Your Questions About Mortgage Refinancing With Bad Credit

Linda asks…

How and where do I get info on the 203K streamline mortgage?

I owe 116K on my mortgage and need 30K of repairs which includes a new roof and 2 bathroom redos. I just want to have one mortgage payment. Some lenders say I have to get a home improvement loan first and then wait 6 months to refinance. Some do not offer the 203K loans at all.

John answers:

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Daniel asks…

How can I cosign a mortgage for my son?

My son asked me to put My Name on his mortgage for one year . He say’s he can refinance in a year and take on the mortgage
at a better rate. The question is I have credit and he doesn’t. So reliability is My Concern.
If he misses or is Late with a payment can I legally have it written up that if in fact it does happen I can get out of the deal and he would have to take on the Mortgage at the Higher rate?

John answers:

No, you can’t undo it. You are at the mercy of your trust for your son. I don’t know your situation, but many of situation go bad amongst family members in business dealings. Hard to separate heart from reality. If you really feel in your heart that your son is good for this commitment, then, by all means, proceed. But know that in able for him to refi in a year, he has some serious work to do to bring his credit up to par – just having a house these days doesn’t guarantee a refi.
The whole purpose of a co-borrow is for the lender to have somebody else to go after if the primary borrower skips out. I dont think any lender will sign off on his/your irresponsibility.

Betty asks…

Looking for lease to own homes with bad credit?

Hi. I am looking for a lease to own property in Shelby Township, MI (48316). I have noticed that there are quite a bit of vacant homes in the area however I am not able to qualify for a mortgage at this time due to extremely poor credit. I was wondering if by any chance there are any programs/individuals that would be able to help me in my situation? I know about the restore your credit programs and stuff like that but I am in dire need of something asap like August 1st. Any advice/suggestions is greatly appreciated. Thank you in advance.

John answers:

If you have any money (5-10000.00), you can lease with option to buy in 2 years, some owner will let you rent the house with option to buy even if you don’t have any money, but your monthly rent will be higher. If you have 5%-10% down pmt and you are working, some of the owners can do owner finance, and in a few years when you fix your credit you can refinance for a better rate. So, you still can,
call a Realtor, they will help you to negotiate the deal. Good Luck!

Chris asks…

What are the pros and cons of financing the buyer of my home?

My house is paid for. The buyer is young, limited credit history but has a great job with the Gov’t and he’s a steady, reliable guy. This could be a win-win situation. What are the pros and cons of my financing him?

John answers:

Most sellers don’t want to do this simply because they don’t want their money tied up with the house, but if you don’t need the money readily available to you now or any time in the next 30 years, offering a mortgage loan may not be a bad investment.

Offering to finance the buyer is an investment. Nothing more, nothing less. You are not tied to the property like others suggest because when you personally offer a mortgage to a willing borrower/buyer you will be transferring the deed to the property to the new owner but placing a priority lien on the property. The house will no longer be yours unless the borrower fails to make payments and you foreclose.

The pros to this type of investment is that you are paid the interest on your loan primarily before the borrower pays the principal, such that if he opts to refinance 2 years later your return on your investment will be much larger than the stated interest rate in you original mortgage. And in today’s market, this could be the absolute best investment of the decade.

The con’s include the hassle of hiring a lawyer to write the mortgage that will completely protect your interests and the possibility that the value of the house could be tied up for decades. Plus you will have to play an active role of keeping track of the borrower/buyer to make sure he is current on insurance and taxes (but recommend you escrow these payments anyway, to be sure they are paid on time). And the ultimate con is having to foreclose if necessary and potentially take a financial hit if the property has decreased in value during the term of the loan.

If you do it right, many of the pros will occur and few of the cons. For example since the buyer/borrower is not in a position to get a conventional loan presently, you could offer to finance at a high interest rate and report to the credit agencies, he would likely be able to refinance in a year. So if you offered him $200,000 you would receive almost 18,000 in interest alone in the first year and give him real motivation to refi.

Joseph asks…

how can i buy a house with outstanding bad credit?

i have alittle over 4 grand in combined, owed debt on my credit report…medical bills and such. my credit score is 545, i think. can i buy a house? how? do i have to pay this debt off first? if so, that will be the hard part. i make 40k a year. i have 2 kids. divorced. HELP!

John answers:

ACTUALLY YOUR CREDIT SITUATION IS NOT SO BAD. IF YOUR BILLS ARE MORE THAN 3 YEARS OLD MOST BANKS WONT MAKE YOU PAY THEM OFF. BUT YOU WILL NEED TO HAVE 3 OR MORE OPEN CREDIT LINES ON YOUR CREDIT REPORT IN GOOD STANDING. IF YOU DON’T HAVE 3 THIS IS WHERE IT GETS TRICKY YOU WILL NEED LETTERS FROM CREDITORS SAYING THAT YOUR ACCOUNTS HAVE BEEN IN GOOD STANDING FOR MORE THAN A YEAR. THAT CAN BE A CELL PHONE COMPANY, WATER CO., ELECTRIC CO., INSURANCE CO., ECT.THE BANK WILL WANT PROOF OF RENT HISTORY FOR 12 MONTHS SO THEY WILL ASK FOR 12 MONTHS VOIDED CHECKS. YOU SHOULD CONTACT A MORTGAGE COMPANY MOST BROKERS HAVE LOTS OF DIFFERENT OPTIONS FOR YOUR SITUATION. ONCE YOUR CREDIT IS BETTER THEN YOU CAN REFINANCE FOR A BETTER RATE. THE WILL HAVE STATED PROGRAMS, INTEREST ONLY PROGRAMS AND SO ON. YOU WOULD QUALIFY FOR FHA BUT THE YOU WILL NEED ALL THOSE DEBTS PAID BY THE CLOSING DATE.

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