Is this possible for getting a HOME????

Financing, Hard Money Lenders, Private Money
1

I am a little bitter so bare with this anger tone in the writing. I was just in receipt of the notice that my prequalification and preapproval letter which I was to receive was quashed… they asked for a million other documents a FEE for processing AND a co signer!!!

Now tell me if I am in dreamland or if this is at all possible and how I can go about doing this without wasting my time dreaming and hoping it to come to a reality…

I have a 600 score now due to all the pulling of my credit which was a 629 mid. I am self employed with LOW income BUT I have a company in which i JUST THIS week have signed the contract to take it into a reverse merger and go public to be trading on open market boosting my income to a six figure income. My debt ratio is 28%. and I have no foreclosures nor any judgements.

I am trying to close a deal which I have a signed contract contingent on financing. The house is appraised at 59K without repairs and I have it for 48K with them paying closing and replacing the heating system as part of the deal. It also comes with 2 extra lots which I do not know whether I can sever them.

This property has been inspected and meets with my mother in laws approval who happens to be an agent. She looked at comparables and said they are 65K to 80K. This house only needs cosmetics and I planned on finishing the basement with adding a second bathroom since it is a 4 bedroom and one bath.

My trouble is

  1. SELF EMPLOYED
  2. LOW INCOME PROOF
  3. Not So HIGH of SCORE
  4. Being in South Dakota which might as well be in a seperate country
  5. Under the 50K minimum lenders do loans for

I dont care if I have to pay a few extra points on the loan and would look at HML for a 6 month to a year BUT BUT BUT They do not lend for OWNER OCCUPIED.

Any suggestions for a very upset and almost defeated individual here in the REI arena???

My apologies for the abrasive yelling in this explanation of where I am at.

2

I should add I am also a Canadian who has only been here 2 and a half years and so my trade lines are limited as well

I have paid my rent which happens to be almost double what the mortgage payment would be and not been late BUT it was cash.

I ony have till mid may to get all this done and only trying to get a primary residence for my children to be out of this state for I dont agree with the educational system here and do not want them moving all over the place. Stability and Good Education is all I pray for.

Man…tell me I dont ask for too much

Any advice is appreciated as this newbie (cat) has nine lives and this was number 8

3

:slight_smile: I have been investing in property in ND and I have run into some of the same issues. I suspect that you are in a rural area of the State of SD and you are at least 50 miles from the larger cities. Property values are typically much lower in rural areas than the larger cities and big banks don’t want to have a foreclosure in these areas.

Does the SD have a 1st home buyers program available, there is one in ND. Qualifing for these loans is usually a little bit easier. Have you contacted any of the Mortgage brokers that frequently comment on these forums? Don’t give up.

Good Luck
NDI