Sub Prime Lender & Hard Money?

Financing, Hard Money Lenders, Private Money
1

Hello everyone,

  1. Sub Prime Lender? Hard Money Lender? I’m a bit confused, but I’m assuming these type of lenders are for people with not so good credit. How do these loans work?
  2. Is it possible to get a home loan with no money down, FICO score around 575 and a single parent at $40k a year. If so, which way do i go?
2

You should be able to get 100% at that score. Keep looking. :smiley:

3

Yes 100% financing is possible for investment properties or owner occupied mulitfamily. check for 80/20 programs…lots of banks have them. BNC, New Century, IndyMac…

4

Yes it is possible to get a 100% loan with a fico as low as 560 as long as it is

  1. owner occupied and not an investment home

  2. If is full documentation

An other possibility is there are lenders that will use your big score or the highest score on your report or one credit score.

There are other ways to get !00% loans if you have lower scores than 560 Non owner or other wise using seller financing see the following link

http://www.reiclub.com/forums/index.php?board=26;action=display;threadid=4002

p.s. Just a FYI

Subprime loans are bank funds other than conforming "A"paper loans and are not nessarily for bad credit they are just out side of prime loans.

Hardmoney is Private funds by Private investors.

5

:-*
Thank you all so much for taking the time to answer back. This is extremely helpful. Much Blessings…Toilath:)