Real Estate industry....Advice for Securing A Mortgage with Bad Credit.....kinda long

80 points in 6 mos is pretty good for somebody with established bad credit.


Owner finance is very popular right now but that really just makes sense for somebody that is totally wrecked and years away. (BK Tax liens etc) ..Options are limited as well...But for somebody that is pretty close I'd just hang in there.

Just don't crazy on write offs if your 1099 you need to show your income .

sidenote- I really need to look into the atm business lol

 

if you can afford $2400 for that peace of mind then i will say it is worth it and still not throwing away money. you already have a nice place i presume. an expensive house will come with a lot of hidden costs and none of those amenities. not sure what your friends party budget has to do with buying a house but dont' live your life according to your friends. i know how hard it is not to do that when you're 24. been there. good luck.

 

200k annually is nothing....I piss 200k a day.

 

The best approach is time and cash. One of my clients is the owner of a beauty salon chain in Houston that sponsors local sports teams...he banks big time. He can't get a pre-approval and I've helped him look everywhere. His credit is okay, his wife banks as well...but he wants to buy a $1+ million house so he has to borrow, but it's only been about a year and a half of that verified business income. 2 years is the key.

So, unless you're going to pay cash for your house (which would require time), you have to wait, requiring time and patience. Not saying it's impossible, but I'd be super surprised if you can get a lender to approve a $200K loan or something within 6 months. I'd be so surprised that I'd tip $50 to the tip jar.

Cleaning up your credit is good advice, because once you have 2 years established income, bad credit won't hurt your ability to borrow as much as it would hurt your interest rate imo.