Posted by James Strange on July 26, 2003 at 01:25:19:
Yes and No.
How fast do you need to close? If you need to close fast Hard Money is the way to go.
Do you need repair funds? A full doc loan to get repair funds will take a long time to get.
Will the seller be doing a big carry back or pay all points closing cost ect. On NOO loans most lenders limit sellers consesions to 3%. But not HM.
How long will you hold it? If its a long term hold then the lower rate will be important. That kills HM.
It really depends upon the game plan that you have for the property. It is a tool and as a RE investor it is good to have in your tool box. But it is not the tool for all jobs.
ive been reading this site for while now but about a year ago i read on how to get your credit better on here and i took there advice even if it was for someone else well when i started my fico score average was 390 yes 390 but i got my credit report with my fico scores today and now one year later i got and average score of 570 i know not great but not as bad as i was i even got a 598 score from experian i know this not a helpful subject but i just had to say thanks to this site for the help on my credit rating thanks so much for the help mike
Hello
How did you increase your score? I have 614 and have difficult time refinancing my house because lender says my score is too bad. They suggest that I will pay off some credit cards and in 3 month apply again. The problem is that I don’t have money to pay my credit cards. What did you do to increase your score? Thanks
Re: oh im a happy camper today - Posted by James Strange
Posted by James Strange on July 19, 2003 at 13:32:22:
Actually I think that it is quite the milestone. You now qualify for subprime loans and soft hard money. Depending upon several other factors you may now be able to buy a home with very little out of pocket expenses.
But if you keep doing what you are doing in time you will be able to get a “normal” loan.
gotta understand my creidt really bad but what i did was pay off every thing i could settle the rest and now even got one to compeltely delete the stuff off my report to day all i can say is pay stuff off and dotn apply for credit either every time you apply for something they take points away from you im not sure how much i can help you since your credit better than mine but best thing i can say get your 3 reports check whats on there pay anything you can off dont apply for credit andim sure you fico score go up just rember to it took me a year to get mine up to where it is today so be patient and im sure your score get better