The Karlin Law Firm LLP

Providing quality legal services to statewide and national clients in ADA defense, Personal Injury, business and real estate for more than 35 years

866-500-8932
Email Us
Practice Areas

How to buy a house with poor credit

When a California resident wants to buy a house, a lender will run a credit check. If prospective buyers have a low credit score, it may hinder their ability to get a mortgage. However, those with poor credit may still have an opportunity to purchase a home. One option may be to enter into an owner finance arrangement.

In this scenario, a buyer will make monthly payments of principal and interest to the seller of the home who will take back a mortgage. It may also be possible to enter into agreement that allows a buyer to first rent the property with an option to buy in a year or two. This may be beneficial as a potential buyer gets to know all the pros and cons of a property before making a long-term commitment.

First-time borrowers who have a credit score of at least 580 may be eligible for an FHA loan that comes with a down payment of as low as 3.5 percent. Those who have a credit score under 580 may have to put 10 percent of the purchase price down. Credit scores may be determined by the length of a borrower's credit history as well as payment history and amounts owed to creditors.

There may be many different ways for an individual to buy residential property. Regardless of how a person chooses to make the purchase, it may be worthwhile to do so with the assistance of an attorney. There is a lot of paperwork involved in the escrow process, and an attorney who has experience in this type of a real estate transaction can review the documents to make sure that they are in order.

No Comments

Leave a comment
Comment Information

Contact Us Today

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

L. Scott Karlin

L. Scott Karlin

Attorney Profile
David E. Karlin

David E. Karlin

David E. Karlin is a California attorney with a primary focus on business and real estate, including law and legal issues...

Attorney Profile
Michael J. Karlin

Michael J. Karlin

Michael J. Karlin is a Southern California based attorney whose practice primarily focuses on Entertainment Law. Michael began...

Attorney Profile

Recent Articles

ADA Fraud Reported

A recent article on the news concerns a man in Riverside County who allegedly has attempted to obtain money from property owners and businesses based on alleged violations of the Americans with Disablities Act (ADA). Read More

Tustin Office
13522 Newport Avenue, Suite 201
Tustin, CA 92780

Phone: 714-881-0054
Tustin Law Office Map

Newport Beach Office
2901 West Coast Highway, Suite 200
Newport Beach, CA 92663

Phone: 949-427-9328
Newport Beach Law Office Map

Carlsbad Office
2173 Salk Avenue
Suite 250
Carlsbad, CA 92008

Phone: 760-407-2409
Map & Directions

Riverside Office
6809 Indiana Avenue
Suite 100
Riverside, CA 92506

Phone: 951-643-8769
Map & Directions

Los Angeles Office
1100 S. Hope Street
Suite 103
Los Angeles, CA 90015

Phone: 213-519-5633
Map & Directions

Fresno Office
1444 Fulton Street
Fresno, CA 93721

Phone: 951-373-4384
Map & Directions