Posted by Bruce Lawson on March 05, 2002 at 04:45:39:
Hi Jay,
Your score of 662 is A credit therefore you should not experience difficulty in obtaining traditional financing. I would stay clear of using credit cards for making your down payments until you start turning deals, it can be dangerous.
You may want to seek hard money for your deals at this point true hard money lenders will loan you 65%-70% FMV.
It makes good business sense to use someone elses money to make your purchases try to not tap into personal financial accounts if possible.
Hi all!!! I am 22 years old and just graduated from college with an Information Systems degree. No tech companies seem too eager to hire at the moment so I am going to give Real Estate Investing a try.
I guess my question is what kind of financing options would I have with a 662 FICO Score??? I have $3,500 that I can barrow from a credit card if I need to (small down payment). Will lenders be to give me a mortgage loan for my first home purchase at age 22? And are these good enough funds and credit to get me rolling on the REI ball?
Some debts I have include a $2000 credit card bill on another card, and $10,000 in student loans which I dont have to make payments on for another three months. If these things even matter, I don’t know.
Are their other options that I have or special programs in terms of financing, using these numbers.
I am learning a ton of stuff free on this site which is great!!! Thanks for any feed back you provide. -Jay
You are starting off at a very good point in life. As you have been told, your score is good, however, your next hurdle can be income. My reason for saying can be is that income is not always a factor. You can get loans without income verification.
Another plus for you are your credit cards beleive it or not. Credit cards will build your credit faster than anything else if used properly and having more than one is even better in getting the job done.
If I may ask, what state are you in?
I beleive all you need at this point is a mentor that will teach you what they know in order to make your real estate experience one of the happiest times of your life. And I mean truly teach you without charging you to do so.
What you propose is possible.
There are a ton of factors OTHER than credit, although credit is probably one of the most important. There are a ton of programs that can come into play and some questions that need to be answered such as income and personal cash flow, property types, etc…
email me and lets see if we can get some deals going for you…