Hello all, the first REI deal I want to make is to help my father buy his first home. He has credit issues with FICO around 575-600 makes about 35k a year. Has a high debt-to income right now but working on it. Recent divorce. Steady long term employment in the same industry for about 10 years now. No money for down payment. Currently rent is 490. Has no troubles paying rent. Looking to buy a home in the 30-50k range which are abundant around here. Looking into REO for deals. Will be staying in this home long term. Need a way to get him financed possible with hml and the refinance through conventional once credit clears up.
Does he have 401K? He can borrow against it to pay for down payment.
Does he have any military background? My dad served in the Marines in Korea was able to get financing through the VA.
He can also try through FHA (HUD)…they have loans with low down designed for folks like this.
What is your time frame to get the loan? Good luck.
A good mortgage broker in your area should have no problem getting your father financed based on the info given.
In fact, the only problem that I can possibly see is the price range because many lenders will not lend less than $50K. However, if this range is normal for your area, a good mortgage broker will have lenders lined up for that range.