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Need to find a loan, A WIN-WIN for ALL.

I am looking for a loan of approx. 80K. This is to purchase a home appraised at 410K.I have a poor credit score but it's on the rise. The bank is foreclosing on it but I have the chance to purchase it from the owner for a little over what is owed the bank(59K).The owner is willing to carry a second for the balance while I increase my credit score to get a better interest rate for the loan. Any takers? It's a 4b/3ba, 2457sq ft, formal living,formal dining,kitchen opens to great room w/rock fireplace, solar heated pool, jacuzzi, 2 car garage.. Nice Place.
  • May 28 2014 - Greenhaven
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Answers (1)

You probably should find a hard-money lender. IIRC, some will lend up to 65% of market market value, with few lending requirements. It sounds like in your case you might need to find an equity partner, though.
  • May 28 2014
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