Can any ny lenders help out there??

scarface193 · Joined: 07 May 2009 Posts: 4 2.35 Dollars($)

am trying to purchase a property that is in foreclosure. I currently live in the property as a tenant. I have run into a issue where lenders think, I am bailing out the owner. Which I am not, I like where I live and would like to continue living there. Any help would be of great help. My credit isn't that great. My mid is 597, but i carry almost no debt, I have a stable job, and made pretty good money last year 90+.

eric1 · Posted: Thu May 07, 2009 6:25 pm Post subject:

I think it is possible to find a lender who will be flexible regarding your tenant situation. However, your credit score may be a deal breaker. What percentage will you put down on the property?

JKennedySLG · Posted: Thu May 07, 2009 6:29 pm Post subject:

A local portfolio lender may entertain something like this. If you need further assistance, I'm always here. Contact info. is below. I hope this helps...

jerry · Posted: Fri May 08, 2009 6:20 am Post subject:

Hi scarface,

I found a same issue discussed at http://www.mortgagefit.com/homeloan/fha-580credit.html#94449 . Hope this helps you.

Thanks,

Jerry

scarface193 · Joined: 07 May 2009 Posts: 4 2.35 Dollars($)

I am trying to put down a 3.5% down payment.

savior70 · Posted: Sat May 09, 2009 4:45 am Post subject:

Hi

If you're looking to put down as little as 3.5%, you must look for an FHA-insured loan. But according to the credit requirements for the FHA loans, your credit score has to be 620 points at least. What is your credit score?

eric1 · Posted: Sat May 09, 2009 6:26 pm Post subject:

There are a few other options in addition to FHA

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