Not sure what state you’re in, but will throw this out for you and anyone else that might be interested.
Know a lender I can refer that lends in GA, AL, FL, TN & SC.
Will lend up to 65% LTV with NO Income or Credit Verified.
They lend off the value of the property only, not off the borrowers credit or financial ability. While that sounds like Hard Money, the rates and terms are better than you would expect from a traditional HM lender.
LOW credit, LOW income, NOW WHAT? OK let’s say that I have low credit and low income and I found a real good deal. What do I do next? I should I present it to the banker?
Re: LOW credit, LOW income, NOW WHAT? - Posted by Randy (SD)
Posted by Randy (SD) on November 21, 2003 at 10:49:41:
With little credit and low income there is no advantage in presenting it to your banker. Banks will lend money on income and credit. If you would provide a little bit more detail about the ?really good deal? that you found someone might be able to provide some alternative ways to make the deal work.
For example how motivated is the seller? Are they willing to carry some financing? Are they open to a sub 2 deal? What would be your exit strategy, you want to hold for long-term rental, are you’re interested in flipping the property for quick cash profits?
Re: LOW credit, LOW income, NOW WHAT? - Posted by Marcos
Posted by Marcos on November 21, 2003 at 07:57:41:
Either that, or find yourself a partner with credit who wouldn’t mind a share of the profits in exchange for putting up the credit. Barring that you might want to look for a Hard Money Lender in your area. Plus there are still a few banks that lend solely on equity. My mortgage broker has access to two in Florida. Speaking of which, I would advise you to go speak with a mortgage broker, rather than a regular banker. A mortgage broker usually has access to different types of programs, while a “banker” is kind of set in what they can do, and how.