Lookin for loan for kids in DFW/TX area

Financing, Hard Money Lenders, Private Money
1

My daughter and son n law, great kids, are tryin to get into a home that is a great deal, 89k. Comps are 120k. They have 10k down, both are working, good jobs with total income of 8k/mo. Current credit rating is poor and climbing, they rent for approx 1k/mo. They recently moved to the area from Tenn. Is there anyone out there who can help them or refer to lender? The sellers of the home are a couple of old folks who want to cash out, dont want to take back paper. They have priced it way under market to move quickly.

2

if there credit is poor they may have a tough time qualifying on their own. If you are willing to co-sign for them there are programs available that they may qualify for. I will send you a PM.

3

thanks Chrstopher, I would not make a good co signer, my credit is in bad shape and I work for myself. My sn law had a bad experience with a co signed loan several years ago and is super negative about that. My son lives nearby and prob would if asked, but they would def like to do the deal w/o a co signer. They would be more interested in a higher rate loan that they could refinance within 2 yrs. total amount financed would be around 80k which would be very close to the wholesale value of the home. They can handle monthly payment of 1k very easy. they could also handle a balloon payment requirement of several thousand in 6 months if that will help get it done. they are not first time buyers, this would be their second time.

4

Hi Deuce,

I live and invest in Dallas. I’ve purchased homes at a deep discount before and “financed” it back via a land trust or an all inclusive deed of trust.

Cheers

Chris

5

Mods,

My apologies if I crossed a line by offering to help. I’ll re-read the rules to make sure I don’t cause trouble.

[edit]

I see now where I screwed up. Sorry about that mods.

[/edit]

Cheers

6

Chris,

Thank you for reading the rules and welcome to the forums.

7

Deuce,

Because they have 10% down they may qualify for a non-prime loan or an FHA loan depending on their credit scores.

8

Thanks again, Chris, for the tip. :beer They really are a great couple and I hope they can get into a house instead of flushin the income down the tubes on rent.