How To Get Financing
Hello to all:How do you get financing with low credit and or bad credit nobody wants to help with this problem.I own my primary but do not have enough equity built with a FHA/VA previous.Want to get started,I've contacted several lenders and my score is too low as is my own cash flow.I know a broker that may work a little with me but I feel extremely limited and advise would be a help.Dont know where else too go,etc.newby.RDM/FL.
You should post this in the Bird Dog/beginners forum, or the financing forum. You will get a better response. By the way you may want to look into either Hard money loans, Partnering, or private financing.
Good Luck
Kyle
I think you need to find a motivated seller who will carry your down payment or a % of the down payment. Right now I am working with a guy who is will to carry 30% of the purchase price. The price of this tri-plex is 120k and the bank is going to give me a loan for 84k I hope this info. helps
Check with a mortgage broker in your area that deals with sub prime lending. Look for something like an 80/20 program with the seller carrying back the 20% and possibly paying the closing costs. Possibly combine something like this with a money partner for part of downpayment or rehab costs. Good luck.
Still working on this, just difficult to locate such lenders in my area but stii trying a few leads I have several houses I'm looking at. I hope I'm ready and set. Thanks for your input. Good investing to all!! .