Help getting a mortage

[Anonymous]

Self employed 2012 tax return 115,000 2011 45,000 2010 36000

Credit scores 620 experian 661 transunion 655 equifax

Paid 1 charge off for 980$ last month from 2008, 1 existing charge off in amount of 5464 for bad car loan back in 2009. Bank won't do a PFD or settle for anything less then the full amouncards secured credit cards paid on timenor over  2 years capital oneplatinum 651 , capital cash platinum (unsecured) 500, boa secured  card that graduated last year 2500

Chase sapphire  preffered 20,000 12/2012, united card 2500 12/2012 Discover It 1700 12/2012 mortgage from 6/2012 payment 562 debt 90,000

Trying to get a loan for 480,000 multi unit property 5 apartments total. Have 30% + to put down and I just got turned down by my local bank.

Property is a steal assessed at 800,000 old desperate folks want to sell ASAP already under contract.

Does anyone have any ideas where I can get a loan for around 330,000 with my bad credit scores? Is it possible how much cold I qualify for?

Greeting any help is appreciated

[MovingForward_2012]

You must have went conventional cause that approval amount with your income would have been fine for FHA if the limit was at least that much in your state. Problem is I believe the home has to be your primary residence...someone correct me if I am wrong as if I am, FHA would be a possible avenue to take. I would try to get your mid score up to a 680. Are there any credit cards that you can pay down for a quick boost?

[DallasLoanGuy]

fha is good for 1 - 4 units and you occupy one.

not 5 units

Self employed 2012 tax return 115,000 2011 45,000 2010 36000  <= this is my focus. what happened? business boom?

[JM-AM]

+1

As Dallas mentioned its 1-4 units and owner occupied in one of the units.

Are the scores you posted Lender pulled?

[sharpie]

yes, business boom?  please share.  i would like to be in your business. 

[Anonymous]

Yes business boom and me being able to start withdrawing dividends and profit. I do retail and import / manufacturing.

All my credit cards are paid off and I don't hold any balances. I also own a commercial property assessed at 90,000 free and clear. Only negatives were the 2 charge offs. I didn't go conventional I went through local banK. Any idea for what my next step should be I have another 7 days under contract to find financIng with possible 7 day extension. Again credit scores around 650.... And this is 5 unit commercial property....

[JM-AM]

There are many investors you can try, the rates will be much higher.

[MovingForward_2012]

Getting a loan from a local bank is still a conventional loan if there is no government insurance on the loan.

[JM-AM]

You can look for investors and or try for a commercial loan.

Try this site for information on what you are looking for...   http://www.scotsmanguide.com/default.asp?ID=1