Having a hard time with financing

I dont have cash. How do I find lenders that will help me out. I’m finding that I have to have $20,000 - $25,000 in order to get some financing.

Where are you located, what is your credit score?

I’m in Connecticut and my credit score is 675-680

Greetings auggflo,

Your credit scores look pretty good. Depending on the rest of your financial situation, you may be able to get 100% financing without too much problem – if it’s for your own residence.

If it’s for an investment property, you may still be able to do it. But again, a lot depends on other key factors. Such as your income, debt ratio, mortgages or rent payment history, can you go Full-Doc, etc., etc.

I would suggest finding a good mortgage broker to work with and have them start shopping around for you. There are a lot of very aggressive lenders and loans programs out there.

I agree with mcole

Great advise mcole. find a local broker w/ experience in investment loans.

Do you have a job? W2 or self-employed?
Do you have any assets?
Do you have any time to fill out an application?

Hi lendinghand, thanks for responding. I’m a W2, I have some assets. Let me know what you have to offer.

Thank You

I’m in a similar situation, but looking into using equity from one of my existing properties to come up with about $35k. When I first began researching REI it’s becoming clear to me now that… among all the different ‘gurus’… some were saying you could make money using absolutely 100% other-people’s-money.

I think the confusion is that some were talking about wholesaling property, where you don’t need financing (unless you can’t find a buy to quickly turn the contract over to)… with Buy-Fix-Sell. For people like me who don’t plan on taking residency in order to qualify for financing (I have kids I don’t want to uproot all the time)… financing non-owner-occupied seems to be a bit harder so far.

Anyone know of any 100% financing available in the Southern California area for REInvesters?? Even Hard-Money financing sources would be worth considering, thanks.

Your scores and work history is fine

Have you also thought about using grant money in conjuctions with all of the lender options that you have buying properties

i suggest also that you work with a mortgage broker to get you some financing you criteria seems like it should be able to access you for 100% financing. Look at an 80/20 loan. That is where you have two loans, one for 80% of the mortgage and the other for the remaining 20%. It will allow you to avoid PMI.

Use the grant program in conjuction with purchasing property and that is a good thing for you to you if you do not have cash.