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Answers (5)
- Jennifer Mu, "SGV_Realtor"
- Contributions:9
Possible? Yes. Assuming its possible, you will probably pay a correspondingly higher rate to secure it based on how bad your credit is. You are probably best to talk to an independent mortgage broker.
- David Feathers, "OswegoDave"
- Contributions:5
It is definitely possible. As stated on here by others that due to the credit problems the rate and fees may be a little pricey. My advice to you is to contact an independent Mortgage Broker who has access to funds the banks don't have. A good mortgage professional will put you on the right road to not only get the cash you need now but to take care of your credit issues at the same time as well. As for the LTV (loan to value) problem, I wouldn't worry about that too much as most of these types of lenders will go to 65% of the value of your property with no problems. Be careful of the terms of these types of mortgages and be sure that you understand everything before signing on the dotted line!
Good luck!
Good luck!
- Ashley McCormick, "LasVegasRealEstate."
- Contributions:10
Yes, it is possible.
There are some lenders who are able to send your application to multiple sources.
They may require more down - or cash to loan ratio, but there are options.
Do not give up just because 1 person turns you down.
[website removed by Zillow moderator]
There are some lenders who are able to send your application to multiple sources.
They may require more down - or cash to loan ratio, but there are options.
Do not give up just because 1 person turns you down.
[website removed by Zillow moderator]
- michael robe, "Michael Robe"
- Contributions:1
There is a very good possibility you can receive some type of HELOC (Home Equity Line of Credit) or a straight re-finance.
The biggest issue is going to be your LTV (Loan to Value) ratio and just how bad your credit is.
Keep in mind, many private lenders will loan you money at higher than normal rates due to your credit. These types of loans do not always make sense.
Advise; Ask your trusted friends and family about lenders they would recommend and start interviewing. Not all lenders / banks have the same programs and lending guidelines. Once you have found a lender you are comfortable with, move forward, always review all the paperwork and terms to make sure you are getting what you were promised.
Good luck and congratulations on your home!!!
The biggest issue is going to be your LTV (Loan to Value) ratio and just how bad your credit is.
Keep in mind, many private lenders will loan you money at higher than normal rates due to your credit. These types of loans do not always make sense.
Advise; Ask your trusted friends and family about lenders they would recommend and start interviewing. Not all lenders / banks have the same programs and lending guidelines. Once you have found a lender you are comfortable with, move forward, always review all the paperwork and terms to make sure you are getting what you were promised.
Good luck and congratulations on your home!!!
- Mike DelRose Real Estate Team, "MikeDelRoseRETeam"
- Contributions:54
It is possible but the interest rate will be much higher as the lenders will consider you loan a higher risk. It may be advisable to work on repairing your credit first. There are legitimate credit repair firms out there but be careful of the predators and good luck.
We paid cash for our house and would like an equity loan but have bad credit. Is it possible?
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