Financing W/no Money Down And High Fico Score
I'm looking into buying a house to rent out. I have an excellent FICO score. Its currently 758. The catch is that I wish to finance this house with as little money down as possible. I make good money and have a low debt ratio. however I'm afraid by the time I save up enough money, the house will be gone. Are their lenders out there that will finance a house will little money down with these parameters? Or can you think of other ways I might be able to finance this house. Your thoughts???
[addsig]
Under the lenders tab I saw three lenders in WI who would do 100% on non-owner occupied. If you phone around I am sure you can find more. With your credit and income you can surely find something.
Provable income is the key. Make sure it is high enough so that the ratios work out.
I just helped a friend into their second property with only $500 down and 30K a year income.
It is doable, if there is one thing that I have learned here it is that there are many many forms of financing available other than standard lenders.
I used to self finance or heloc, there is so much more out there.
If this is a rental or income producer talk to a retiree and see if they are interested at 8% interest? I have a couple who are.
Good Luck!
[addsig]
How are many of you figuring ROI? Where have you found the best pay off??? I know a no money down gives you a great return on investment, however its often low money per month. If I put 5% down I find I get more money faster. What are your stratagies? Do you find 100% financing better or a small percentage down is better?
Quote:
On 2003-12-02 12:42, myfrogger wrote:
Provable income is the key. Make sure it is high enough so that the ratios work out.
Being a Loan Officer with a direct lender I can 100% Full Doc Investor loans and 95% Stated Investor loans with the right credit.
How about getting a stated income or no doc loan with 80% LTV loan with 20% carryback from the seller? $0 down. Work the numbers with the seller. He may only be able to carry 10%. Go 90% with 10% seller carry back. Good Luck!
No reason you can't find financing with that score. If you can provide full-documentation of your income and reserves you should be good to go.
Why not post an ad in the local pnewspaper for a Private Investor and see what that turns up. Can't hurt. Good luck