can someone with bad credit get a home loan if this is the first time homeowner and can give 15%?

Asked by Irene Sainz, El Paso County, TX Thu Nov 10, 2011

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Jessica Bate…, Agent, Beverly Hills, CA
Fri Jul 5, 2013
I work with a lot of people who have less than perfect credit. I tell my clients with less than perfect credit to visit The Lenders Network, I have seen loan approvals with scores under a 600. So if anyone can get you a loan they can, their service is free..

Good luck!
2 votes
Maryluke99, Both Buyer And Seller, Miami, FL
Thu Jul 17, 2014
Down payment only 3.5% of the purchase price.
Gifts from family or Grants for down payment assistance and closing costs OK!
Seller can credit buyers up to 6% of sales price towards buyers costs.
No reserves or future payments in account required.
FHA regulated closing costs.
Purchase a Florida home 12 months after a chapter 13 Bankruptcy
Purchase a Florida 24 months after a chapter 7 Bankruptcy.
FHA will allow a FHA mortgage 3 years after a Foreclosure.
Minimum FICO credit score of 580 required for 96.5% financing.
Bad credit Florida FHA mortgage approvals minimum FICO credit score of 530 required for 90 FHA financing.
No Credit Score Florida mortgage loans & No Trade Line Florida FHA home loans.
0 votes
Lorena Mejor…, Agent, El Paso, TX
Wed Jan 15, 2014
Have you considered consulting a credit repair agency? Will be glad to refer you to one.
0 votes
Jeremy Orton, Agent, Twin Falls, ID
Sat Jan 4, 2014
Most loans require a certain credit score, for example 600+. You will want to talk to a loan officer and see what they would be able to do. Most banks offer very similar loan options - some mortgage brokers may be able to get you a loan with a slightly lower score but not by much lower.

If you don't qualify for a loan yet - there are credit repair options that depending on your circumstance you could be in a position to qualify for a loan within a few months to a year.

With a decent down payment there are usually some private lending options that lend based on equity position in a home rather than on your credit. interest rates on these loan typically have higher interest rates - 8-15%.

Also some sellers are willing to carry the loan (be the lender) and then you just pay them as if they were the bank, those types of sellers are less common and the terms of the loan are negotiated as part of the purchase of the property.

Just a few points for you to consider.

Jeremy Orton
0 votes
Ali Qureshi, Agent, Pleasanton, CA
Fri Jan 3, 2014
Hi Irene,

If you're credit score is less then 620 you may want to consider FHA. I have seen borrowers with scores as low as 550 getting qualified under FHA guidelines.
0 votes
Lorena Mejor…, Agent, El Paso, TX
Fri Jan 3, 2014
There are home owners who will Owner Finance their home. Will be glad to e-mail you information. just call me or e-mail me with your information.
0 votes
Donna Bush, , Irving, TX
Mon Dec 10, 2012
The guidelines:
• 580 Platform
• 3-tradelines
• we also recognize alternative trade lines
• less overlays
• in house funding, processing and underwriting
• 620 credit on conventional
• 47% DTI ratio
• 3.5% down payment
• close the average loan for Refi /new purchase in 21 days

Donna Bush
marketing director
R.H. Lending, Inc.
6209 Colleyville BLVD
Colleyville, TX 76034
Branch NMLS: 965158
Direct line:214-935-8781
Cell/text (214)695-8883

For an immediate Pre-Qualification of potential buyers, please see LINK below to fill out an application via our Secure Website:
NOTE: Once a barrower/client is pre-approved, The letter is only good for 60 days
0 votes
Donna, your tag needs to say you're a lender, not "just looking."
Flag Mon Feb 10, 2014
Daniel Gomez, Agent, El Paso, TX
Thu Nov 10, 2011
Hello Irene:

Now days exist several types of financing all depends on how good or bad is your credit score, if a bank is unable to qualify you there's still a chance to get a private investor loan or homeowners financing, everything is negotiable! good luck

Daniel Gomez
Bustamante Real Estate
0 votes
, ,
Thu Nov 10, 2011
Depends on your definition of "Bad Credit"

Tom Burris
Mortgage Banker
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
0 votes
Rich Bennett, Agent, San Francisco, CA
Thu Nov 10, 2011
Hi Irene-

It all depends on your credit score and what's in your credit file. The best thing to do is to talk to a mortgage person (a mortgage broker or your bank/credit union) to see where you stand and go from there. If there are issues with your credit, they may be able to help guide you with repairing your credit over time.

Best of luck.

Rich Bennett, Realtor in San Francisco

Zephyr Real Estate
DRE#01358540 CA
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0 votes
Cynthia Morr…, Agent, El Paso, TX
Thu Nov 10, 2011
Howdy Irene
Your question is sincere and open. I have had many buyers fix their credit wonderfully in 30 to 60 days - the time it takes to close on a sale. I have had many buyers get into a home with owner financing and a reasonable interest rate. I have had investors take your 15% if all other items add up to a reasonable risk. I am sure you would not want to share all your personal information with the world but I would be more than happy to talk to you if you will contact me. Nothing is impossible so go for it!!
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0 votes
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