Home lenders

[Forest]

Anyone know of any high risk mortage companies that will lend to people with bad credit?

Im starting to look into buying a house and my credit sucks and running into some road blocks

Any direction would be great

Thanx

[DrGuile]

I get hundreds of emails a day that claim they can help you ;)


Maybe you should ask Nick? :agrin:

[DrGuile]

My answer wasnt the most helpful ;)

What I meant to say is that Im sorry I cant lead you in the right direction...

One thing I would say, is that Id be very careful who I deal with, and what I get into.

[Lee]

Forest yep we have a friend up in NJ who is a broker, ill contact him and get some info for ya :)

[Nickatilynx]

Shut up Frenchie LOL

As a non resident when I first went to Fl , and therefore had no credit in the US at all , there were loads of people that could hook you up with a mortage "No questions Asked" if you put down 25%.

If that is too much , I would look for a liscensed mortage broker.

I know if you say to him "its gonna be difficult to get me a loan but if you do , in addition to your normal commissions on the day I move in if you come see me there will be an envelope with $X in it."

When you move in and he turns up , of course you have no recollection of that convo LOL

[JoesHO]

Forest give these guys a call, www.ameriquest.com

another avenue to go is to look for a place on contract, or look at rentals and try a lease option, what you do in the case of a contract is offer the seller as much as yu can down, then agree to their price ( do not try to lower it) and agree that you will pay them off in a balloon payment in a period of 5 yrs. Once you are the registered owner of the property , for about a yr, you will be able to get a refinance much easier than an intial purchase loan. they will pay out the underlying contract, ( there is also companies that do this called soft morgtage purchases, find one of them and get there specs on what they need in order to pay for a note, then get the numbers in line with the seller, and poof the seller sells to you on contract, and 60 days later the soft mortgage investor buys the contract from the original seller) you can find these soft lenders in most papers .

In the case of the lease option if you are unable to find a contract purchase to meet your needs/wants. then the trick is to put like $2,500 down as a non refundable de[posit, then agree to a fixed price for a payout with the seller/landlord. also agree that a portion of your rent is to be credited towards the down payment, along with the deposit you made upon closing of the property i.e. your rent is $1,300.00 a month say 1K is rent only credit but 200.00 a month is credited into a savings account ( held by the seller) and at closing is to be used as down payment money, offer them a period of 3 yrs to cash them out in two yrs work real hard on cleaning and rasing your credit score try these guys www.lexingtonlawfirm.com plus make sure you keep a savings account and a checking account etc. try to get a secured credit card, and charge a little on it each month then pay like 75% of the balance off each month. this will help to raise your score without hurting your debt to income ratio. when the two years is up, you will have already paid the $2,500 plus the 200 a month for 24 months or so, this will give you already 5K down, and a stable rental history for a two yr period ( lenders look at that in the package) plus what ever else you managed to save to put with it, and you will get to a good sized down payment plus the equity that built in the home will remain yours. you get your loan and close with the seller at that time .

I hope these all made sence to you.

[SykkBoy]

Originally posted by JoesHO1@Apr 15 2005, 11:15 AM
Forest give these guys a call, www.ameriquest.com

another avenue to go is to look for a place on contract, or look at rentals and try a lease option, what you do in the case of a contract is offer the seller as much as yu can down, then agree to their price ( do not try to lower it) and agree that you will pay them off in a balloon payment in a period of 5 yrs. Once you are the registered owner of the property , for about a yr, you will be able to get a refinance much easier than an intial purchase loan. they will pay out the underlying contract, ( there is also companies that do this called soft morgtage purchases, find one of them and get there specs on what they need in order to pay for a note, then get the numbers in line with the seller, and poof the seller sells to you on contract, and 60 days later the soft mortgage investor buys the contract from the original seller) you can find these soft lenders in most papers .

In the case of the lease option if you are unable to find a contract purchase to meet your needs/wants. then the trick is to put like $2,500 down as a non refundable de[posit, then agree to a fixed price for a payout with the seller/landlord. also agree that a portion of your rent is to be credited towards the down payment, along with the deposit you made upon closing of the property i.e. your rent is $1,300.00 a month say 1K is rent only credit but 200.00 a month is credited into a savings account ( held by the seller) and at closing is to be used as down payment money, offer them a period of 3 yrs to cash them out in two yrs work real hard on cleaning and rasing your credit score try these guys www.lexingtonlawfirm.com plus make sure you keep a savings account and a checking account etc. try to get a secured credit card, and charge a little on it each month then pay like 75% of the balance off each month. this will help to raise your score without hurting your debt to income ratio. when the two years is up, you will have already paid the $2,500 plus the 200 a month for 24 months or so, this will give you already 5K down, and a stable rental history for a two yr period ( lenders look at that in the package) plus what ever else you managed to save to put with it, and you will get to a good sized down payment plus the equity that built in the home will remain yours. you get your loan and close with the seller at that time .

I hope these all made sence to you.
yeah, lease to purchase options are a great way to start

Also, if you are a first time home buyer, there are a bunch of programs that will rpovide downpayment assistance (even those with bad credit...umn, maybe I should break out my Matt Lesko affiliate link ;-))

[Forest]

Originally posted by JoesHO1@Apr 15 2005, 11:15 AM
Forest give these guys a call, www.ameriquest.com

another avenue to go is to look for a place on contract, or look at rentals and try a lease option, what you do in the case of a contract is offer the seller as much as yu can down, then agree to their price ( do not try to lower it) and agree that you will pay them off in a balloon payment in a period of 5 yrs. Once you are the registered owner of the property , for about a yr, you will be able to get a refinance much easier than an intial purchase loan. they will pay out the underlying contract, ( there is also companies that do this called soft morgtage purchases, find one of them and get there specs on what they need in order to pay for a note, then get the numbers in line with the seller, and poof the seller sells to you on contract, and 60 days later the soft mortgage investor buys the contract from the original seller) you can find these soft lenders in most papers .

