I am a mortgage banker licensed in New Mexico and many other states. I have lenders that do NOO with 15% down and fico’s in the high 500’s. There are two keys to this do you have a tennant to put in the property? Second have you had any late payments on your current mortgage loan/ rent in the past 12 or 24 months? Please contact me via email chgodon@hotmail.com
I am looking for lenders who deal with low credit scores, upper 500’s to be more specific. I am located in New Mexico and have been locating several deals here only to loose them to other investors who have the funding. This is getting old. I have been contacted by some lenders, but they have to have at least 60% equity in order to lend. I have found several properties with 40% but none with 60. Does anyone know of some lenders that do business in my state? Any info would be greatly appreciated.
Thanks,
Kalani