, a credit score below 640 will make buying a home very difficult. A FICO score below 640 is considered sub-prime. In the past there were mortgage companies that specialized in sub-prime mortgages. Because of the challenges in the credit market over the last year or so, however, sub-prime loans have become difficult if not impossible to obtain.
0 votes
Alma Kee, Agent, Tampa, FL
Mon Oct 14, 2013
Or try http://www.Naca.com program.

It will take several months to go through the process but it may help you to get back on track to own versus be at the mercy of a landlord!

Just make sure to have your Realtor input your info to the website to start with or NACA will assign a Realtor to you.

If you need help getting started someone on my team can help you with getting registered with NACA.

All the best,
Alma
Alma Rose Kee, PA
Future Home Realty
http://www.SoldOnTampa.com
0 votes
Jim Simms, Mortgage Broker Or Lender, Louisville, KY
Mon Oct 14, 2013
Why do you think there are so many foreclosures? Do you think the reasons will impact any lender’s application process today?

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Web Reference:  http://jamessimms.com/
0 votes
Bill Szydlow…, Agent, Tampa, FL
Mon Oct 14, 2013
How bad is bad?? first things first. you need to talk with one of my very goo mortgage brokers. We will find out how bad you are and we will know if you qualify for anything out there. There are still lenders that lend below a 600 credit score, most banks don't. If you cannot get a mortgage right now, then you will at least get an idea of what you HAVE to do to get your credit score to where it needs to be. It is not rocket science.

let me know if you would like our help.

Bill Szydlowski
813-323-4443
0 votes
Franches Sch…, Agent, Tampa, FL
Mon Oct 14, 2013
Hi, when you say your credit is bad, what does that mean? Is that your opinion or a lender check your credit and said so? Why is it bad? What is your score? You need at least 640 credit score some people will give you a mortgage with 620. How much cash do you have for a downpayment? Check with a good lender and have them do a credit check and go through your credit history to see what's wrong. Good Luck! Franches Schnell, REALTOR (813) 784-2663
0 votes
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Mon Oct 14, 2013
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At least your honest as many with Short Sales, Foreclosures, and BKs are in complete denial and somehow, in their minds, feel they should qualify for good loan terms, like nothing ever happened!

You can't have committed what Banks view as" Mortgage Homicide," then shop like nothing ever happened! Its the weirdest thing, they'll shop as if they're perfect 800 score borrowers who did not walked away from their financial obligations and promises to re-pay money loaned to them. Then can't understand why they have to pay higher rates and costs!

Talk about a sign of the times with this "Entitlement Society" way of thinking that has emerged in America!

Here are the facts, if your credit is bad:

1. you will need a much larger down payment
2. you will pay points, more than good credit borrowers
3. you will have a considerably higher interest rate than a good credit borrower
...or you will not buy a house in today's market

However, at least you'll be able to buy at these low prices, re-establish credit and then refinance asap.

--
0 votes
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