Need Financing advice

Hello all,

Just had an idea that maybe someone could help me with. I’m looking at relocating to soutgh carolina. and either want to purchase a home or buy land and put up a modular. Now i know conventional lenders look a length of servise with your employer. I’ve been told they can get around this with a letter of intent to hire and can go to closing the day i start work.

Now i don’t have the numbers infront of me but i know my debt to icome level is a little higher than normal. and last time i pulled my fico it was a 620, since then i have paid off a personal loan and aquired a some more credit card debt to to medical expenses. Not to bad though, No lates in atleast the last 24 months.

Option #1.

Find a home say for 70k that apraises for 80k. Private lender give me the money to purchase the home. Next day i refi and they walk away with there origianl 70k + 5k for helpin me out… talk about quick money.

Now what i really want to do is buy a piece of land, and put up a modular. A brand new home sounds real nice. and to my understanding they aprase the same as a stich built. Any way these are some rough numbers i could be way off but lets see.

Foundation… 10k
Uti hookup…5k

Grand total…70k

Now it should be posible tovhave built in equity when the project is complete right???

So say she apraises for 80k. I could do a refi to repay the private or hard lender that finaces this project. and walk away with a brand new home in a nice sub div and the investor could walk away with 5k-8k within 6 months.

Now i’m sure there is something i’m missing. Please let me know how i should aproach this. I’m looking for a home for my family. Not to make money, and if someone is willing to help me with this project I’m sure they will make a nice chuck of change quickly.


Don -

Don’t be too hung up on the employment length, continual service, etc. I have been doing loans for a long time - if you truly can afford the home but the employment history is questionable - a no doc loan or stated loan would be fine - IF and I mean IF the credit is good - by good I mean 680 or higher. If I were you, I would check your credit score (the middle score) if it’s around 680 or higher you should be able to qualify for a no dock or stated loan. Go to a hard money lender as a last resort!!!