Posted by dewCO on November 18, 2000 at 20:43:50:
Why aren’t you studying up on Creative RE? You’ve made your case that you need it (although you have a few facts wrong). You don’t need lenders. With a $40,000 cushion you could do lots of deals and not have sweat. Don’t be so anxious and spend some time learning creative RE by finding MOTIVATED sellers.
P.S. If you insist on going the tradional lender route, you need a GOOD loan officer. Your two credit dings may not be that important. Your job history was fine until you said you are now self employed. However, the loan industry is changing almost daily. Lots of new products and less and less down for investors with GOOD CREDIT SCORES. There are stated income loan programs, etc., they have higher interest rates and require larger down payments, because they are riskier loans to the lenders.
I have been able to save quite a bit of money in the past few years but have never held a position in my industry (Information technology) for more than 1.5 years (another NEGATIVE in lending). To add to that I work most of the past 2 years as a TEMPORARY employee to gain experience in my field (ANOTHER NEGATIVE in lending)…I have now been a consultant for the past 4 months and realive that lenders will take an average of the past two years salaries into account, much like they do for Realtors.