Could I get a loan? - Posted by Randy

Posted by Brian on May 29, 2005 at 20:13:06:

Yes but the rate will be higher and they will not do 100% financing you will have to come in with money. That is of course if the job situation is back on track and everthing can be documented.
Good luck
Where are you located?

Could I get a loan? - Posted by Randy

Posted by Randy on May 28, 2005 at 23:52:44:

I am a contractor,I had a credit score that was a 765 a few months ago the work slowed down in the winter and on top of that I did not get paid a sum of money from a job during the winter that was completed,it caused me to get behind on my credit card payments which of course Im not happy about,I have talked to my credit card companies and got caught up on them,but from the loss during the winter it hurt my credit score to make it a 510 is there anyone that would still finance me for a real estate deal,I would appreciate your response.

Re: Could I get a loan? - Posted by Allan

Posted by Allan on May 31, 2005 at 20:34:06:

Yes you can. LTV will however, drop to the 70-85% range. Rates are mostly irrelevant at this point. Any financing you can obtain will be for short term purposes, and if you are investing in any kind of appreciating market, which I would assume you are, your holding period will be for a short term anyways. If you have the 15-20%, you can get into the game, and in time, work toward obtaining better and higher levels of finacning, when you begin to restructure/rehab your credit. Time will also heal the wound. Be careful however, once you drop below 500, you’ll have a near impossible time finding anyone to lend you money, unless you you target a HML. Now you’re in the ball park of 65% LTV (True LTV), so don’t let 20 brokers and bankers pull your credit, and begin to take the steps necessary to prevent any additional declines resulting from new derogatory info. Find a good loan officer with unlimited resources and a strong working knowledge of how the industry works and you should find your money source.


Re: Could I get a loan? - Posted by Dee

Posted by Dee on May 31, 2005 at 11:56:49:

You may want to think about repairing your credit as well, try calling the CC companies and asking them would they consider removing the lates from your credit report (i.e. a goodwill letter). A good board to visit for credit repair is, they have plenty of techniques and advice to your credit back up to par.