I know in the past there were ways to get mortgages if you have no credit.
The only option I know of is 45% down.
Does anyone have any other options?
Trying to sell a house I rehabbed.
Or if anyone is an investor and wants to buy a house I have one available :biggrin
Lot of people interested in renting but it’s under a hard money loan that ends in a few days and I need out of the loan. So looking for any options that are out there.
See if you can re-negotiate, extend that hard money loan. Then get to your small local bank and talk to them about your financing crunch.
Market the heck out of that house! You are in a bad spot, with no credit and a hard-money loan due. Make this a learning experience so you don’t get caught there again. Always try to have a plan for the worst possible case.
Furnishedowner
If you’re at risk for losing your shorts if the HM loan comes due, call some of the local homebuyers to find out how fast they’d be able to close on the purchase of your house. Obviously this would be a last resort (since you probably wouldn’t make a profit on the sale), which it sounds like you might need at this point…
Maverick,
As a HML myself i know if I got a phone call from you expressing needing a few more months extended on your loan I would oblige…No HML really wants to take anyones house unless you have been not been current on the HML from the jump…Offer to make monthly payments according to the rates of your loan for another 6 month period…I highly doubt you will get a NO unless you are working with a huge conglomerate HML…I work closely with my borrowers…
Been calling “we buy houses” people and getting no where. They just want to vulture.
The HML is working with me to get them sold but that is a process and I will have to pay for the extension. Started the fall behind the past 2 months because huge car repairs right after my warranty ran out but that was explained to them.
The loan was due yesterday.
I have that guy with no credit who wants the house and has about 9% to put down. Was really hoping there might be a way to get him into the house and me out of it.
If it’s sold then they’d take the extension fee and whatever else out of my profit. And since it’s overbudget I’d be lucky if I breakeven.
Have to take 2 contractors and a tenant to court too over this so it has not been easy.
Maverick,
If your buyer truly has no credit scores then it is fairly simple to get him scores, but it will take a couple of months. Have him go get a secured credit card that reports to all 3 bureaus. This is the one I send my customers to.
https://www.publicbankcard.com
He will have to put money into an account but even $300 should be enough to get him an initial score. Have him use the card once a month for a tank of gas. Pay it off in full every month. In 90 days he should have a nice reporting tradeline that will allow him to qualify for the purchase of your home. I would also let the guy move in and owner finance for awhile while he is working on his credit. this way you have some help with the mortgage.
If you sit down with your HML and explain to him your plan he should be okay. As RookieNYC said “make monthly payments”.
If your buyer has no credit you can do what is called “piggybacking” and have him piggyback off of someone else who hasw great credit. If you don’t know anyone who can help with this check this website out www.boostmyscore.net. After about 30 days your buyer will be able to get a mortgage. Hope this helps! Good luck!!
I know of a no credit check program available for your buyer. He will need about 11% for down payment and other fees. You will get 80% of appraised value.
If you have a Senior Home Owner 62 yrs or older they can use an FHA reverse mortgage to purchase your home as owner occupied. they would need 25-40% down. There are no credit qualifications.