If you hold poor credit, but 50% down what mortgage company will nouns you?
I know someone that wants to buy a house for 80K. They have 40K for downpayment. What mortgage company would nouns the rest of the 40K? The value of the house is 200K.
Answers:
If the first answer do not work go to lending tree.com
with 50% down, any lender will do the loan. Heck beside 50% down, I'd do the loan at regular rates.
Try National City Mortgage, or start with any mortgage company for they usually give the best rates and don't own as strict of guide lines to follow. I would say If your friends credit score is over 650 or close to it, later they have a great shot since this credit score will well allow them to put 20 % down with most Mortgage Companies, and allow your friend to use the rest of the money to pay bad Higher interest dept. Also any unpaid dept will usually need to be paid first. With the exception to medical bills as long as your paying something on them. Then their credit gain will raise even more. GOOD LUCK And it sounds like your friends doing the right piece...
With 50% down lenders should be calling up that creature to discuss a mortgage. This is a lender's dream mortgage. Very low risk for the lender.
Try a local credit union or a honest mortgage broker. If the house appraises at 200K as you utter and if the buyer is willing to put 50% of the purchase price on the line, he should be capable of find a lender. I don't recommend lenders found on the internet as there are too many horror stories from population that have had impossible experiences.
Get a recommendation from someone who has tangible estate experience. They usually know local lenders who offer the best service and rates.
They should start with their local bank. A lot of mortgage companies would love to nouns 40k for a 200k house. If their credit rating is less than perfect, they may hold to pay a higher interest rate.
Related Questions:
Good Credit, Have Debt...Can i capture a Mortgage?
By year's end I will have roughly 15k in credit card debt. I currently make between 45k-50k and am looking to win a condo under 150k with around 10k down and I am a first time home buyer. I hold a very solid credit score...
Answers:
If the first answer do not work go to lending tree.com
with 50% down, any lender will do the loan. Heck beside 50% down, I'd do the loan at regular rates.
Try National City Mortgage, or start with any mortgage company for they usually give the best rates and don't own as strict of guide lines to follow. I would say If your friends credit score is over 650 or close to it, later they have a great shot since this credit score will well allow them to put 20 % down with most Mortgage Companies, and allow your friend to use the rest of the money to pay bad Higher interest dept. Also any unpaid dept will usually need to be paid first. With the exception to medical bills as long as your paying something on them. Then their credit gain will raise even more. GOOD LUCK And it sounds like your friends doing the right piece...
With 50% down lenders should be calling up that creature to discuss a mortgage. This is a lender's dream mortgage. Very low risk for the lender.
Try a local credit union or a honest mortgage broker. If the house appraises at 200K as you utter and if the buyer is willing to put 50% of the purchase price on the line, he should be capable of find a lender. I don't recommend lenders found on the internet as there are too many horror stories from population that have had impossible experiences.
Get a recommendation from someone who has tangible estate experience. They usually know local lenders who offer the best service and rates.
They should start with their local bank. A lot of mortgage companies would love to nouns 40k for a 200k house. If their credit rating is less than perfect, they may hold to pay a higher interest rate.
Related Questions:
Good Credit, Have Debt...Can i capture a Mortgage?
By year's end I will have roughly 15k in credit card debt. I currently make between 45k-50k and am looking to win a condo under 150k with around 10k down and I am a first time home buyer. I hold a very solid credit score...