Suggestions for Primary Residence???

I have an opportunity to purchase a home which is appraised at 80K last time appraised and the nbroker states they have had it 371 days are motivated to sell it.

My trouble is I have not enough money to put down any and my credit score as far as I can tell from one source was a 580. The others I do not know. I have only one bad account on it and 4 paid loans and only been in country for 2 years. I can get loans for commercial and construction BUT everyone says they need income and downpayment of 5% to do a primary even if LTV is less than 70%,

Example The house above appraised at 80K is listed at 52.5K and I was told by the listing broker that she has been instructed to get a bid on it as it has been on maakret too long. It is held by mortgage company and located out of state where I am from. I am wanting to relocate there but have no confirmed employment for them to show income. I am self employed and make enough to do this but dont show it in a private company or taxes eat you up. I was told if I offered 35K they would probably jump on it. This is structturallysound and has an extra large lot. I even tried a blanket since most lenders wont touch sommething this small. I have a deal of 2 houses both 4 bedrooms 1 bath an extra lot with one, a 2100 sq ft commercial building on main street and a resteraunt and building on main street as well for 135K for it all. The appraised value is 210K.

Is there anything that will allow me to do an investment and primary as a blanket to exceed past the 50K limits or is there a lender that would touch a deal with my score??? I am at my wits end here with this and wanting to move back by my wifes family and only have till may 1 to do it???

Can someone help with this ASAP???

Please do not contact with a sales pitch on how if I give you 500 you can search a databank for lenders and refund a PORTION of MY money IF you can do YOUR job and find me a loan which I will pay 14% for!!!

Might help a bit if you gave a location for this property. Maybe someone will know of a hard money lender in that area who can help.

The location for all of these properties for this package deal are all located in the SAME TOWN… in SOUTH DAKOTA!!!

Sorry I thought I had that info in there. My mistake.

Any help would be appreciated.

I doesn’t matter how you get into a house, just get in. Owning the house you live in is Paramount. Why pay someones note. But in any event you should ask a agent to represent you. They’ll be able to comp the house out.

Will the seller willing to hold a second?


I have been informed to structure this with all residential and keep the commercial stuff seperate for lenders purposes. Why?? I have no idea but it is done.

I coupled the two 4 bedroom houses with 4- 4 plexs. The plexs are 11.5% cap and running 97% occupancy. They have waiting lists to move into this buildings. The plexes are very solid and nice community in SD. All in same community as houses.

The appraised value is 710K and the cost is 570K. I have been told this is too big now. First too smll then too big. Sure glad I am only juggling paper and not moving a piano.

I am persistent and will not give up till I get going on one deal. My goal is to have one deal done within 3 months. I am not aiming too high for now as it is hard to find out information which I can understand and cant find a willing partner to help. My credit score is not too bad I dont think since only being in country 3 years almost I have close to 630 now and working on improving it. I have no bankruptcy or foreclosures or tax liens.

I am hoping something will break soon as I have read many state that you can get financing if over 500 but I cant find any. Been to 5 so far.and notta zilch nothing zero nadda no go zip goose eggs !!!

Happy Easter!!!

Why don’t you just find a partner to work with and split the profits. They can be the $ man, you do the work. I just can’t believe that if a deal is that good (80k-52k) or even better(80k-35k) that a $ man can’t be found. It seems to me the deal just isn’t that good or it would have been scoffed up by now (371 days) - if it was that good it would have lasted about 3.71 seconds. There must be something inherently wrong with the property. I don’t know just my guess.

Good Luck

There is nothing wrong with the property. There are many deals like this out there as I have come across quite a few in last couple weeks and I am new.

I am seeking a partner as it is not so easy to find a partner willing. If there was an easy solution to this such as find a partner then I would have done this.

As previously stated MOST lenders wont touch UNDER 50K!!! The ones who do wont touch a person who has less than 660 score or need residency in same state for 2 years OR the main one is that since it is PRIMARY residence even with this kind of equity they will not do it. I have approached MANY HML and get the same answers.

I have a 630 score and this is a 59% LTV with a higher potential after rehabbing the basement BUT I am having troubles getting a smaller lender to assist. If anyone knows of one which does small loans to get soemone started I would greatly appreciate this.

I would share the profits of the equity even after financed then refinance with a lender to get away from HML and the equity difference I would share just to get my family in this house as a primary residentcy would increase my FICO as well as my abilities to have a stable home for my kids instead of renting. I am running out of creative ways to do this and have emailed all the lenders I found in a google search for HML and still got nothing.

Is there a source besides the links here and a google search for HML which may have a directory to locate somoen to do this for me???

Thanks and I appreciate any help honestly I do and not meaning to sound abrasive just frustrated with this and starting to think REI is not for me or achievable till I have too much money that I dont need to borrow any. That seems the only time they lend is when you dont need it.


why don’t you try and get in under a lease purchase program. Offer the house holder a small down payment like $500, negotiate for lower than market rent. With a motivated seller (willing to sell a 80K proerty for 35K), I would think they would take this deal, specially with a guarantee of purchase in a year or so. Most lenders will treat your rent payment as mortgage payments and will refinance the house for you just as if you owned it. This will give you a whole bunch of time to clean up your credit for when it comes time to purchase. A mortgage Broker who knows what your doing will work with you, as you will get your loan through him when it is time. You must make all your rent payments on time and be able to prove it. Pay by check.


Additionally, regarding your comment about finding investors, I thought the same thing. Then last week I developed an Investor Package for my REI business looking for 10K from 5 people to do Lease/Options. I spent 12 hours developing the package and e-mailed it to 10 people I knew (no relatives). When I woke up on Sunday I had 4 committed, 1 on the fence,2 wanted more info, and 3 did not respond. Imagine that!, Now I will be doing deals with none of my own money. So I thought it couldn’t be done either, but guess what - it all can be done. There is a solution for every situation - you just have to find the one that fits, and sometimes bust your butt to get it done.

This is a bank owned property and I approached them. They just want rid of property and wouldnt consider since my score was only 629 and it is in another state where I do not have 2 years residency and the 2 years of Job history. I have 2 years fromCPA with 1099 BUT not same company.

Has anyone had any experince on closing something like this at all???

I jsut wanted to bump this up to acknowledge a great thank you to those who have been helping me with this…

I truly appreciate your time and consideration in this whether I get it or not time will soon tell BUT I did want to say Thanks for all those who tried helping me along with the hoops and learning curves.

If I do get it …You are invited to the house warming party.


P.S. Bring your own llawnchairs and expensive gifts!! LOL