Well actually we have the 10% to put down if needed. So far all we have been told is we would need 5% so that covered no problem. We have excellent income that supports this mortgage. We dont have cc’s or car loans. We are just trying to get our credit score up after some identity theft that we are still working on.
We have been told by several lenders that we could refi after 12 months or after we get the identity theft off our credit. They all say our income supports it… just not our score. :0
We have found a home for 510,000. Owner will carry the balance with a balloon after 12 months if we can get a loan for 300,000. We have 25,000 to put down but we cant get finance ANYWHERE with a middle score of 529. We cant seem to find a hard money lender that doesnt mind a owner carry second. We have thought about doing a warrenty deed or quit claim ( property is owned free and clear) and as soon as we get warrenty deed or quit claim we could refi the next day after its filed. Is this true or how could we work this?
If this is a super price, I’d recommend you wholesale or flip it to someone else, generate some cash, and work on your credit. Either that or find a partner with excellent credit. Remember, owner financing isn’t necessarily a profitable thing, unless the cash flow is substantial and/or you are getting a discount on price to make it worth the investment.
Thank you for the reply. The lady who is selling is very attatched to the house and wants a family in it that will live in it and love it. We love the house and would like to live in it also. Having said that… is it possible to refi after getting a warranty deed or quit claim? The house is free and clear. If so how hard is it with that kind of score? The house appraised for over 600,000 so even if they only did 80% we could do that. Thank you!