Profile picture for user47562106

Is there such a thing as creative financing?

I just got the deed to my home after paying off the land contract and would like to be able to make repairs to the house so we can rent it out. Can anybody help since my credit is not good enough for a loan?
  • March 28 2014 - Paducah
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Answers (2)

Profile picture for Blue Nile
How about you repair your credit rating first?  There are plenty of shark lenders out there that will charge you outrageous interest, and will take the property away from you if you are slightly late, and will add all kinds of penalty charges on for late payments.

But you restore your credit rating first, and you can finance everything on 0% interest credit cards, and then pay them off with the rent income.  Or you could get an 203k loan or other rehab mortgage against the property.

If is just not worth fooling with a low credit score when they are so easy to fix.

You might get better answers from licensed loan officers if you post your question in the "mortgage" section.  Also try the anonymous loan quote requests with the mortgage tab at the top of the page for your specific criterion.
  • March 28 2014
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All financing is 'creative' - just ask...
  • March 28 2014
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