With a mid fico 530, I need to get a 350K loan, possible?

Question

I really want to get my own place. I have been turn down so many times for a mortgage loan. I only want 350K for a small condo in Orange County. I have $18,000 that I have saved up for down payment or closing costs. The only thing is my credit score is around 530. I don't mind settling for a sub prime lender. I also considering lease to own program. Can somebody help me? Or maybe some advise about lease to own versus sub prime mortgage.

Answer 1

This is possible, but more information is needed.

Can you prove your income?

Are you w-2 or self employed?

Have you had any charge offs in the last 12-24 months?

What are the amounts?

How do you currently pay your rent?

Do you have check stubs to prove you payments?

Do you have a potential non-occupying co-borrower? (we can still work with you if you don't)

How long have you been on your job?

I would be glad to see what I can do to help. Be sure not to get your credit pulled needlessly. You need to work with someone who specializes in subprime. Feel free to complete my purchase questionnaire: http://www.lowermydebtnow.com/Purchase_20_Questionnaire3.html .

You can also email me anytime.

Best Regards,

Anthony Limon
Southwest Funding, L.P.
Branch Manager
[e-mail]
www.lowermydebtnow.com

Answer 2

With a 530 score you are going to run into some trouble. Search around for a good mortgage broker that might be able to help. Ask a Realtor to search for some Real Estate Contracts. Usually you can find a good place with a REC but obviously with a high interest rate. Also, you'll be forking over all the money you have saved for down payment security. The good thing about a REC is you can avoid a lot of mortgage fees and you can negotiate your terms and interest. Also, if you get into a situation in the future and can no longer afford to live at the home, you can sell the note to another person using a REC as well and end up profiting or sell it to an investor who could come in with quick cash to bail you out. Nonetheless, ask a Realtor, if they don't know, use another one.

Answer 3

Hi, I own my own full service real estate company in Orange County California (I do loans and sell real estate). With a 530 Credit score, you will need to have 20% down and even then, you're looking at a high interest rate. If you can clean up your credit in 1 or 2 years, a lease option is better for you because when you go to purchase the home, you will be looked at as a refinance and not a purchase.

Although lease purchase condos are hard to find, they are out there. Let me know if you need any help.

Regards

Answer 4

The credit score is low but not the end of the world.
The $18K is a concern as it only represents 5%.
Most companies will look for a minimum of 10%.

On a $350K mortgage, they would also expect an annual salary around $80K or more as some condos have high condo fees which also limits the amount you can borrow.
You may also be limited (not so much the score) but by any other debt owed (credit cards, automobile tec..)

Answer 5

That is a pretty low FICO score, indicating that you have been very irresponsible with credit in the past. Very few, if any, lenders will want to take a chance on you. Also, for a 350K mortgage, lenders will want you to have 20% down if you are high risk, meaning you'd need 70K down.

Answer 6

I am a loan consultant.There are different programs available with your kind of situation.I may be able to help you if you can email me at [e-mail]
Thanks

Answer 7

Try FHA need 3% down

check out http://www.fhatoday.com/mtg_limits.htm for the loan limited.