Question: Hello,
>I’ve had excellent payment history for the last few years. There’s
just a couple of bad spots from about four years ago (a few late payments) and a tax lein from the IRS that will be removed in a couple of years after I’m done paying them off.
>What are my chances for qualifying for a home loan? In case it makes >a difference, I live in the Bay Area (Northern California).
>I know that the biggest hurdle will be the tax lien, since the IRS >would place that lien against any property I buy, but I’m wondering >if there are lenders willing to work with borrowers.
>Thanks.
Answer: Jay – YES, there are lenders who will loan you money. You might be looking for what’s called a “B” paper loan. Your interest rate and/or loan points might be higher than if you had perfect credit, since the lender is taking a greater risk with you than with the perfect credit applicant. I am a real estate agent and have used one loan broker exclusively for my clients and my own personal home loans. She is in San Jose – Preferred Mortgage – 408-998-4343. Ask for Sandy. I highly recommend her. Good luck!
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