I can't find lenders! - Posted by Jennifer

Posted by LISA on August 26, 2004 at 19:41:21:

DOES THIS ALSO APPLY TO NYC. I’VE CONTACTED LENDING TREE AND WAS TOLD I COULD ONLY GET A LOAN FOR 90,000. THE PROPERTY I WANT IS 110,000AND I DONT HAVE 20,000FOR A DOWN. CAN YOU OFFER SOME ADVICE?

I can’t find lenders! - Posted by Jennifer

Posted by Jennifer on July 12, 2003 at 16:42:45:

I have done my “homework” but I have bad credit and tried to find lenders (and family and friends…) but that is where I am having trouble-with the money. I will be truthful, I don’t have any money to put into it but even finding the “perfect” no money down, purchase outright situation…It was a 10 year old double wide for $200, everything was fine with it but the family lived across country, weren’t willing to move or try to rent it out (it was grandmothers who had passed away) I did my homework on the area and etc, talked to a friend about it who ended up buying it on Wed and sold it for MUCH more within a week and still…my deal and I missed the ship, I am getting frusterated! I know I messed up telling anyone about it but also know that even $200 is $199 more than I have right now!

Re: I can’t find lenders! - Posted by RV

Posted by RV on July 14, 2003 at 09:03:56:

If you have bad credit, are you doing anything to fix it? People tells you that you do not credit to make money in real estate, but I can tell that it helps you if you have decent credit.

The best way to start in your current situation is becoming a wholesaler.

Look in the archives and you can find information about wholesaling.

In the meantime, start to fix your credit immediately.

Re: I can’t find lenders! - Posted by Jason

Posted by Jason on July 21, 2003 at 23:18:01:

if you are having problems getting a loan because of bad credi, let me suggest going to a mortggage broker. I am an Account Executive for a sub-Prime lender I sell my programs to Mortgage brokers for their customers that can’t get conventional Loans. Just to let people know You can get 100% financing from a lender like my company with a minimum of a 580 Fico score even if you don’t rent now. and I can even do 95% with a 550 Fico and the seller can contribute 6% seller paid Closing cost. its not hard just get in touch with a good Mortgage Broker who uses alot of different lenders Good Luck…

Jason WV