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Answers (4)
Best Answer
- John Conklin, "203K Alternative"
- Contributions:130
Owner financing would be your least expensive option. Private money would be your second best option. Private money rates range from 9%-18% with 1-5 year balloon payment How long ago was your foreclosure?
- George Raymondo, "The Loanranger"
- Contributions:144
If your foreclosure is recent (meaning less than 24-36 months) you'll need to get Private Financing. With this type of loan, your credit score is not really a primary concern. Generally these types of loans require a 30-35% down payment and carry higher interest rates and loan fees. Our Private Financing Division requires you at least show your ability to make the payment, but do not need to show the same documentation as a traditional loan. With these types of loans, you are not limited to purchase in any particular area, and in many cases I see my buyers purchasing fixer-uppers and quite a discount. These loans usually fund in about 15-20 days and do not have prepayment penalties. I would be more than happy to answer any questions you have have. Take care and best of luck.
- Terry Hughes, "Terry Hughes 1"
- Contributions:37
Finding a hard money lender may not be that difficult, however; you may want to work with a lender who is very competent in credit repair. It sounds like you may have experienced some other credit related issues besides your foreclosure. Nate Pina at Security Pacific Mortgage is excellent at getting credit scores increased. Google his name in Vacaville and give him a call. Best regards.
- Carl Henker, "Carl Henker"
- Contributions:755
With 40% down - 600 FICO and Foreclosure you are looking for a hard money lender or maybe owner financing.
Finding a lender with a foreclosure on credit
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