Posted by Ralph C in VA on June 12, 1999 at 22:51:53:
Renee i hate to tell this but his advice was right on point.
Why did you attack him for no apparent reason?
I am a loan officer for a mortgage broker, as well as his attorney.
The best advic for a person with no credit is to seek the opnions of several mortgage brokers in their area.
Ralph C in VA
0 down - Posted by Pete Durruthy,jr.
Posted by Pete Durruthy,jr. on June 12, 1999 at 10:39:00:
Where can I find a zero down, bad credit mortgage?
Re: 0 down - Posted by Seniorito
Posted by Seniorito on June 13, 1999 at 12:11:12:
4.It may be possible through an equity lender if your property will apraise a lot higher than the sales price.
3. You may be able to form an LLC with the current owner if the current morgagee will allow it, then refinance for the “sales price”, then transfere ownership of the LLC.
2. You can use a land trust about the same way by changing the benefituary.
Re: 0 down - Posted by Bill K. (AZ)
Posted by Bill K. (AZ) on June 12, 1999 at 13:32:06:
Pete,
Yours is the million-dollar question. It’s not easy to answer because lending criteria differ so widely between lenders. I work with a mortgage broker who claims that he can fund “just about” anyone. (Don’t they all!)
Have you tried calling your local mortgage brokers? They deal with many lenders who have different criteria for funding loans. I believe that you’ll be limited in finding a lender who will give 100% with bad credit, but you might get lucky. It really depends on how bad your credit is. They usually require LOTS of points, you pay steep interest rates, and your bad credit has to be a couple of years behind you. If you can prove that you’ve become responsible with credit, AND if you can support the payments based on their guidelines, you might just find a lender.
Good luck!
Bill K. (AZ)
Re: 0 down - Posted by Renee
Posted by Renee on June 12, 1999 at 14:15:30:
If you have no experience with bad credit, please don’t give made up advice on dealing with mortgage brokers with those that have bad credit.
I’d rather hear the right answer from someone who knows