I have a fica of under 500 due to charge offs, I own a home with no mortgage, valued at 82000. I would like at least 40000 to consolidate my debt, and make some home improvements. would prefer home as investment property, Is there any help? what about hard money or private investing.
Howdy Joym:
Most HML’s will loan up to 65 or 70% of the appraised value after the repairs. They will escrow the funds for the repairs and give you draws as the repairs are done. A low score will not scare them away. It helps to have construction experience if the rehab is more than paint and carpet. Income is important too. Some will even roll a few months payments into the loan if you were buying to fix and flip.
Take care
shoot me if i sound ignorant, but is that a yes or no? :
:
Howdy Joym:
Yes you can borrow money even with no job or credit.
Another Newbie here…
what is a hard money loan/lender and where do you find them…i have a property that i purchased for $180k…i need a rehab loan $100k…with the ARV being approx. $350k
There is a list of HMLS on this site. What state are you in.
Rob
another newbie-
I live in the state of PA and am looking for an HML. I have researched the ones on this website and contacted a couple. ANy other suggestions of where to look for HML’s?
Joym
If you own your home outright and it’s valued at $82,000 you should be able to get a home equity loan on the property with out going to a hard money lender. You are in a good position owning the home without a mortgage. The HELC would be a much less expensive option.
Most Hard Money lenders only like to loan for short periods of time. Paying off that debt should help improve the credit score.
Good Luck
NDI