12% Interest, 70% LTV Mortgage Pool
I am creating an investment mortgage pool to purchase income producing properties to expand my current portfolio. I am offering 12% 30/5 and would like information on where to look for additional investors in the southeast. Thanks.
I am in a lease option to buy at the present time. 1.5 years ago I moved in and locked in a price of 90,000 now the property is worth 130,000 and I have to low of a credit score (student loans) for a FHA standard loan. I need to find a private investor to work with. I should have my score back in shape say in a year or so and then can obtain a home loan. I really need this right now, I have been living thier for 1.5 year and need my money to start building towards something instead of throwing my money out the window. Please let me know if thier is anything you can help me with or advice. thanks much.
Patrick L
There really is no such thing as score to low for fha. If your student loan is current or deferred, you should be able to qualify.
[addsig]
I agree with Sanpark on the credit score being too low for FHA financing ...You don't even have to have a FICO score for FHA as long as you have at least 3 trade lines that have been open for a minimum of 6 months. Also if you have a locked price at $90k, unless you just love this house, I would sell it myself retail maybe $10k under FMV for a quick sale take the $30k and put some of it down ona newer home and pay on some of your student loans. Just my thought....but whoever is telling you about FHA doesn't know their product.
[addsig]
you can do what they call a "mortgage only" program with a subprime lender - they'll go up to 85% in some cases, won't be as good a rate as a conforming or fha, but you can pull enough cash out, also if you keep it in a 2 -3 year arm, pricing should be better!! most important: be able to document 12 months mortgage payment, cancelled check/ money order/ sometimes VOR don't work to well!!