First Time Investor Won Bid On VA Foreclosure

I need help here. I won a bid on a VA foreclosure for 60k. Market Value 125K
repair 15k. I trying to get a conven loan but my credit scores are 580. Is there anyway I can get this property without get a loan. I want to buy/fix/sell. any suggestion will help. This is in New Jersey

Comments(9)

  • Wingnut2nd July, 2003

    With that kind of value in the home, you should be able to find a lender. If not you could find a Hard Money Lender in your area. As long as you can turn the property quickly, you should see a nice profit. good luck.

  • edwcoope3rd July, 2003

    how do I find a hard money lender. I don't know where to begin?

  • edwcoope3rd July, 2003

    Can anyone point me in the right direction

  • appelgw3rd July, 2003

    Click on the Lender's tab and then search your state for Hard Money Lenders. If you can't find one in your state, try another state like Utah. Many are willing to lend out of state, but usually only lend 60-65% LTV. Plus the interest/points will be much higher than conventional. But a quick flip at 15% interest is better than 5% on nothing. Keep reading the posts here - you'll be a guru in no time.

    Uber :g

  • edwcoope3rd July, 2003

    Thanks for the tip.

  • Wingnut4th July, 2003

    I dont know what state you are in but, if you cant find a hard money lender, just visit your local court house, where they hold trustee sales and ask around.

  • mimipra4th July, 2003

    where in NJ is this house? I have a family looking for a house in Cumberland county, maybe we can all get together here. Contact me on my e-mail.

  • vodka4th July, 2003

    edwcoope, I am in central NJ. Contact me via my profile. I can point you in the right direction.

    [addsig]

  • edwcoope9th July, 2003

    mimipra. the house is in camden county[ Edited by edwcoope on Date 07/09/2003 ]

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