Posted by Tom on July 01, 2001 at 01:00:00:
Sounds like buying “Subject To” might be a better option for you.
Help! Credit issues - Posted by Mary
Posted by Mary on June 30, 2001 at 18:52:49:
Last February, I had fairly good credit. At that time I applied for a 100% loan with a mortgage broker and was approved. In March, I went to a real estate investing workshop, which was very expensive for me. They told me to apply for all the credit cards I could, and I was able to open 7 more accounts. They also suggested I sign up for their advanced trainings. To make a long story short, I charged about $8000.00 to continue my training, not knowing what this would do to my credit report. I justified doing this because if I could flip a house or two, then I would more than pay for the charges. Yesterday, I was supposed to close on a home, when my broker went to the lender, they did not approve my loan because of my debt/income ratio, which is now around 80% (before it was 47%.) I would really like to flip a property or two to fix this debt issue, but now I cannot get the money to do so. Hard money lenders want me to put some money down, but I have none. Also, in this area, which is primarily military, it is hard to find an assumable loan. Any ideas to help me? Thanks.