Can anyone do a bad credit loan?

I would like to buy a rental property in Iowa. I have a 535 credit score and 2 accounts that are currently deliquent but im working on getting the money to pay them off. ive been self employed for over 2 years. Im looking to get under 50,000. Can anyone do a loan like this?

Tim Case

Are the delinquent accounts you are referring to mortgages? If not, you should be able to obtain financing from a non-prime company. You will not be able to get 100% financing, but anywhere from 80-85% should be available to you.

no the accounts are not mortgages. by non prime do you mean hard money?

Non-prime is sub-prime. Some people find the term sub-prime offensive so I try to avoid it. Since the late accounts are not mortgages you should be able to qualify for financing.

Even with a 535 and self employed? Ive came across alot of people who say it cant be done. And I dont think hard money lenders will do loans on rentals.

Tim Case

Even if they did the points and high rates would make it a negative cashflow situation fast.