Traditional lenders will want to see at least fair credit. You may be able to find a hard money loan, but the rates and terms will not be favorable.
Hi Kevan, Depends on how bad your credit is. I can loan FHA down to a 560 credit score. If you have a 560, or we could tweak your score to get there, I can get you way better terms then a private lender. You have to have verifiable income, etc, but it is possible. I'm happy to help with the financing or just give you advice. If you need more information, or a competing rate quote call, email or use my live support button to discuss or get in touch with me. Web Address for live chat or quote is: http://www.loansfromrob.com/quote/ Email is robertlh66@verizon.net and direct phone is 240-752-7549. Good Luck -- Rob Hanson
Hard money may be your only alternative.
There are some hard money lenders you can find. The rates will not be great so it should be used for short term help.
Regardless of what you may see or read, realistically, no one wants to deal with anyone with bad credit. You are always better off working on credit repair first. I suggest talking to a local credit repair company... Then try getting a loan after they improved your credit.
You may qualify for a lower credit score FHA Loan (some lenders can go down to 530) but depending on how bad the credit is you might only have a chance with a private party lender (i.e. hard money). You usually need at least 30-35% equity in the property in order to qualify for a hard money loan and except to pay a high interest rate and high fees if you go the hard money route. If you don't qualify for FHA, it may be worthwhile to look into getting your credit repaired in hopes of qualifying for an FHA loan in the near future.
"bad" is a relative term. It depends on your score... and yes FHA is more "forgiving" of credit scores... I have many programs. I'm in California, call me to discussLinda 510-332-3282
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