You are high risk and the amount you want is large.
If you do not get any leads on private money for this deal consider the
See if the seller will do a lease/option for a year or two. Speak with a
mortgage broker as to how long you need to repair your credit so that
the lease/option runs long enough.
If the seller does not want to be a landlord (with a lease/option) then
see if they will sell on contract (land sale, land contract sale, contract
for deed). This way they have sold the place so do not need to worry
about repairs, property taxes, etc. They will still be on the title and the
mortgage will still exist in their name. You will be making the
payments. After X years you would refinance to pay them off and have
the title switched into your name.
I’m looking for private money to purchase a single family home to be owner-occupied by me. I have a f/c from last fall because of a previous loss of a job. I’ve now been working for over 1 year and have a base annual salary of roughly $100,000. Also, I have perfect rent history for past year and have a signed verification of rent as proof.
Also, I’m looking at a house that has available equity in it and the seller is willing to provide a 6% seller concession. Can this be used as the “downpayment”? House can be purchased for about $315,000, but is worth $350,000.
I know this is a stretch, but looking for any help.
Purchase price would be your loan starting point. F/C OK, 6% seller consession is just that, toward closing costs-otherwise it would just drop purchase price. What is your available down payment as a % of the $315k?
You should also makesure your credit is as good as it can be-work with someone who can help review your credit and tell you what would need to be done to improve it. If they don’t utilize a company that does this, then keep looking for someone that does. Also, how do you know the house is worth $350k? If it is, then why don’t they sell it for that to someone-what’s the story behind it? Are you in the same line of work?