Need Help with Financing

Financing, Hard Money Lenders, Private Money
1

Hello, first I would like to thank everyone on this board for all of the valuable information you provide.

I am looking for an investor friendly mortgage broker in Ohio. There is a HUD property that is currently listed that I am waiting for them to reduce the price, at which point I would like to offer them $50,000.
The property is appraised by HUD for $60,000. The reason that it has not sold already is that the appraiser for HUD said that the furnace and plumbing were not functional. The only reason that they are not functional is because the power is turned off. This information was given to me by the realtor and previous owner. The tax value on this property is $73,000. The home only needs some cosmetic work and should have an ARV of $95,000.
I would like to find a loan with as little out of pocket as possible. If I had to I could put 10% down to make the deal happen. My middle credit score currently is 676. Usually I get a small bump in scores around the first of the month and hopefully my middle score will hit 680 around the first of September.

All help and suggestions appreciated, :smiley:

Janice

2

Hello, Your credit score is good. You should be able to get traditional financing locally. Try the banks and credit unions. If all else fails, you may want to consider a Hard Money Lender as a last resort.

3

With your credit you could get 100% financing stated.

4

100% financing should not be a problem. You may want to do an 80/20 loan to avoid mortgage insurance.
Good Luck