Rehab Money - Investor Back Out
Hi,
I have a property under contract that I will be rehabing. I have an investor that will be lending me 20k to do the rehab (I don't have enough cash to do it myself).
My question is, if after closing, my investor decides to back out, where could I possibly go to get money to do this? My middle fico is 635...
thanks.
Im a mortgage broker by trade and with a middle fico of 635 you have many options. I can get owneroccupied properties with 580 scores %100 and and same for Non owner occupants. Only difference is the score must be 620 or higher for the non-owner occupied properties. Call a local loan broker and get some quotes. Talk to more than one. Get the best rate with the least up front costs of whomeveer u talk to and play one against the other til you find an "afffordable" program. (just dont make the poor guy starve for doing the loan)
best of luck