It depends on what you mean by "bad credit"... if your credit score is 500, it will never happen.. if your credit score is 660, it's possible, but it would depend on how much your property is worth and what you currently owe.. if your loan to value (LTV) is low, then it's possible.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
Not likely if your credit is too bad. If you find someone willing, it is likely to be pretty expensive. More details, such as my score is X would allow for better answers. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950
Generally speaking, there are no traditional mortgage loans of any kind available to those with bad credit. But bad credit can mean different things to different people, so be sure to check with a local non-bank Loan Officer.
I recommend you work with a local loan officer and see if they will help you with a credit analysis and see if a "rapid rescore" might be an option to increase your scores...this has worked for my clients many times.
There is still hope for you... Even though you have bad credit you can get a second from a private money lender. It will be higher than HELOC rates but it is possible. If you want more information on private money financing place contact me Kevin Prince SVP Liberty One AMC 858-926-8904 or email me at kprince@linerty1amc.com Happy New Year!
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