How To Get 100% Financing???
Please excuse the length of this posting
I've been trying to get 100% financing to purchase an investment property-after talking to numerous lenders I found out the only I could get 100% financing is if I can cover my closing costs.
So what do I do? I found a seller with equity who would pay the closing costs-Then the lender tells me that although I can pay closing costs I have to cover a .75% monthly vacancy rate -
which means even though I can cover the note I still need about more to cover the .75% vacancy rate lenders figure into loans-so on a note thats $850 a lender will want to see me pay $1333.
How can I get 100% financing?
What can I do? :
are you dealing with a hard money lender? and if the answer is yes, which one?
I spoke with a lender today and they indicated to me that they will give you 100% of the purchase price and rehab cost but you have to bring 5k to the table. Don't know if this will help.
Mark
i found local lender who will loan 100%on 80%ltv property interest only loan .depending on strategy might look @ interest only will lower monthly can always pay more principle or use cash try to talk w/ local small lenders A credit will be a must[ Edited by spiderhitch on Date 11/25/2003 ]