If you cannot document your income or otherwise need a subprime loan, yes you can get financing still, but only with a minimum of 10-20% cash down payment or equity. Wilmington finance, Aurora home loans and Liberty American are the only power hitters (as it were) still standing. You are also looking at rates starting at 9%.
If your loan vs. value (aka LTV) is higher, and you can document your income you really have only one option.
FHA or Federal housing administration loans will allow as little as 5% equity for a cash out refinance, and 3% for a no cash out refi. FHA can be combined with seller contributions to do 100% financing for a purchase money loan. They are forgiving with low credit scores but need high income vs. debt ratios.
Another thing you should look into is raising your credit to at least 580 and looking into MyCommunity, which is a Fannie/Freddie based program that does no cash out refinance and purchase to 100% loan to value.
Have you considered credit repair? You should.
· 1 decade ago