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Is there a Lender who will lend money to someone with fair credit and a foreclosure, with little downpayment?

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raeburnsmith Joined: 21 May 2011 Posts: 1 1.38 Dollars($)	Posted: Sat May 21, 2011 10:02 am    Post subject: Is there a Lender who will lend money to someone with fair c Like 0 Dislike 0 We have found a home that by zestimate appraises for between $370, 000 and $380,000. The asking price is $234,000 but, we believe we can purchase for between $165,000 and $205,000. We would like a pre-qualification approval letter would help when we make an offer. We are open to direct loans, private loans and possibly a ballon note (we have someone that may co-sign if needed).
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Sat May 21, 2011 10:42 am    Post subject: Like 0 Dislike 0 Rae, you'll find it very difficult to find a lender who fits your specifications. The "zestimate" you noted wouldn't have any impact on a lender, anyway; but the purchase price rules. Of course, an appraisal would be required. If your credit is "fair" and not heavily damaged, a cosigner can often be worked out, particularly if you're looking for FHA financing. If the credit score you carry isn't high enough, however; a cosigner won't be much good. It's quite difficult to provide with a lot of information, based on the minimal amount of information we have here. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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