I am looking to buy/fix/sell a home. I have the funds to fix it up and will do it myself… I am wondering about getting a no doc loan just to buy the property. what type of credit scores do you have to have?
Howdy Handyman1977pa:
You probably will not be able to get a typical mortgage loan. Most want the property in livable condition. Hard money lenders ( HML) may be the way to go if you can not get a loan from a bank or a private investor. They are a lot easier with credit scores but the loan amount is generally less, in the 65 to 70% loan to after repair value range. They will include the fix up costs as well in that total which would give you use of your cash for other costs. There are several HML on this web site that may be able to help. Keep in mind that they are not cheap so you will need to find a better than average deal. Do not forget other expenses also like commissions, 6 months carrying costs and taxes, insurance etc. The good news is the credit scores can be below 500 with previous BK, foreclosures and the like are not as important as your construction experience and the deal itself and the loan to value ratio.
Hope this helps some. I was expecting some lenders to step in and help you with your question too. Maybe some still will
LOL