Posted on: 12th Mar, 2009 02:00 pm
I am flipping a property, I have a low credit score. I used a hard lender to purchase and facilitate the repairs. I am done and need to get a mortgage on the property. There is a hard lender, alot of equity in house, does any of this exempt my FICO? If a lender did foreclose on me, lucky them, they take equity.
The credit score helps save lenders from foreclosure, by judging client base. I'm not a risk if I have a large sum of equity in my property, my low Fico is a +! =)
Tell me options! I need out from under hard lending. I need to find a lender that will refinanace all my projects as I do them, from the hard lender I use.
The credit score helps save lenders from foreclosure, by judging client base. I'm not a risk if I have a large sum of equity in my property, my low Fico is a +! =)
Tell me options! I need out from under hard lending. I need to find a lender that will refinanace all my projects as I do them, from the hard lender I use.
Hi JML,
Getting a traditional loan with a low FICO score, under current market scenario will be difficult. Thus, borrowing money the hard way looks like the best option for you. As you have a large equity in your property, finding a hard money lender won't be difficult for you and I don't think your bad credit will come in the way of getting a loan from them.
Getting a traditional loan with a low FICO score, under current market scenario will be difficult. Thus, borrowing money the hard way looks like the best option for you. As you have a large equity in your property, finding a hard money lender won't be difficult for you and I don't think your bad credit will come in the way of getting a loan from them.
The interest is insane, I need something from a bank to be realistic! Not double digit interest rates.
Hi
There are quite a number of lenders who participate in this forum. Why don't you consult with them. I believe they can help you in this regard. However, as you have a low credit you may have to pay an interest at a rate higher than usual. Check the No Obligation Free Consultation segment on the home page of this site. This might come in handy.
There are quite a number of lenders who participate in this forum. Why don't you consult with them. I believe they can help you in this regard. However, as you have a low credit you may have to pay an interest at a rate higher than usual. Check the No Obligation Free Consultation segment on the home page of this site. This might come in handy.
I am a researcher in CA. I got a call from a client with 2 properties in 3 Rivers (very desirable property) who has a low FICO and only needs 10K. Does anyone know anyone who can help????
[E-mail address deleted as per forum rules. Thanks.]
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Hi linda!
Welcome to forums!
With a low FICO score, it would be difficult for your clients to get a loan. Presently, for FHA loans, the minimum credit score required is 620. For conventional loans, the credit score required is 720.
As they need a loan amount of only 10k, they can try getting a personal loan. However, they should remember that personal loans come at a higher interest rate.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
With a low FICO score, it would be difficult for your clients to get a loan. Presently, for FHA loans, the minimum credit score required is 620. For conventional loans, the credit score required is 720.
As they need a loan amount of only 10k, they can try getting a personal loan. However, they should remember that personal loans come at a higher interest rate.
Feel free to ask if you have further queries.
Sussane
4 familt 1 family home in peeksill ny need 540 000for 3 yrs fico 500 call 9147348142 or 9143823165 cell