can i get a loan on a house i bought from private party

I will have my title or deed to house in FEB, I want a loan with barely 600 fico score but good bank records of last 12 months....
What are my chances of getting a 50k loan on a 67k valued home?
  • December 25 2013 - Mojave
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Answers (4)

Profile picture for gator70
I suppose you might need 6 months seasoning. At that time you might need a 80% LTV. 
  • December 27 2013
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Your 600 credit score will pose more of a challenge that anything else. I would suggest you visit with a reputable credit repair company for a free evaluation. You will need a 640 score or higher in most parts of the country to get a mortgage loan
  • December 27 2013
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 There is not a loan ....The clear deed will be transferred to my name expected by end JAN 2014,
the prop sold at 20k before i fixed it ,it had water damaged walls and floors,from ice maker filler
zillow shows it value but its prob worth more
its in the Mojave desert
fenced in all the way around , the fence would cost 20k easily
it has a 2 car garage
its a single level 3 bedroom 2 full baths house
11 miles from stores, I might sell/list it for $70k, or rent it i live in it currently
  • December 26 2013
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Profile picture for Arizona Mortgage Pro
Most homes are bought from private parties, so that aspect of your scenario is not that unique. 

Is there a loan on the property now? Will there be in February? How much did/will you pay for it? 

You should really reach out to a local mortgage professional to discuss any options you may have and explain exactly what has/will transpire.  

Best of luck with your purchase/financing!
  • December 26 2013
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