I have been approved for up to 80% for a Home.
My credit score was only 450, I am having difficulty
coming up with the 20% down, this would be my first
investment home.
Any ideas would be appreciated. I am eager to make this
work.
Big question: who were you approved by, a bank or a mortgage broker? If it was a bank I would recommend you go to a mortgage broker, yes the rates are a little higher, but they WANT you to be approved. If it was a mortgage broker, go to another one for the 20%. Also, some mortgage brokers will work at cleaning up your credit (in my opinion that is worth the higher interest rate).
Ask your broker or banker if the loan will let you get a seller carry-back, if they do they usually only allow 5%-15% of the down payment carry-backed. That is not the whole 20% but it gets you closer and easy to come up with 5% rather than 20%. But of course you have to get a seller willing to do this. Or like Melanie said go to another broker for the 20%.
Good Luck.
Hi Holiday Mom,
Why are you wasting your time with banks and mortage
brokers? This is an investor website, buy from an investor
in your area.
You have the following advantages:
Credit score is not an issue, by on l/p or l/o for 24 months,
make all payments on time and build up that credit score.
Low dn and when you get a mortgage, it is a refinance
not a 1st mortgage, no much easier to get, no dn payment
and closing costs usually included in the loan.
If you found this site, you can find a house now with alot
let hassles. Go to www.nationalreia.com, find a real
investors club near you and get started. You may be
in that new home by New Years!
Just my 2 cents worth! 
Spinner
Anderson, SC
The thread I started is locked? Why is this?
I do agree rentals is the lazy way to riches for many, but my dilemma is that I don’t want to live in the U.S. consecutively for more than 2 years at a time.
I am currently in Vietnam.
For this reason, I am trying to focus on something that will produce positive cash flow, even at a low rate - but most importantly allow me to work and live overseas.
I should have clarified that more.
I do think my original thread was too brief and left the impression that I was a lazy newbie looking for the easy buck. Not true to me, however.
May I ask why my thread was locked?