We apologize, but the forums are closed for new posts. Click Here To Join The Unemployables Facebook Group

Welcome, Guest. Please login or register.
January 20, 2022, 02:47:54 am
Home Help Search Calendar Login Register

Welcome, Guest. Please login or register.
January 20, 2022, 02:47:54 am
Home Help Search Calendar Login Register

Author Topic: Financing options  (Read 4226 times)

Offline mlachap925

  • Member
  • *
  • Posts: 3
Financing options
« on: February 16, 2004, 10:52:44 am »
Does anyone have a financing source that would be able to fund the following scenario?

An 8 unit multi-family property listed at $225,000 in th state of Maine.  My current credit score is approximately 630

 Current owner would hold second in amount of $22,500 (10% of balance)
I would need a mortgage for the balance of $202,500

I know it is rare for any commercial programs to fund a loan where the new owner has no skin in the game, but I was wondering if anyone was aware of any potential  programs that might be available for this scenario.

Thanks for any help you can provide.

Michael

Offline RKIMBELL

  • Member
  • *
  • Posts: 5
Re:Financing options
« Reply #1 on: February 20, 2004, 11:36:30 am »
michael, if worded right in the purchace agreement the $22,500 could be shown as a downpayment. If the seller is flexible and creative. Just a though.

Ross

Offline redduc

  • Member
  • *
  • Posts: 1
Re:Financing options
« Reply #2 on: February 26, 2004, 11:14:10 pm »
and if you talk to some loan officers you can use the rents from those 8 apts. to get your debt to income ratio down and to raise your monthly income. You should qualify for at least a 70 or 75 %LTV

 




SMF 2.0.15 | SMF © 2017, Simple Machines