Hard Money Questions
I am a newbee in Georgia and I have an issue. I just paid of my own forclosure(mom left property in her death that had a huge mortgage). I am getting my credit cleaned up, but right now I have about 30K and a need for a flexable HM lender. I am watching what I think are great deal in my area fly right out the window. Does anyone know of a lender that will work with a 530 credit score?
Most subprime lenders will go down to 500 ficos, depending on l.t.v. You'll have to have some way to verify proper income and where your down is coming from. You'll also end up with some kind of prepay penalty.
Just crunch the numbers and see how the prepay weighs out against the points and high interest rates the hml charges.
You have some cash on hand, so you should be good to go! Good luck.
Di
If you want HM, I can recomend a guy, or, if you want a conventional, I know someone that might be able to help you. I've done business with the HM guy before, but not the conventional guy, but he was working HARD to get my business, just couldn't come up with a program that'd fit my situation. PM if you want the #'s.
I am in quite similar situation, but without the forclosure. Repairing 565 credit score, 20k on hand etc etc.
What would the ideal REI would fit this situation? Are there Hard Money lenders that do 90% financing. The homes in my area run in the 125-160s or so.
signed,
lurking and learning......
most subprime lenders will go down to a 500 scores, a few will even go to a 480, but you will need a down payment of 10 to 20%. and collections and charge offs in the last 2 yrs must be paid down or total less thsn $1500.00. You'll also need at least 2 yrs in the same line of work, 2 yrs tax returns for a full doc loan. I would not recommend that you try to go stated income with that score as your interest rates will be outragous. Try for the programs that are offered by a trusted mortgage broker in your area, thru a seasoned loan officer. It is possible that your broker can do a Rapid Rescore for you after you clean up what you can on your credit report, this will help you to obtain better financing in the future. :-D