Private lenders

I have a good credit rating (about 800) and I have two (2) mortgages on my personal properties and I went to Countywide to get pre approved for a mortgage for an investment property and the wanted 30% down.
I do not have that kind of money and pulling that much cash out of my pocket does not cooinside with a NO DOWN PAYMENT theory which I am going for, hopefully.

Are there any private lenders, or lenders that will lend against the value of a property as apposed to aggrement price?

I am looking to invest in the Delaware County area of PA.

There are lenders that can do this type of financing but they are generally short term loans with higher terms. You wouldnt want to keep this type of financing on the property.

If the loan amounts are low enough it may make sense to use short term financing to purchase and then refinance into a conventional loan.

If you can qualify full doc there may be some more conventional options available for you.

Are you a lender?
Can you lend in PA?
If not, can you give some names of lenders in SE PA?

Not a lender but will help try to get you in the right direction of a lender in PA that may be able to help you.

There are a handful of wholesale lenders still offering 90-95% either in a FIVA/SIVA submission format in PA for someone with a 800ish FICO—what you ultimately can qualify for will depend on things like cash reserves, how you document income/assets, # of tradelines, etc.

There are no hard money lenders that currently go to 100% unless rehab is involved.


Scott Miller

Just wanted to make a clarication for readers and maybe this is was Scott meant.

While it is correct that there are no hml that will fund 100% of the as-is price. There are hard money lenders that will fund 100% of the purchase price without rehab working being done.

Loan is based on as-is value, typically only 50-65%.

Locations for these lenders can vary.