Profile picture for JohnSungKim5

Can I get a home with 70% down?

Had a foreclosure about a year ago but might potentially come into some family money. I want to buy a 1.3m loan and oput down 900k. My fico is about 640. Does anyone know if this is possible?
  • March 04 2014 - San Francisco
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (9)

John, I have this program now - please reach out through my profile and we can discuss.
  • March 07 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

There is actually a wholesale company out of California who is signing up Brokers and will lend in this situation with a large down payment. The rates are considerably higher than conventional, like the subprime of old but without all the risky features and they are not a hard money lender. I will try and track down the name for you and repost.
  • March 04 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Mike Politzer
Ray

That's really interesting, but definitely points to the trend of non-QM lending opening up. Understandably you'll keep the investor's name to yourself, but, in general, will they go 30 year fixed? And how are the rates compared to Agency?

Mike
  • March 04 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

The FHA Back to Work program allows for a purchase 12 months after a Foreclosure. The requirement is that you have to be able to show there was an "Economic Event" from at least one of the borrower's on that transaction that resulted in the Foreclosure. All the best.
  • March 04 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Although you had a recent foreclosure, it always helps to have a large down payment like that. A large down payment of that size will allow lenders to be more flexible with your situation. There are different options for you to consider with your situation. The best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • March 04 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for CA Direct Lending
We're just about finished signing up with a lender who has no waiting period for the purchase of a primary after a foreclosure.  And they require only 20% down. 

If you're ready to buy now, you can contact me and I'll refer someone to you who can do it now. 
  • March 04 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
Plan on very high lending fees and plan on very high interest rates and you'll most likely be able to find a loan for the difference.   Google hard money lenders for your area.

  • March 04 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Good Morning,

I'll put it to you this way: if you were a small investor that only had to finance 30% of a home, but still maintained the power to foreclose on the homeowner AND got to charge a super high interest rate, wouldn't you lend the money? I sure would! In this case, it might be a good idea to either invest the money  for now and wait for 2 more years until you can qualify for a mortgage, or to pay cash for a less expensive property. Hope this helps!
  • March 04 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Brookstone Mortgage
I'm quite sure you will find someone to loan you the money, but it won't be conforming. (Fannie Mae/Freddie Mac) You should have little trouble getting private money at that LTV but the rates will still be steep even with the large down payment. Be prepared for a bunch of Hard Money lenders salivating for your business.
  • March 04 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.