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JamesA | With a credit score of 480, can I buy income property? |
I would like to elaborate in my question posted earlier. I currently have a mobile that I will be selling that should bring me $55K. With those process I'm hoping I can buy a 4 plex and bring myself out of the poverty ways. I plan in living in 1 of them and renting out 3 and ina a year or 2 exchanging for a bigger (more) units.. In my area Rialto, CA I've seen 4 units from hi 4s to 600k..
Appreciate all insights.
Thanks! |
 |
 
KL
|
Again, you'll need a large downpayment. $55,000 on a $400,000 property is only 13% down. You'll need AT LEAST 20% down (most likely more) with that kind of credit score. Sorry, but you wouldn't even be able to buy a single unit with that kind of credit without a larger down-payment... |
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togashiyokuni2001
 |
In short, with a 480 score, the reputable lenders of the world won't touch you with a 10 ft pole, and the ones that will, expect to put 40% down, and pay an interest rate about 10%. |
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jillybean
 |
Well I work for a mortgage company and I know that alot of lenders require you to have a 540 mid score to give you a loan! |
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answermann
|
The real question here is: why is your credit score so low? The answer is: because you have proven yourself to be unable to handle credit. If you can't figure out how you got into this position and fix it, you are going to end up in the same hole again. However, you do have options- one is to rent for a couple of years and get your credit score up by paying your bills on time. Another is to find a fourplex that is 'free and clear", meaning that the owner has paid it off and has no mortgage, and to convince the owner to carry the loan back, meaning that the owner will act as the lender and accept payments from you instead of requiring a bank loan. This works because the seller gets a regular source of income from your payments, and you don't have to qualify for a loan. Normally you would pay a higher rate of interest than the going rate, but with your credit score you'd be paying an inflated rate anyway, assuming you could get a loan at all. It will take a lot of effort on your part to find such a deal, but it is probably the only way for you to get into another property right away. And please, read as many books about real estate as you can. You need a quick education on the subject. Good luck- you are in hot pursiut of the American Dream! |
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J-Markie
 |
There are mortgage lenders that will lend to someone with lower FICOs but you will need all three of your FICO scores. Lenders usually take the middle of the three scores and then base your rate from that. |
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finprousa2000
|
Of course you can buy income property with your credit score. You can buy income property with no credit score. It is really up to you and how you set up the deal.
First of all, why is everyone assuming you need to get a traditional mortgage? What about seller financing? What about bringing the deal to someone with the means and splitting it with them? There are myriad possibilities if you open your mind.
Just do a search on 'creative real estate financing' and you will get a bunch of solid hits. Pick a few sites that you like and pick up some bits and pieces from each. Not all the info is good or right, but at least you will have your eyes opened to what is possible.
I would try to buy without an agent if possible as well. Talk directly with the seller. If the seller won't talk directly with you, then they are not that motivated to sell and you won't be getting a great deal (which is what you need to pull yourself up from the poverty ranks).
My $.02. |
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gtofinancial.tomvoli
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You will not qualify for a 400-600K property with 55K down and a 480 score. You will need to improve your score which can be done quickly if you know what to do.
Here is some additional info. Hope this helps. |
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the_whatshouldido.retard
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This sounds like a good idea from the beginning, but you really should re-evaluate it.
What would happen if some of the tenants aren't able to pay their rent on time.... do you have the funds to cover them for a month or two?
You might find someone to hold a mortgage for you, but the interest rate might be extremely high.
Concider adding a step in your plans by renting the mobile and using the rent to pay a mortgage on a small house first.... build some equity .... then step up. |
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ai101283
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A 4-unit building is not considered an investment property for FHA loans. Anything above 4 units is more difficult to purchase, requiring a larger down payment, but a 4-unit is a standard residential loan and you should be able to get a FHA loan that woudl only require 3-5% down. |
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