Its up to you but, you can find a motivated seller and do a subject to existing financing deal. All you do is take over the loan payments while the mortgage stays in the sellers name until you refinance and pay it off and possibly pull out some equity to purchase another property. You can do this and never have qualified for a loan.
HUD is coming out with a 100% loan program next month for a 1 to 4 unit owner occupied residence. The HUD 203K program will allow you to purchase the property and rehab it. This is decent especially since you plan to live in it. They require you to live in the property for at least 1 year and then you can sell it or rent it out. They will also allow you to purchase a property at 110% of the fair market value. You can go to www.hud.gov and click on the link to find a HUD approved lender in your area. Some of the new investors go this route. These types of mortgages are pretty easy to qualify for since the federal govt is insuring the loan. So just in case you default on the loan, the lender will get paid by the govt.
Posted by DavidL on September 13, 2004 at 16:16:30:
I’m just starting my RE career and I would like to first purchase a residence for myself. However, my FICO is about 585 and I’m currently bringing home $2,000 per month. Does anyone know of any program/or broker that will more than likely finance me??
As i stated in my email this is an easy deal knowing these facts. The complextion changes once any credit issue arrises. Someone with good credit and a reasonable deposit whould be paying around $600/mo with tax and insurance for your scenario.