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Profile picture for AmandaSilva

Looking for lender for first time home and poor credit but larger down payment....Is there one?

My husband and I have bad credit, but we are paying off items on our credit but we have enough for a larger down payment on a house under 100k. We would like to purchase and he is a Military vet but we arent sure if his VA loan would qualify now with his credit. Is there anyone who does mortgages for first time home buyers with bad credit but a 10- 20% down?
  • June 17 2011 - Redding
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Answers (16)

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  • September 29 2012
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"Hi Amanda, I may be able to help you with a no doc loan for your home."

Is that the single or double kneecap special? No doc for a 482 FICO? No NMLS License? Quoting loan programs? Tsk, Tsk, Tsk.
  • August 09 2011
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Hi Amanda, I may be able to help you with a no doc loan for your home. If you're interested, take a look at my profile, and if still interested, you can shoot me an email at [Email removed by Zillow moderator. Please see our Good Neighbor Policy for more information on posting in Advice.]. Cheers.

Nyang'ara Omwega
  • August 09 2011
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Not that I know of at that score with open collections.  You may want to look into private/hard money financing, but you'd need to be prepared with 30-40% down payment.  I know some real estate agents in Trinity County that may be able to find some home's being sold with owner financing.
  • June 18 2011
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Profile picture for AmandaSilva
Im just asking is there a lender that would lend.....I dont care about the interest rate or really anything I just want to know if there is a lender that will lend.
  • June 17 2011
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Amanda,

Work on repairing your credit, without improving those scores you will not get financed by any reputable source.
  • June 17 2011
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Profile picture for AmandaSilva
HUSBANDS IS 504 AND MINE IS 482
  • June 17 2011
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You stil have not answered how bad is bad?

600's
500's
400's
  • June 17 2011
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Profile picture for AmandaSilva
The majority of my bad debt stems from medical that for one reason or another have not been cleared from insurance. Also i have a very old debt (About to fall off) for a car that was neither repossessed or charged off just states as a loss.
I have an open line of credit for a high interest credit company and I have a revolving account in good order showing a large payoff. One judgement against which is 6+ years old and will be falling off in a month or two.

I don't care how high the interest, I found the house I want and its only 65900. With a 7k down payment or higher should keep my payments relatatively low so I can double up on payments. I just need a loan now. I don't want to do all the credit cleanup if i can get a high interest loan now. I need a house asap so that is my goal. Faster the better. Yes I have stable income of 3 years or more so i can prvide that to a lender just need a lender.
  • June 17 2011
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You have some good advice here. #1 sit down with a local lender, #2 plan on using your funds to pay off bad debts at closing and take advantage of a 100% VA loan if eligible, #3 stay away from the debt service companies and #4 be open and honest with your lender and they will guide you in the right direction,
  • June 17 2011
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I figured but if they went and paid it off now and had a credit report pulled the drop in score could make what was a doable loan to one that needs to wait till the score improves.

Bottom line is they need to sit with a lender that understands the options available and figure out what they need to do to put them in a position to buy.
  • June 17 2011
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Profile picture for daveskow
andrew ....good point ....main thing I meant to convey is that  any unpaid items like  this would need to be paid  off  before they can buy a property

  • June 17 2011
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Dave,

Bad advice right there...Paying off old collection accounts will bring that derogatory credit to current credit and negatively impact the consumers credit score!

Long term it will help but in the short term that will be counter productive.  I suggest paying them off at closing not before.
  • June 17 2011
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Profile picture for daveskow
how bad  is bad ?  credit scores are the key here 

if you have not had a tri merge report ( which accesses all 3 credit bureaus )  pulled recently ...I would  suggest working with a local loan officer  to have this done and then have them help with analyzing the report and making suggestions to improve the scores/ history 

if there are any unpaid collections , judgements etc.....pay these off asap

beware of the aforementioned credit repair firms ....many of these are not worth the $
  • June 17 2011
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It really depends what is on your credit that is bringing your scores down - there are lenders who will finance lower scores but they won't turn a blind eye to what is on your credit that is bringing your scores down.

Have you checked your credit recently?  What delinquent items are on there and when are they from?
  • June 17 2011
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Your credit score needs to be around 580 preferable or higher., you can qualify with lower score but often pay more then in interest etc. Best thing to do is talk to a lender really, have them tell you were you stand, what might be still on your report somewhere you completely forgot about etc. 

A lot of lenders also work with people who do credit repair. Which might help you as well.

I had clients use credit repair and because of that they were able to purchase the home they wanted. Credit repair often has some fees associated with it. Often it is a 1 time fee but I have heard it can be monthly too.. Not sure how that 1 works.. I only dealt with the '1 time pay fee agencies' so far. :0) Here in Washington around 500/600 dollars often..

  • June 17 2011
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