is it possible to be approved for a loan with bad credit??

Asked by Krystal, Garden Grove, CA Tue Feb 28, 2012

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Sheryl Arndt, Mortgage Broker Or Lender, Woodland Hills, CA
Sun Feb 28, 2016
Hello Krystal, yes you may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

You may consider a 3%-5% grant down payment program up to 417k from a minimum 620 fico score which does not have to be repaid. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 417k.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve you can be emailed listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

The listings in 92840 zip code start from 309k for 2bd 2ba condo. It only takes a few dozen questions to qualify, go over your options and email you listings to study and compare. Here are some links to study as well as web reference links to many loan program pages offered...

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Veteran & VA/CalVet Loan Specialist
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Credit Repair At No Cost
ALL Loan Programs Available
23+ Years Experience
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Willy Olsen, , Claremont, CA
Fri Mar 23, 2012
Go hard money with 50% down and you might get funding to buy a home. The lower the risk to the investor the more likely you will get a loan.
Think about it, would you loan money to someone who shows a history of not being able to pay their bills or are always late in paying their bills?
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Shadi Kian, Agent, Lake Forest, CA
Tue Feb 28, 2012
Hello again;
No it is not possible to be approved for a loan with A BAD credit my dear. I am not sure what is your credit looks like? most of times my client think that their credit is very bad but after I check their credit I found out that their credit is not as bad as they thought it was. So I am not sure about your credit rating. You can call me and I can run your Credit which will be different from the free on line credit. This way I can tell you where are you standing and what to do to get yourself ready.
If you have unpaid collections and past dues make sure that they are all paid in full and keep the proof of your payments. If there is any judgment in your record, it must be paid before you get the loan or to be able to pay if in full prior to funding.
There are many things that I can not explain here. Call me if you like to know more. I can help.
Shadi Kian
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Sam Malouf, , Garden Grove, CA
Tue Feb 28, 2012
The best answer is to talk to a lender and evaluate everything. So you will know all your options.

Sam M
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Brian Head, , Orange County, CA
Tue Feb 28, 2012
Krystal, Depending on the damage, you can get financing for the purchase of a new home. FHA is the type of loan you'd be looking at. FHA loans are story loans and provide for some latitude when it comes to FICO scores.
Question; Does your credit involve and Bankruptcy, Short Sale or Foreclosure?
If your story is compelling enough and your presently current on all your consumer debt? You should be ok to go FHA.
Best Regards,
Brian Head, Realtor
Joel Feinstein Law
949 419-0702
0 votes
Colin Smith, , Spanish Fort, AL
Tue Feb 28, 2012
Hi Krystal,
Yes you can! Of course, the lower the credit, the higher the interest rate. Sounds like you could use a no cost, no obligation consultation to weigh out your options...
Colin Smith
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Grant Fawcett, Mortgage Broker Or Lender, Tustin, CA
Tue Feb 28, 2012

I'm going to have to go against the grain on this one. Can you get a loan with bad credit? Yes - but it depends "how bad"

In addition, you will pay more in interest due to poor credit. In short, I advise you not to look for a home until you've paid attention to your credit. Repairing your credit is pretty simple. You can drastically improve your score in just a few months. In the long run - It makes smart financial sense not to put "the wagon in front of the horse".

I can assist you in this process. I do it everyday. You will just need a little patience.

Best regards,

Grant Fawcett
Castle & Cooke Mortgage
Cell: (949)212-4578
NMLS# 832635
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Virginia Cla…, Agent, Yorba Linda, CA
Tue Feb 28, 2012
Hi, Krystal! First of all, it most likely depends on exactly how "bad" the credit is. Loan requirements are definitely more stringent than in past years. However, there are specific programs aimed at helping buyers with specific needs. Take the time to speak with more than one reputable loan officer to see what they advise. You will need to be forthright about your current credit, income and tax situations as well as your current savings and amount available for a down payment as those items will be documented throughout the loan process. No point getting information on a program you can't qualify for! And do realize there are many options. You may have to pay higher interest rates than someone with clean credit, but looking to the future, as you improve your credit, you will put yourself in the position to be able to refinance into a better rate. Good luck!

Virginia Clark
Atlantic & Pacific Real Estate
DRE #01223387
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Ingrid Ski R…, Agent, Mission Viejo, CA
Tue Feb 28, 2012
Hi Krsystal,

Yes, you can get a loan. I have several mortgage brokers I deal with and they can get it done. Where as say the banks like wells Fargo may not.. Email or call me and I will send you the information on who to call..
If you are able to get a loan through the banks then you might be able to get a lower interest rate. It all depends what you have on your credit . It is better to discuss in private and not on the interent about your personal information.. Talk to you sson..

Ingrid Ski Realtor
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Kirkland Laz…, , Corona, CA
Tue Feb 28, 2012
Where there is a will there is a way. I have lenders that will help individual with less than perfect credit. And if you credit score are too low with them, I have a program that you enter and within a 60 days your credit scores should be over the requirements for a loan.

Please call me or email me at or call 562.215.9525 for credit and real estate questions.
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