“I’m Sorry, NO can do”

“I’m Sorry, NO can do”





Hey Joe, I have a bank customer who is looking to buy a property from his father. Loan amount would be about $40k, but he wants to include closing costs into the loan amount as well possibly.  He has a credit score of about 480 or so. Would you be able to do anything with that kind of credit?

Thanks, Rob



I would not even consider giving a loan like this to any of my lender partners. It takes work to screw up credit so badly that someone has a 480 credit score, 23 collection accounts and not one credit line that was paid as agreed.


I’m sure that there might be some hard money lender that would do a loan like this, but based on history the individual will most likely default again and eventually lose the property to a foreclosure. I hate to judge, but this is one that I would never consider doing even if I had a lender that would be crazy enough to do it.


Image courtesy of Pakorn/freedigialphotos.net

Subscribe to my blog via Email:


Enter your email address:

Delivered by FeedBurner


Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com



Like me on facebookfollow me on twitterConnect with me on linkedin

Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 9 commentsJoe Petrowsky • February 20 2018 02:39PM


Morning Joe.

My goodness! I haven't seen anyone in my career with a credit score that low.  I know there are out there, just haven't came across one

Posted by James Dray, Exceptional Agents, Outstanding Results (Fathom Realty) over 1 year ago

I don't believe that I have either, James Dray

Posted by 1~Judi Barrett, BS Ed, Integrity Real Estate Services -IDABEL OK (Integrity Real Estate Services 118 SE AVE N, Idabel, OK 74745) over 1 year ago

Credit score of 430? That's the lowest I have seen.

The best suggstion is to have dad do a land recorded land contract while while working with  a credit counseller to help them straighten out their credit before they apply for a loan.  The requirements for that refinance are lot lower than the new loan

Posted by Sham Reddy CRS, CRS (H E R Realty, Dayton, OH) over 1 year ago

Good morning Joe. Incredible. I can't imagine that kind of credit or living.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) over 1 year ago

I would have to say one thing...RUN FOREST RUN!!!!!

Posted by William Feela, Realtor, Whispering Pines Realty 651-674-5999 No. (WHISPERING PINES REALTY) over 1 year ago

Wow, 480!!  That's a deep hole to climb out of.

Posted by Shawn and Angela Miller, Lincoln and Omaha, NE REALTORS® (Berkshire Hathaway HomeServices Amabassador Real Estate) over 1 year ago

Hi Joe- I'm with William Feela on this one!

Posted by Kathy Streib, Home Stager - Palm Beach County,FL -561-914-6224 (Room Service Home Staging) over 1 year ago

And even if you could do ... you choose not to.  Some people need to learn how to help their self first ... it starts with taking responsibility.  

Posted by Kathleen Daniels, San Jose Homes for Sale-Probate & Trust Specialist (KD Realty - 408.972.1822) over 1 year ago

They probably thought you are a miracle worker, Joe. Or they heard about stated loans? 

Posted by Inna Ivchenko, Realtor® • Green • GRI • HAFA • PSC Calabasas CA (Barcode Properties) over 1 year ago