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Fat Boy | With bad or poor credit, can I get a home loan if I put down alot of $$? |
In other words, would a bank look past my credit if I put down more than half of the price in cash?? |
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zygote222
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With that high level of equity you could almost certainly find a lender to give you a loan, assuming you are willing to pay sub-prime interest rates. The risk to the lender is small. Even if the house sold at a foreclosure auction for half of its appraised value, the lender would get back the entire loan amount. You, on the other hand, would get nothing.
That's probably the best reason why you should think twice about applying for a loan if you're not certain you can afford the monthly mortgage payments. The lender has first claim on the property in the event of foreclosure. You, at best, would get what's let over. You could easily watch all of your equity disappear in a puff of smoke, the lender paid in full, and someone else profiting from your home, bought on the cheap at a foreclosure auction. |
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stephen l
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I dont know if a bank would , however, a mortgage company likely would though it is usually worth your time to try to improve your credit first. I know a loan officer who pays to put his borrowers in a credit repair program to get their scores up about 90 points so HE can do the loan for them. Again, he fronts the money usually and expects to do the refinance for them after the score is up -usually less than 3 months. For many people who are stuck with no option, it provides a viable alternative. For more info, check out the free evaluation form at the source website. Good luck. |
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Matt
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yes, a lot of banks would approve you but you would have to put down a lot. let's say you have $80,000 and want to buy a $100,000 home. most likely they will approve you for a $20k loan with no problem because they have your house! if you dont pay that $20k loan, then they can simply foreclose and sell it easily to pay off your $20k balance. i had a similar situation, but with a car. i had $25,000 in cash, but was talk into a $30,000 vehicle. i told the guy i didn't have the extra $5k and had poor credit. but i was approved for the loan no problem at all because the bank knew they could repo my car and easily make back the $5k they lost in the loan. Also, putting down such a huge downpayment will prove to them that you are serious about the house. the more money a person puts into a house the more likely they will pay it off. it is people that put zero down or the minimum 20% that can cause problems. you should def talk to banks about this. 50% up front might not be enough. you might have to go with 80%, depending on your market. you will obviously have an insane interest rate too, but this can be done. |
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michigangranny
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Probably depends on the policies at the bank you are considering! Just to help you avoid further bad credit. A teacher years ago in my home economics class =gave the following advice------ your house payment and car payment combined--- should never exceed more than half your wages for the month! You need the other half of your wages for---heat, electricity, phone, food, car and house insurances, gas for car, property taxes clothing, and misc.! That advice still works in this day and age too!! Good Luck! |
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GUS
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Some might but most of them would stick to their underwriting guidelines and turn you down. You will need to go to a sub-prime lender that does not have the strict guidelines that most banks have. I refinanced a couple of years ago to get some cash out of my home and I had to go the subprime route even though I had a 50% equity position. Good Luck |
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elaine_classen
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The best way to go, is to work with a mortgage compamy, and pay your outstanding debts. This will raise your credit score, and a lender will then give you more favorable rates.
Having cash on hand, but a poor credit history, might get you a loan, but the rate will be very high.
If you have half the price of a house, why not go for a smaller house, and pay for it in cash? Or move to an area where housing costs are not so high? |
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Karen M
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sub-prime lenders will go as low as 500 Fico scores, you get hit with a higher rate, arm, then after 6 months your scores should go up, and then you refi. Best bet is find a good loan officer who is honest and deals in subprime loans. do not let anyone pull your credit while you are shopping for a loan. I work in Michigan and 90% of my clients are bottom of the barrel credit scores. Banks do look at other items also, e.g. employment history, wages, and most importantly outstanding debt. Put yourself in the banks position, can you make the monthly payments. Also where did the money come from, they also look at seasoning of funds.
hoped this helped.
kgathen@aol.com |
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DSL
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Also, you may need to get an interest-first loan. This makes your monthly payments for a set time period, usually 5 or 10 years. You may qualify for this because a lender would more easily believe you could 600 a month versus say 1200 a month for the same total amount in a traditional loan. The down side of this is you are building no equity in your home, and if you sell in the next 5 to 10 years you will have no profit, unless th market goes up dramatically in your area. If you choose this route, I advise (and your lender should too) that you put extra money towards your principle whenever you are able, to at least aquire some amount of equity. |
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John P
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Think ahead, if what you are putting down is going to put you close to being in trouble for future bills, like unforeseen medical bills, higher taxes in the future, car break down etc, I would not do it. You didn't mention in what state you live in. We moved to Texas from Florida 25 years ago and after paying high rentals we purchased manufactured home, put it on 5 acres of ground out in the hill country and only had a 15 year mortgage on it which has been paid off long ago. Just something to look into.
Sub-prime interest rate are another way of saying ARM. The rate will go up in the very near future about 2 years. I have read where some peoples new payment went up over a $100 a month, my neighbors payment went from $644 a month to $833. Now he is looking for a new fixed mortgage. |
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John S
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Use a mortgage broaker. They have more flexability that a bank. |
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AvalonA
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Maybe. I highly doubt it, however.
The best thing to do is use a quarter of that money and clean up your credit -- get a secure credit card, pay off all debts, that sort of thing. If you raise your rate high enough, and still have a decent amount of cash to put down, you'll have a MUCH easier time not only getting a home loan, but getting a good one. |
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