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i have bad credit but i have 20 percent down is it possible to get a loan

my  credit  score is low just wondering if i could get a loan with 20 percent down or am i wasting my time
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August 09 2010 - West Monroe
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Answers (5)

Even with 20% down payment  you're still going to have difficulty. You need to improve your credit or increase your down payment up to 40-50% (which unfortunately most people are not able to do!).

Good Luck!
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August 19 2010
How low is the question?  Typically, if you are in the low 500's it's going to take as long as 6 months to re-establish some good trade lines.


If you are in the upper 500's then you probably have some accounts to work with to get your scores up to the minimum requirements.


AU accounts will report in 7-14 days as well..so you may have some options, just need to explore your situation further.

Contact me if you need more direction.
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August 09 2010
With 20% down you may be able to find some desperate seller who is willing to take back a mortgage aka owner financing.  No bank will touch a person with bad credit.  If you are not interested in owner financing I would look into doing business with a credit union.  Becoming a member to some credit unions is as easy as deposit a couple bucks into an account.  Check out the CU and if that doesn't work have your real estate agent setup you with a search of homes where the sellers are willing to do owner financing. 

I would also look into homes in your price range that have been on the market for more than 6 months.  Plus, check craiglist.  I know, what about all the scams.  There's scam artist everywhere.  Do you due diligence and keep the golden rule in mind (If it sounds to good to be true, than it false).

Goodluck with your search.

Abraham Walker
New Orleans Lakefront Specialist
(504)723-3273 - Cell Phone
Abraham@AbrahamWalker.com
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August 09 2010
If you have a veterans' VA loan entitlement, are a member of an employer based credit union or can find owner financing it may be possible, depending on how bad your credit is and why. Work to clean up your credit in the meantime as it is costing you in everything you do. I would recommend you wait if you can not find a property with financing at a reasonable rate.
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August 09 2010
Unfortunately, regardless of income, assets, or down payment you must meet the minimum qualifications for credit to obtain mortgage financing.

Some investors allow down to a 580 credit score, but most require a minimum of 620.  If your score is not adequate and you have funds available to you to improve your score, which is sounds like you may, then I recommend working with a lender who can advise you on credit improvement so you can achieve your goal of mortgage financing in as short a time frame as possible.

I frequently do this for my customers.  If you are in Colorado, I can help you.  If not, try calling some lenders and explaining your situation.  Work with someone who has experience and who you feel comfortable with.
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August 09 2010
 
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i have bad credit but i have 20 percent down is it possible to get a loan
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