Posted by Rich-CA on June 22, 2008 at 18:56:45:
because they cannot sell it to Fannie Mae/Freddie Mac which is the definition of a conforming loan.
finding the money - Posted by glen
Posted by glen on June 22, 2008 at 17:00:24:
I have heard over and over that if you find the deal the money will be there. Hard money is a joke, it’s no more than a conforming loan with much higher interest rates.They want credit reports etc.
I have heard from several investors who have raised money from private parties. They advertise for them and make sure they conform to their state’s security rules.
Right now that’s what I’m considering. It would be nice though if I could find funding with other investors or at least be pointed in the right direction.
I have houses I am locating and have a contract on one now…170K appraisal in April, 40K to totally rehab, I can buy at 75K. I was going to put 3000 on it for an assignment if I can’t find funds to rehab.
Any suggestions?
Thanks, Glen