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Answers (6)
- Nic Netherton, "Colorado Lender"
- Contributions:7219
Again Grant, it definitely will be in your best interest to work with someone cleaning up your credit and raising your score prior to applying for a mortgage. As you can see below some will suggest looking into 'hard money' options but usually going that route is more in their best interest than yours. Hard money lenders charge double digit interest rates and the terms are hardly ever beneficial for the recipients.
You are already at a 600 so it won't take much to get that score up enough for traditional finacing hopefully.
You are already at a 600 so it won't take much to get that score up enough for traditional finacing hopefully.
- Cindy Quinton, "Cindy Quinton"
- Contributions:1321
Our credit scores were much lower than yours just three months ago. I was given the advice on these forums to visit the forums at www.myfico.com and find out how to get our credit scores up. I did the things I was advised to do like get a couple of secured credit cards and we borrowed against a CD. We have already gotten past the minimum scores and are just waiting for the right house to come on the market.
- Sandy Weed, Jr, "Sandy Weed Jr"
- Contributions:10
If you're looking for investment property, a conventional loan would need 20% down - you may be better off looking for a money partner or a private lender. They would be more likely to deal with your credit issues than a conventional bank, especially if you have a great deal and steady income.
- Nic Netherton, "Colorado Lender"
- Contributions:7219
Grant-
Likely your best bet is to get in contact with a local mortgage lender and review your credit report with them. Alot of times we can analyze your credit report and suggest small changes to revolving account balances that may result in an immediate score increase therefore qualifying you for FHA financing. How is your employment history? Sufficient income?
If you would like assistance with this feel free to contact me and I would be happy to assist you with this.
Likely your best bet is to get in contact with a local mortgage lender and review your credit report with them. Alot of times we can analyze your credit report and suggest small changes to revolving account balances that may result in an immediate score increase therefore qualifying you for FHA financing. How is your employment history? Sufficient income?
If you would like assistance with this feel free to contact me and I would be happy to assist you with this.
- Nicholas Ribeiro, "NicholasRibeiro"
- Contributions:1807
In my market most require 620 minimum score. Consult with a local mortgage broker before calling an agent.
- Ofe Polack, "Ofe Polack"
- Contributions:1416
I suggest before you pursue your search any further that you meet with a lender. I guess there is no credit check if you intend to pay cash for your purchase the only thing requested is proof of funds. Regarding what you have been told I suggest you check it out with the clerk of courts. Good luck!
Bad credit $10,000 down
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