I NEED A LOAN AND I HAVE BAD CREDIT (SCORE OF 475-530), CAN SOMEONE HELP?
I AM LOOKING TO DO A DEAL WHERE THE HOUSE TO BE PURCHASED IS IN GOOD SHAPE EXCEPT THE SIDING AND WINDOWS, EVERYTHING ELSE HAS BEEN UPDATED. I WANT TO GET A CONTRUCTION LOAN WHERE I CAN BUY THE PROPERTY, GET CLOSING COSTS, AND MONEY FOR THE WORK TO BE DONE. I NEED A TOTAL LOAN OF UPTO… $60K MAX. THE HOME WILL BE WORTH APROX $80-$85K WHEN DONE. DOES ANYONE KNOW WHERE I CAN GET THAT KIND OF MONEY, I DON’T HAVE ANY MONEY DOWN, THE MONEY IS IN THE EQUITY.
IF ANYONE CAN HELP WITH ANY KIND OF LEADS I WOULD APPRECIATE IT… PRIVATE LENDERS, ETC…
u need rehab money with purchase money. hard money will eat that profit margin up fast with points and high APR. u should look to a fellow investor who has the cash/credit to put up in ur area, or a family member or friend to borrow from, on a promissory note. if u find an investor in ur area, work out a deal with who gets how much becuz u found the deal, he has the cash/credit.
also, u can get this property under contract and assign it for a fee to another investor
it’s gonna be difficult to get loans with a low score like that, at least traditionally and conventionally without using the profit in the deal to get it.
Hi all
Have you tryed amerisave? They are helping my husband and i get into our first home and we both have bad credit. im talking to robert stokes he seems really good. We are just waiting for the pre-approvel letter. ya