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Profile picture for davidpernici

Can I get owner financing with 10K down and a 620 credit?

I'm not picky,  but I'd like to live in the North of Wheat Ridge and South of Boulder County...

Banks won't give me a loan due to medical bill bankruptcy two years ago.

Any suggestions?
  • October 12 2013 - Denver
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Answers (11)

Profile picture for financialcraft
are you in need of a loan? email [Removed by Zillow moderator for Spam. See our Good Neighbor Policy for posting guidelines]
  • March 03
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The Conventional guideline is 620 minimum and the government loans for our bank is also 550. You should not have a problem getting financing. If you have more questions please reach out to me on Zillow or on this thread.
  • April 06 2014
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Yes you can. Your credit score, bankruptcy or medical bill will not be an issue. And with some first time home buyer programs you could potentially place less than 1% down. This can all be done with FHA or portfolio loan programs. We actually approve borrowers with 2 year old bankruptcies and 550 credit scores. Please contact me if you have further questions or wish to see if you can qualify.
  • April 06 2014
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You should be perfectly fine to obtain a loan with $10,000 down.  FHA and VA loans will allow you to buy 2 years after a bankruptcy.  Feel free to contact me and I can provide you with a firm pre-qualification.  Thanks and have great day!
  • December 13 2013
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You should be able to get an FHA loan feel free to contact me for info!
  • October 28 2013
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I'm not sure as to why they said they would not give you a loan as there are options out there for you if indeed your bankruptcy was 2 years ago. I would be more than happy to talk with you and see how I can assist you in getting a home loan. Feel free to contact me through my profile.
  • October 13 2013
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I use a mortgage lender that might be able to help you, she is amazing. Contact me [Hotlink removed by Zillow moderator.] I will send you her contact info.
  • October 13 2013
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If your bankruptcy was over 2 years ago and you have a 620 credit score, you should qualify for an FHA loan.  Standard FHA guidelines allow for credit scores as low as 580, so your 620 would be fine.

The reason you may get a "no" from banks is only a handful of companies are able to provide financing in the lower FICO score ranges.  My company is one of those if you would like help in getting pre-approved.
  • October 13 2013
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Profile picture for Ofe Polack
Talk to at least 2 mortgage brokers they will be your best bet.  Owner financing is not unlike a regular loan, a savvy owner will check your credit and request a higher down payment than Rural Development or FHA  Continue searching for the right mortgage.  Maybe if you talk to a few buyer agents they may be able to help you too. 
  • October 12 2013
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My suggestion would be to speak to another lender or two. With the criteria you describe you may be able to qualify to buy the house on your own. Send me a message if you'd like help figuring out your options.
  • October 12 2013
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Profile picture for wetdawgs
The only owners who will consider owner financing are those who own their homes outright (no mortgage) and don't need the money immediately so are very rare.

The terms on owner financing are up to the owner.   Most owners are looking for a 20% or greater down payment and will charge interest considerably higher than market rates (plan on 3x great than market rates).   

It is likely to be worth your time to rent while getting ready to qualify for a mortgage.

 
  • October 12 2013
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