How do I find a lender that will help individuals like myself with bad credit history to get a mortgage? I have been working in this arena for about 10 years now and I cannot seem to get my first deal done. I currently can find houses all day long for low prices and do not need much work to get them up to a very good resale value. But my problem is I cannot find anyone to help me with the financing. I work for the county and have been on the job long enough to meet all job requirements but cannot find a hard money lender.
Any information would be very much appreciated.
Well financing is possible to clients with at lest a 500 fico score
THESE ARE GENERAL GUIDELINES AND THERE ARE ALWAYS EXCEPTIONS TO THE RULE AND NICHE LENDERS THAT WILL LEND HIGHER OR LOWER LTV’s DEPENDING ON IF THEY HAVE BANK RUPTSY AND/OR FORECLOSERS AND THEY TIME BETWEEN THEM AND THESE EXAMPLES ARE BASED ON FULL DOCUMENTATION OWNER OCCUPIED
(stated [SIVA,SISA] NINA, NIVA,NO DOC and NOO programs would have different credit score requirements and LTV limits and would take at least 10 pages to decieffer them all)
If they have a fico score between 520-500 then you would have to sell it to at 80%LTV and possibly some seller paid grants or seller financing of 5-20%LTV to get them into the home depending on the amount of money they can come in with the deal
If their score is 539-521 they may qualify for an 85% LTV
same as above with grants and seller finacing idea
559-540 possibly 90%LTV with 10%down again same idea with seller financing or grants
579-560 the loan amount will be around 95%
580+ you can get 100% OO home
this should give you some ideas you can also refer to this thread on how to get financing
http://www.reiclub/forums/index.php?board=26;action=display;threadid=4004