has a nybody ever dealt with this lender( brookview financial)seems pretty good any feed back will be appreciated

There’s better lenders out there!

14.99 APY with 4-7 points…FICOs of 630 (exceptions on a case by case basis)…You will need to put 10-15% to get to 75 ARV and 0-5% to get to 70 ARV…

There good, but there is better…


Scott Miller

So who is the best with 500 ficcos

With a 500 your best bet is to start paying some bills and get that score up. In real estate your credit is not a toy it is a tool. You use it ONLY to invest. Don’t use it to go out for tacos or buying a new plasma TV. Having a 500 score and being in real estate is like a farmer selling his seed corn instead of saving it for planting season. Credit is the life’s blood of the real estate investor. Without it you are not an investor. Get with an investment quality mortgage broker (not the ones that do their business with owner occupied loans) and get him to look at your credit report and score and make a plan to get your numbers up. Almost all of them either understand credit scores enough to give you instructions on getting it up or can refer you to a company that can do that. Your score needs to be 650 or higher and you should learn how to keep it there.

I tried to quote the above post, but it kept erroring…

My scores, as of 2/8/07 are 554 EX, 529 EQ, and 599 TU. I have since added a credit card and all my bills are current. There ARE some old delinquent collection accounts I’m STILL trying to clear up. Problem is I ran outta the money to clear it up right now, so I need more deals to be able to do so. Are there good HMLs out there that will lend to someone w/ my scores? I am looking to get the best % of ARV possible, obviously. I don’t really have money to put down, but I could probably get it in a pinch if I HAD to to get deals done. Other than what you stated above, which I both appreciate and agree with, are there things I can do while I try to build my score up and still play in this game? There are SO many good opportunities out there, especially in my area, that I don’t want ot sit on the sidelines while I fix up my scores and miss out on a good time to make some real serious money.

You could try bird-dogging or wholesaling. Both of those things will help you get your feet wet while you are learning the real estate business. Do you own your current home? If not you may be able to purchase an owner-occupied property for yourself. I am not suggesting for you to lie about occupancy to get a loan. But I am saying you could maybe qualify for an FHA or a MYCommunity loan for a home for yourself with little or no out of pocket expenses. This would help you accomplish a couple of things. Your credit score will slowly rise as you make your payments on time. You will be building equity, and depending on the home you can do some rehab work and see if it is even something you are interested in. Hope this helps.

Yes, you need to find someone that knows how to work to repair credit! Get that going. You could also look for a partner that would be on the loans that has better credit. Or you could do what others have suggested. Start by birddogging or wholesaling the deals you find as you build your credit back up.