How to buy a house with bad credit?

You’re worried you may have less than perfect credit. You’re thinking about how to buy a house, correct? If that’s the case you’ve come to the right spot. Take a deep breath. Regardless of your credit history, we’ve got your back! I’m a local Los Angeles real estate broker and my preferred mortgage advisor is the best in the business. I know that’s a bold statement. Joe Tishkoff has never let me or our homebuyer clients down.

The truth about buying a house with a poor credit score.

There are specific loan programs, called alternative programs or “non-QM” (not a Qualified Mortgage as deemed by the Federal Reserve under Appendix Q”). These loans are designed for those with challenged credit such as low scores, open but disputed collection accounts and historical late payments.

The rate, of course, will be higher as will the cost of the loan. Most often these loan programs are adjustable-rate mortgage or higher priced fixed-rate loans. But, once or if your credit scores improve, there will be the likelihood of refinancing the loan down the road.

These loan programs are offered by mortgage bankers and brokers not generally by banks. They require a bit more documentation but encompass a growing segment of the mortgage market. Because of the demand for housing and the larger number of prospective borrows who have less than platinum credit history these loan options were a necessity.

Let’s face it. Living in Los Angeles isn’t cheap. Student loans follow us. You desperately needed that Saint Laurent bag. And you didn’t think Mercedes was serious about wanting the lease payment every month.

Sometimes life throws you a curveball and it’s good to know that there are programs available for you in the interim.

Buying a house in Los Angeles.

If you live in the Los Angeles area and are interested to learn more about these loan programs call me. I’m happy to discuss the shifting market and exceed your expectations.

how to buy a house with bad credit

Glenn Shelhamer is a nationally recognized Real Estate leader who has been helping people move in and out of the Los Angeles area for many years. He is also the team lead of The Shelhamer Real Estate Group. When Glenn’s not selling real estate he can be found spending time with his beautiful wife and two terrific kids.

how to buy a house with bad credit

David Clark - 805.280.1425​

I’m David Clark, a Californian, real estate advisor REALTOR®, and writer for the Shelhamer Real Estate Group located in Northeast Los Angeles California, the fastest growing real estate market in Los Angeles County. Connect with me for further information about this article, and to add and optimize the value in your property. Look for me on Instagram: @sellingnortheastla

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Based on information from the / Association of REALTORS® (alternatively, from the /MLS) as of [date the AOR/MLS data was obtained]. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information


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THE SHELHAMER GROUP   |    DRE: 01950995

Glenn Shelhamer is a licensed real estate broker DRE: 01950995 in the state of California and abides by equal housing opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. To reach The Shelhamer Real Estate Group’s office manage please call (310) 913-9477.

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This is not a commitment to lend. Prices, guidelines and minimum requirements are subject to change without notice. Some products may not be available in all states. Subject to review of credit and/or collateral; not all applicants will qualify for financing. It is important to make an informed decision when selecting and using a loan product; make sure to compare loan types when making a financing decision. Any materials were not provided by HUD or FHA. It has not been approved by FHA or any Government Agency. A preapproval is not a loan approval, rate lock, guarantee or commitment to lend. An underwriter must review and approve a complete loan application after you are preapproved in order to obtain financing.

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