Originally To John Michael.... Thnx In Advance
i am just trying to get a little info concerning financial qualifications. my wife and i have been going through the refi process and i need to be be added to the loan for the sake of qualifying us at the rate we were quoted. of course this will change my status for seeking out hard money for a purchase. what i have found out is that do not qualify for what i was expecting (hard money loan). do you have any suggestions that you could potentially email me with.
It's my understanding that hard money loans are based less on credit scores and income and more on the merit of the investment. Am I missing something here.
i am kind stuck myself here too jeff. i checked to see what i qualify for with regard to a loan on investment prop and i found out that i could get a property for just under 90K. but this was before i found out that i will need to join in with my wife on our refinancing due to the student loans she has accum over the last 2yrs.
so i asked the my lender if i would still qualify at that amount for a home and he said he does not think so... what should i do. should i look at another lender for a decent amout of cash? any sugges?
thanks in advance
I really can not answer, as I do not have enough details
What is the difference?
Did the lender indicate why you did not qualify for the amount needed
Was it credit or property related?
Will the property owner take back a note?
What percentage of debt to income ratio are the loans affecting?
Are the loans deferred?
[addsig]
hard money is confusing because most of the time its really not hard money. i have been looking for a lender who will loan on the property and not my credit, because im so young i dont have any established credit. i have even had properties were the L.T.V. was at 50% after short sale with no repairs needed and they still wanted me to come up with 10% and personal guarantee. so you have to be able to analyze quickly if there really hard money or not. i think the better term for what im looking for is private money. i just get accustomed to doing deals without money.