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Rainer
471,473
DEANNA C. SMITH CERTIFIED MOBILE NOTARY
Certified Mobile Notary Signing Agent - Smith Mountain Lake, VA
Highest Ranked Certified Mobile Notary in Virginia

Of course you can !   I work with clients all the time that have bad, slow or NO credit at all.   Can they be APPROVED when they first walk in MY door ?   Of course not !

But by sitting down with a LICENSED Professional Mortgage Loan Originator, like myself, we can review their current situation, set up a plan to bring their scores up and prepare them to purchase a home of their own.

On the subject of a down payment, I now have a program where a first time home buyer can get as much as an $ 8,000.00 GRANT that doesn't have to be paid back to purchase a home worth as much as a quarter million dollars.

That's right;  FREE MONEY !

Isn't it amazing what a real LICENSED Professional Mortgage Loan Originator can do for their clients !  

Mar 20, 2016 04:14 PM
Rainmaker
2,436,641
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Bob. In many cases, the answer would be yes. Once I figure out what the current credit situation is, I can then figure out what needs to be to done to improve the scores.

Most likely, the loan that could be done is an FHA loan, 3.5% is the down payment that will be required, some or all of that can be a gift from family.

 

Mar 20, 2016 05:59 PM
Rainmaker
4,061,295
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Good to see Deanna Early and Joe Petrowsky answer before me --- they know more than I do in this area.  

Mar 20, 2016 07:53 PM
Rainmaker
634,272
Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

Sure. It takes some time and following a disciplined plan to rebuilt your credit and save for at least the minimum needed for down payment. Consult a good mortgage broker to learn what is needed to get your FICO score into qualifying range.

Mar 20, 2016 06:12 PM
Rainmaker
1,871,895
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Well said Deanna Early 

Mar 20, 2016 10:49 PM
Rainmaker
6,546,154
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

I like the answer by Deanna Early

Mar 20, 2016 09:03 PM
Ambassador
2,400,227
Robert Vegas Bob Swetz
Las Vegas, NV

Hello everyone, so many people in Las Vegas lost their homes around 2009-2010 after the real estate crash due to foreclosure and or short sales later on. This question for many years was asked by over 50% of the people interested in trying to purchase a home in Las Vegas.

Even to this day a large percentage of people searching for homes in Las Vegas still ask this question.

Thanks for stopping by with your answers.

Deanna Early has my fovorite answer ...

Mar 21, 2016 02:08 AM
Rainmaker
1,157,485
FN LN
Toronto, ON

There are some lenders who would consider providing funding in such a scenario.  However, the interest rate will likely be higher due to the higher risk and there may be other costs or conditions.

Mar 20, 2016 07:17 PM
Rainmaker
640,187
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Santa Clarita & Aliso Viejo

Sure, just find a seller willing to carry the note.

Mar 22, 2016 07:43 AM
Ambassador
5,360,011
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Absolutely, but it takes a bit of work to find the deal that works.

Mar 21, 2016 06:38 AM
Rainmaker
864,358
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

Of course. It depends when one have had bad credit. Usually, if it past 12 month, the lenders are more lenient. Nowdays, even those without downpayment can purchase a house...creative financing, co-signer, gift, local downpayment assistance, and so many more.

Mar 21, 2016 02:05 AM
Rainmaker
140,568
Joan Dickie
Keller Williams Premier Realty - La Crosse, WI
Keller Williams Premier Realty

I think that is becoming more and more possible recently.  I'm not sure it's a good thing.

Mar 21, 2016 12:25 AM
Rainmaker
888,390
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Of course you can. HOWEVER. I have an unpopular opinion, yay me. :) I actually think that with the exception of our veterans, that if you do not have enough money in the bank to pay cash for a purchase, you should wait until you've got 20% equity before making one. I realize that this does not always happen. Home ownership takes a lot of responsibility. Managing finances and saving up is a big part of that. There are exceptions, but as a general rule I think that we've come too far away from the traditional idea of homeownership. My two bucks.

Mar 21, 2016 12:08 AM
Rainmaker
4,433,583
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I do not know any lenders in my area.

Mar 20, 2016 11:50 PM
Rainmaker
3,322,050
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

With the strict lending guidelines, it takes a really good loan officer to explain and assist any buyer in that situation. The sad part is good ones can be hard to find. That is where a buyer agent with patience can be the greatest help to guide these buyers, 

Mar 20, 2016 10:41 PM
Rainmaker
3,069,934
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Sure!

Mar 20, 2016 10:38 PM
Rainmaker
846,160
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

Yes and no. It's case by case evaluation. There are no and low down payment programs available. Here we have state and county programs to help homebuyers with down payment.

Mar 20, 2016 09:47 PM
Rainmaker
4,057,976
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Everything is possible with the right lender. Not saying it will be easy or cheap, but possible.

Mar 20, 2016 09:45 PM