In the case of the lease option if you are unable to find a contract purchase to meet your needs/wants. then the trick is to put like $2,500 down as a non refundable de[posit, then agree to a fixed price for a payout with the seller/landlord. also agree that a portion of your rent is to be credited towards the down payment, along with the deposit you made upon closing of the property i.e. your rent is $1,300.00 a month say 1K is rent only credit but 200.00 a month is credited into a savings account ( held by the seller) and at closing is to be used as down payment money, offer them a period of 3 yrs to cash them out in two yrs work real hard on cleaning and rasing your credit score try these guys www.lexingtonlawfirm.com plus make sure you keep a savings account and a checking account etc. try to get a secured credit card, and charge a little on it each month then pay like 75% of the balance off each month. this will help to raise your score without hurting your debt to income ratio. when the two years is up, you will have already paid the $2,500 plus the 200 a month for 24 months or so, this will give you already 5K down, and a stable rental history for a two yr period ( lenders look at that in the package) plus what ever else you managed to save to put with it, and you will get to a good sized down payment plus the equity that built in the home will remain yours. you get your loan and close with the seller at that time .

I hope these all made sence to you.
Thanx joe

I dont know how hard it will be to find a lease to own but im going to look into it

:okthumb:

[JoesHO]

Originally posted by Forest+Apr 15 2005, 11:52 AM--></div><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td>QUOTE (Forest @ Apr 15 2005, 11:52 AM)</td></tr><tr><td id='QUOTE'> <!--QuoteBegin-JoesHO1@Apr 15 2005, 11:15 AM
Forest give these guys a call, www.ameriquest.com

another avenue to go is to look for a place on contract, or look at rentals and try a lease option, what you do in the case of a contract is offer the seller as much as yu can down, then agree to their price ( do not try to lower it) and agree that you will pay them off in a balloon payment in a period of 5 yrs. Once you are the registered owner of the property , for about a yr, you will be able to get a refinance much easier than an intial purchase loan. they will pay out the underlying contract, ( there is also companies that do this called soft morgtage purchases, find one of them and get there specs on what they need in order to pay for a note, then get the numbers in line with the seller, and poof the seller sells to you on contract, and 60 days later the soft mortgage investor buys the contract from the original seller) you can find these soft lenders in most papers .

In the case of the lease option if you are unable to find a contract purchase to meet your needs/wants. then the trick is to put like $2,500 down as a non refundable de[posit, then agree to a fixed price for a payout with the seller/landlord. also agree that a portion of your rent is to be credited towards the down payment, along with the deposit you made upon closing of the property i.e. your rent is $1,300.00 a month say 1K is rent only credit but 200.00 a month is credited into a savings account ( held by the seller) and at closing is to be used as down payment money, offer them a period of 3 yrs to cash them out in two yrs work real hard on cleaning and rasing your credit score try these guys www.lexingtonlawfirm.com plus make sure you keep a savings account and a checking account etc. try to get a secured credit card, and charge a little on it each month then pay like 75% of the balance off each month. this will help to raise your score without hurting your debt to income ratio. when the two years is up, you will have already paid the $2,500 plus the 200 a month for 24 months or so, this will give you already 5K down, and a stable rental history for a two yr period ( lenders look at that in the package) plus what ever else you managed to save to put with it, and you will get to a good sized down payment plus the equity that built in the home will remain yours. you get your loan and close with the seller at that time .

I hope these all made sence to you.
Thanx joe

I dont know how hard it will be to find a lease to own but im going to look into it

:okthumb: [/b][/quote]
BTWE I noticed i made some math errors as I was typing fast this morning, LOL

in the end you will have $7,500.00 as a down not 5K I forgot to add the two together ehhe ( I knew what I meant though damnit!)

for all you boneheads that are laughing at me right now, the 5K figure was from the two yrs LOL I was in a hurry what can I say ?

[Urban Legends Video]

Right now, I'm more surprised at teh loans I see going thru than the one's I see getting rejected. Nick is correct that if you're willing to put 25% down, there's tons of "No Income Verification" mortgages out there. Of course, it depends on exacpt how bad your credit is, and what specifically you did to wreck it.

Where is the property located? A lot of states have specific programs for first time home buyers (like SONYMAE in NY).

[LeeNoga]

Dunno much about this but I watched my friend go thru bankruptcy and then within the year he bought a house, and I wondered how he did that.

He got an assumable mortgage where the owner was the financer...and it was no risk because the owner held the mortgage, and if Dwayne bailed, owner made alot of money off him...

The problem was he had tho, is he got the house, moved in and then NOBODY would give him home insurance due to BK. That was a major wrinkle, and he had to get Farmers insurance which is out of the world high premiums...

He got the insurance, held onto the house then sold it, and bought another 2 years later, and then sold that one in year, made 40K cash profit and bought another...

He is now sitting pretty financially from buying and flipping the houses, and to think he started with no money, worked in Walmart [still does] and a BK.