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???
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Comments(8)

  • Marcher2nd December, 2003

    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.

  • myfrogger2nd December, 2003

    Provable income is the key. Make sure it is high enough so that the ratios work out.

  • Stockpro992nd December, 2003

    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!
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  • ddemott3rd December, 2003

    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.

  • sammymh22nd December, 2003

    Being a Loan Officer with a direct lender I can 100% Full Doc Investor loans and 95% Stated Investor loans with the right credit.

  • Worf22nd December, 2003

    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!

  • jfoley22nd December, 2003

    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.

  • pejames23rd December, 2003

    Why not post an ad in the local pnewspaper for a Private Investor and see what that turns up. Can't hurt. Good luck

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