Posted by Sean on January 17, 2003 at 09:40:00:
605, is not bad enough to where you can’t get a 1st morgage on an owner occupied property in my experience. If you have 3500 for a down payment on a sale price of 38.5k, you are at about a 10% down, I would definately think for a primary residence you can get a mortgage.
Call a mortgage broker up and see what they tell you. I would believe they should be able to find you an owner occupied loan for this property.
Financing REO - Posted by Mary ¶
Posted by Mary ¶ on January 17, 2003 at 04:38:46:
Hello,
I have a question on financing an REO. I am new to all this so please tell me if this is good deal or not. First let me say that it is a 5br 1bath home asking price is 38500 comps in the area go for atleast 69,900 (however there is one that is currently listed for 100,000 directly across the street, but it was completely gutted and rehabbed). Anyway this home needs a window replaced, the kitchen needs to be redone, interior paint, and carpet replaced at minimum. My husband and I are looking to purchase this home for ourselves but our credit scores are low…hubbies fico is 605. Is there some way that we could get a loan to purchase this home. We have about 3500 for downpayment if necessary but we would rather use that for repairs. We have had some credit problems in the past but have managed to maintain some good credit history to get our credit scores moving in the right direction. Is hard money the answer here? I would like to go with conventional financing or any other alternative as I am afraid of the short term/high interest rate of a hard money loan and am not sure what to do if the term should run out and we could not find financing later. Help!!