credit score 534 as of 01/20/08. I have been employed since 09/07. i make $600 net every week. I was a student for the previous 2.5 years. I live in miami,fl and i want a property that costs $ 55,000. This is a property that i believe the bank owns and is in foreclosure because on the tax roll someone paid $155k for the house 2 years ago.Recent comps are in the $120k ballpark. Who can do this loan for me. For this property the mortgage should be around $500 a month and Section 8 rentals in the same zip code are going for $800 - $1100. All of these numbers are verifiable. This would be my first home purchase ever and as a first time homebuyer i need a pro to help me.
My plan is to buy it, rent it out section 8, do some cosmetic work ,and if possible take out some cash at the same time that i buy it or just wait a while and let the markets go up and then take out some cash.
I think you be hard pressed to find a lender with your credit score. The best thing you could do is find a partner with better credit or a private investor.
You need to check with local lenders and brokers. This forum can’t truly tell you what you can\can’t do.
I got approved for an FHA loan not to long ago with a 537 score.
97% financing. What I do recommend is, this.
Get an account on truecredit.com, learn your credit in and out make sure all the information is correct. Once you are sure your credit is correct, print out your 3 reports and FICO score.
Meet with some loan officers IN PERSON, and make sure they are someone you can work with, and ensure they do FHA loans. You should be able to find financing with that LTV and credit score.
But Do not let EVERYONE pull you’re credit. Bring it too them, on a print out.
Don’t take NO for an answer.
I got my first house with $600, bucks out of pocket. and a 550 credit score.