Other Peoples Credit

Financing, Hard Money Lenders, Private Money
1

I have a deal pending and after talking to the mortgage broker yesterday my credit has dipped since I became self-employed last year. It is now down below 680. If I can find someone with a 680 or better credit score I believe that we can do an interest only note with a very low rate.
If I can get it done this way then there is about $20,000 profit on the front end and about $10,000 - $15,000 on the back end plus a small monthly positive spread.

What is the best way to structure this deal? This is for a short term hold - probably 1-2 years only. Then cash out. I guess the note stays in the name of the person whose credit we used? Right. Also, we can show a rental agreement showing payments will be more than the monthly PITI payments.

What else do I need besides someone with the credit?

Thanks

Rob

2

Interest only programs are available down to 580! Keep all the profits for yourself, Also this is why I recommend everyone seeks out correspondent lenders and mortgage bankers. Brokers just don’t have the ability to get creative or bend the rules a bit. Bankers and correspondents can get approvals on deals that brokers can’t.