mortgage with fair credit (loan, California, pre-approved, foreclosure)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Hello- I just have a couple questions and was hoping to get some answers. I am looking to get a mortgage of approximately $200,000. However, I have fair credit and am self employed and providing proof of income would be tough. I make around $3,000 a month. Is their anyway I could get mortgage with a large down payment? If so what would be sufficient? Would 25% be enough or more? I also have a foreclosure in the past but it is almost been 7 years. Thanks I know it sounds impossible but I am desperate
What is fair credit ? Do you have other debt - car loans, student loans, etc. You don't have to answer us, but a lender will want to know.
Are you looking to buy a home in the $ 270,000 range and put 25% down on it and mortgage the rest ? Do you have cash put aside for closing costs, points, etc. And the biggy. A lender will want you to be able to prove you have the income to pay back the loan. Typical lenders are going to want to see at least two years of self employment income indicating you can pay back a loan.
However, you might be able to find other lenders who will do a no income verification type loan if you look around hard enough. You might need as much as 30% down though. These kinds of loans will be backed by private investors rather than the various government agencies. There are not a lot of these types of loans but some are still around. The prior foreclosure might be a problem but until you actually sit down and talk to some lenders you won't know.
Depending on exactly what your income will calculate and factoring in your current debt will let you know what you qualify for.
You can go to a lender and get pre-approved for a loan.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
