Need to get pre-approved

I am looking to get pre-proved for a loan. I have some credit problems. My credit score is 505, 475, 495 with all 3 crdit agencies. I am located in indianapolis, IN There there away to get pre-approved with HML or private lender. Let me know if anyone can help

I have some credit problems
My credit score is 505, 475, 495 with all 3 crdit agencies.

The first thing that you need to do is clear your credit situation up. You are going to qualify for very little with the scores that you have.

Unless you have a large amount of cash available to bring to close…the best loan that you could expect from a conforming Lender will be maybe 60%LTV and that is probably stretching it.

I will let a HML address availability w/ them but they will not be able to go much higher in LTV.

you can definately get up to 70-75%ltv on a conventional loan, have seen it with a 450 score.

Hello, If a traditional lender can do a loan for you, then do a traditional loan first. If not, a Hard Money Lender (HML) would be your last resort. The rates are higher and they would have upfront costs but they base their lending on the project, not your credit. I’m guessing that you have a project that needs funding?

yes I do, i wholsale properties, like 7 a month, but need to get approved for a loan for REO properties