Can I get a mortgage with bad credit, but 20% down?

March 5, 2010 · Posted in bad credit mortgage 

I had a foreclosure happen on an investment property in Feb 2008. My credit score is about 550. Will I be able to get a mortgage on a new primary residence, if I put about 20% down? If not, what time needs to pass, or what does my score need to be before it would be considered?

for ANY loan you need a mid score of 580 right now and atleast a 2 year CLEAN mortgage history. Being that it went into forclosure you are prob looking at 5 years. You do have some option however.

Lease purchase and owner financing are just two of them. Depending on what type of home you are looking for and how much you the price is may even be able to buy a home for cash with your 20% that you were going to put down. If you want some info on buying outright with a small amount of cash let me know via email and I can give you some info that my attorney and several R.E investors I know gave me

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3 Responses to “Can I get a mortgage with bad credit, but 20% down?”

  1. nronronronro on March 5th, 2010 5:36 pm

    REO (bank owned) properties can be bought with 20% down and terrible credit. Contact your local banks.References :

  2. Glenn S on March 5th, 2010 5:49 pm

    No…..the easiest type loan that is available is an FHA and you need at least a 580 FICO. A 580 FICO is marginal for FHA and both Fannie and Freddie require much higher.

    It doesn’t matter if the property is a REO or not…..banks must meet FannieMae/FreddieMac or VA/FHA standards and to make the loan and a 550 FICO doesn’t meet those standards.

    With a foreclosure on your credit record you are going to be renting for at least 2 years no matter what your FICO score is.References :

  3. crystal on March 5th, 2010 6:29 pm

    for ANY loan you need a mid score of 580 right now and atleast a 2 year CLEAN mortgage history. Being that it went into forclosure you are prob looking at 5 years. You do have some option however.

    Lease purchase and owner financing are just two of them. Depending on what type of home you are looking for and how much you the price is may even be able to buy a home for cash with your 20% that you were going to put down. If you want some info on buying outright with a small amount of cash let me know via email and I can give you some info that my attorney and several R.E investors I know gave meReferences : 16 years in the mortgage field

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