@Anonymous wrote:
I have a question reguarding mortgages with a large downpayment. My situation is my credit is not that good. My scores are in the 500's. We currently just sold our house and we will net about $115,000 from it. We would look to purchase some land and a home but are limited in what we can find for $115,000 or less. My question is even with the bad credit say we find something for $139,000 and we put a huge chunk down like $100,000 would we be able to bypass this credit score stuff or am I still stuck even putting 60%-70% down?
Thanks and I hope that made sense.
There are lenders that will give you an FHA loan even if your mortgage mid score is 580. If your scores are below that, then there are subprime lenders that will give you a mortgage if you put down 35% of the purchase price or more. Some of these lenders are hard money lenders and others are just private lenders.
Check with your Realtor or your family and friends to see who they know. If they don't know anyone, pm me and I can refer you to someone.
