Buying a home with bad credit

[Jay]

Hello,

I've had excellent payment history for the last few years. There's just a
couple of bad spots from about four years ago (a few late payments) and
a tax lein from the IRS that will be removed in a couple of years
after I'm done paying them off.

What are my chances for qualifying for a home loan? In case it makes
a difference, I live in the Bay Area (Northern California).

I know that the biggest hurdle will be the tax lien, since the IRS
would place that lien against any property I buy, but I'm wondering
if there are lenders willing to work with borrowers.

Thanks.

Jay

[j...@his.com]

Jay <j...@kjsl.com> wrote:

Really, why are you asking here? Go to a lending institution and have a
talk with them. You may have to put a greater percentage down or buy
special insurance but the lender is the on to talk to.

[Susan H. Golden]

In <543mof$i...@mate.kjsl.com> Jay <j...@kjsl.com> writes:
>
>Hello,
>
>I've had excellent payment history for the last few years. There's
just a couple of bad spots from about four years ago (a few late
payments) and a tax lein from the IRS that will be removed in a couple
of years after I'm done paying them off.
>
>What are my chances for qualifying for a home loan? In case it makes
>a difference, I live in the Bay Area (Northern California).
>
>I know that the biggest hurdle will be the tax lien, since the IRS
>would place that lien against any property I buy, but I'm wondering
>if there are lenders willing to work with borrowers.
>

>Thanks.
>
>Jay
>

Jay - YES, there are lenders who will loan you money. You might be
looking for what's called a "B" paper loan. Your interest rate and/or
loan points might be higher than if you had perfect credit, since the
lender is taking a greater risk with you than with the perfect credit
applicant. I am a real estate agent and have used one loan broker
exclusively for my clients and my own personal home loans. She is in
San Jose - Preferred Mortgage - 408-998-4343. Ask for Sandy. I highly
recommend her. Good luck!
Susan

[Chris Frazier]

In article <543mof$i...@mate.kjsl.com>, Jay <j...@kjsl.com> writes:
|> Organization: Hopelessly disorganized
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|>
|> Hello,
|>
|> I've had excellent payment history for the last few years. There's just a
|> couple of bad spots from about four years ago (a few late payments) and
|> a tax lein from the IRS that will be removed in a couple of years
|> after I'm done paying them off.
|>
|> What are my chances for qualifying for a home loan? In case it makes
|> a difference, I live in the Bay Area (Northern California).
|>
|> I know that the biggest hurdle will be the tax lien, since the IRS
|> would place that lien against any property I buy, but I'm wondering
|> if there are lenders willing to work with borrowers.
|>

basically, at a high enough interest rate and for enough
points or for a large enough down payment,
you can always find somebody to loan to you.
They may only be loaning to you inthe assumption that
you will default, so they can take the house away.
(but if you've put 30% down. . . thats a pretty good deal).

another example; for 101 points up front
dead people should be able to buy a loan.

ChrisF

|> Thanks.
|>
|> Jay
|>