Posted on: 07th May, 2009 05:41 pm
am trying to purchase a property that is in foreclosure. I currently live in the property as a tenant. I have run into a issue where lenders think, I am bailing out the owner. Which I am not, I like where I live and would like to continue living there. Any help would be of great help. My credit isn't that great. My mid is 597, but i carry almost no debt, I have a stable job, and made pretty good money last year 90+.
I think it is possible to find a lender who will be flexible regarding your tenant situation. However, your credit score may be a deal breaker. What percentage will you put down on the property?
A local portfolio lender may entertain something like this. If you need further assistance, I'm always here. Contact info. is below. I hope this helps...
Hi scarface,
I found a same issue discussed at http://www.mortgagefit.com/homeloan/fha-580credit.html#94449 . Hope this helps you.
Thanks,
Jerry
I found a same issue discussed at http://www.mortgagefit.com/homeloan/fha-580credit.html#94449 . Hope this helps you.
Thanks,
Jerry
I am trying to put down a 3.5% down payment.
Hi
If you're looking to put down as little as 3.5%, you must look for an FHA-insured loan. But according to the credit requirements for the FHA loans, your credit score has to be 620 points at least. What is your credit score?
If you're looking to put down as little as 3.5%, you must look for an FHA-insured loan. But according to the credit requirements for the FHA loans, your credit score has to be 620 points at least. What is your credit score?
There are a few other options in addition to FHA