my husband and i have about 530-540 score. we had so many negatives in our credit due to income loss. he was

Asked by 619sandiegan, San Diego, CA Fri Dec 26, 2008

in the military then with all the extra pay. however, he's working now with homeland security and the pay is somewhat above average. we really want to buy this property but 3 other lenders turned us down already. is there any hope or help regarding our situation????? pls. i need a reply! thanks!!!!!

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NonRealtor, , 23456
Sun Dec 28, 2008
Renting is an excellent option in this market. Good Luck.
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619sandiegan, Home Buyer, San Diego, CA
Sat Dec 27, 2008
we are actually buying a newly developed condo. they have some approved lenders and brokers that we are working with. unfortunately they said we have low fico score and are rather hard to work wtih unless we try to fix it. we tried the VA but they said they are finicky right now esp with our score. my mom is also very willing to co-sign if not be the primary borrower, however the broker told us it is NOT possible with FHA as well. i'm running of options! is there anyone in san diego maybe we can work with here? thank you for all the good advises!!!
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Nick Rhea, , San Diego County, CA
Sat Dec 27, 2008
Hello 619sandiegan,

Do you have family you trust 100%? You could have them secure the financing, put your name on the title and you make the payments.

Nick Rhea, MBA, Broker
Bombora Investments, Inc
0 votes
fredeckert, Agent, San Diego, CA
Sat Dec 27, 2008
Dear 619sandiegan,
Here is another thought. You might consider getting someone to cosign with you on the loan. Parents, good friends, someone interested in equity sharing etc. If you think this route may work for you, make sure you have a written agreement with the co signers that covers all of the pertinent issues such as length of time to buy out the co borrowers, repairs, taxes etc. This is not the ideal situation, however, it might get you into the home. Another thought is to buy the house, at a much lower price and lease the land for a long term (minimum 30 years). This is called "yank the land" and I have a youtube video on the topic at
Good Luck and let me know if you have more questions.
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Seth Chalnick, Agent, Cardiff, CA
Sat Dec 27, 2008
I can't promise that this will work, but FHA prgrams are not FICO score driven. Also military qualifies for VA financing. If you call me on Jan 5, I will see what I can do.

You'll need to send me the same stuff you sent the other loan officers or banks, and I will look at it from the FHA / VA angle.

Be careful of places that claim they can repair your 530 credit to 680 in 6 months... it is unlikely.

Seller financing is great if you can get it, but most people selling today are strapped for cash and therefore will be unlikely to offer it.

Lease options are terrific... for the seller. But for the buyer I can't see one advantage. The option price will be set for higher than current value, and prices will likely be the same or lower when the option comes due. Your credit will still not be fixed by then and meantime you'll be paying a premium in form of much higher rent just to technically have the opportunity to purchase the home later at a higher price, when other similar homes will be priced lower.
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Melissa A. S…, , 92040
Sat Dec 27, 2008
You are in a really tough situation. The current lending situation makes it very difficult for people with less than perfect credit to buy a home. I would really recommend trying to repair your credit and, in as little as 6 months, you may be able to buy a home. I have some great resources that could help you and get you on the road to home ownership. Feel free to email or call me any time.
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Isaac Bensus…, , 92037
Sat Dec 27, 2008

Do you have a downpayment available for investment? If you do, there is the possibility of obtaining Seller's financing. Another possibility would be a lease-option. With a high inventory of homes, there is always a chance to find a motivated Seller that could be interested in financing the property for you or accepting a lease option on his property. Both alternatives are only viable with some cash available.

On the other hand, with the finance marketing so tight, the rules are very astringent so your credit score is too low to be accepted by a lender.
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Voices Member, , Benton County, OR
Fri Dec 26, 2008
619sandiegan, Sorry for your situation, hope this helps you... with lots of free information on credit repair. ..You can ask attorneys questions about the legal options you have ...A very active forum dedicated to credit repair discussion ... Another very active discussion forum.

I hope these help and please let us know how it goes, Dunes
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