Re: Could I get a loan? - Posted by Allan
Posted by Allan on May 31, 2005 at 20:34:06:
Yes you can. LTV will however, drop to the 70-85% range. Rates are mostly irrelevant at this point. Any financing you can obtain will be for short term purposes, and if you are investing in any kind of appreciating market, which I would assume you are, your holding period will be for a short term anyways. If you have the 15-20%, you can get into the game, and in time, work toward obtaining better and higher levels of finacning, when you begin to restructure/rehab your credit. Time will also heal the wound. Be careful however, once you drop below 500, you’ll have a near impossible time finding anyone to lend you money, unless you you target a HML. Now you’re in the ball park of 65% LTV (True LTV), so don’t let 20 brokers and bankers pull your credit, and begin to take the steps necessary to prevent any additional declines resulting from new derogatory info. Find a good loan officer with unlimited resources and a strong working knowledge of how the industry works and you should find your money source.