I am trying to buy a property to live in and can not find any financing. I have a credit score of about 569 and have been self employed for over 16 years. The loan would be for approx.70000 on a 100000 property.The property is quite livable but requires updating which as a contractor Iwould do myself, any help would be appreciated.The property is located in akron ohio,44312, thanx again in advance.
When you say a 70,000 loan on a 100,000 property does that mean you are putting down $30,000, or are you getting it undervalued? Even with the 569 you should not have a problem getting financing? is there more to your story? Do you have previous mortgage or rental lates?
Thank you for the response christopher,yes the property is undervalued mostly because it needs updated and is on a slab(slabs do not sell well in this part of the state).I have had leins and judgements in the past that have been satisfied but am still unable to get financing.I have spoken with my bank and other "money guys"and am taking steps to qualify conventionally, but wont be there for 12 months and this house is exactly what i have been looking for.My AOL IM is in my profile and my pc is always on if there are any resources you can point me to, it would be appreciated.Thanks again.
Are you looking for 100% financing? Will the property pass an appraisal as is? Post those details if possible.
100% if possible, and yes house is livable and would pass an inspection.