Hi,Im new to real estate investing,would appreciate some information on hard money lender that operates in new york state.Would like to know if it is possible to get 100% financing including closing costs and rehab costs with a very poor credit score.most of the deals im looking at are priced at 40,000 to 60,000 with a rehab cost of 15,000 to 20,000 or less with me being the contractor, because im already a remodeling contractor.with arv being 100k to 120k.
Would also like to know if there are any mortgages available for people with not so good credit and not alot of money for a down payment because if i could refer people like that to a mortgage company,i would have them lined up down the street to by a house.
Paint,
Please look at the hard money lender list on the left hand side of the page under investor resources.
100% financing are for fico 620 or above.
Would like to know if it is possible to get 100% financing including closing costs and rehab costs with a very poor credit score.
Paintdad, Unfortunately a HML lender will not lend near that %. At best you may be able to get 75% ARV
Would also like to know if there are any mortgages available for people with not so good credit and not alot of money for a down payment because if i could refer people like that to a mortgage company,i would have them lined up down the street to by a house.
FHA loans are designed to assist the individuals that you mentioned. Contact a good local Broker and he/she should have access to a variety of programs.
I have found that some HMLs (rehabfunding for one) WILL loan the closing costs and repair costs AS LONG AS the total isn’t above 65% of ARV. But I think the min. fico score is 620 You may find someone out there that allows for lower fico or who doesn’t check fico but it will take some searching. How about looking for a private money loan?