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good job, high income, bad credit - want to buy a condo

currently own a home with ~$80k equity in it, was late a few times in payment, looking to either sell it or keep it and buy a condo -  what are my chances of buying a decent 2BR/2BA condo in san jose - i can scrounge up ~$40k to put in (aside from the equity) but have bad credit
  • July 24 2014 - San Jose
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Answers (4)

Our bank has many programs for clients with lower credit scores and we are a national lender.  Contact me through my profile with further details and our team would be happy to help!
  • July 31 2014
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FHA perhaps?
  • July 31 2014
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It really depends on the date of the last late payment. I would need more information to know for sure.
  • July 28 2014
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The way to answer your question is to ask your friendly banker. They will run the numbers and tell you what type of loan will work for you. No cost, no obligation and it should only take a day or two. If they say no, then ask a mortgage broker that has access to more than one lender. There is usually someone that will lend to you. If not, then you know action is required to qualify.

My expectation is that a FHA-insured loan will probably work for you. Downpayment of only 3.5% and lenders are insured. There is a minimum credit score, however it is pretty low. If you are a Vet, then a VA loan would be a very attractive option.

I can introduce you to a mortgage broker if you like.
  • July 25 2014
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