Profile picture for AnthonyOkin

Where do i get financing for Inv Homes 30 to 50K

Interested in Purchasing Home for Investment as a rental property in cobb /fulton county , Georgia. I am Self Employed and can commit 50% Contribution but my Score is 590. Thanks
  • September 14 2012 - Alpharetta
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Answers (11)

Best Answer

loans of these values are probably going to be considered personal or equity loans.
Go to you local banks and asked how much they would lend for personal loans and under what conditions. 
Make sure you check your credit score in all 3 bureaus and that you have a decent fico score before you do this otherwise a denial will cost you more points.

when you shop around get ready all your documents and fico score and go to different places within 14 days that way all the searches will be considered one.

If you own property you might be able to get an equity loan and use the money to buy the other property.Best of luck

  • September 14 2012
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  • November 20 2014
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  • November 20 2014
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Only one lender to my knowledge is Wells Fargo that will entertain loans on home under $50,000 due to the new financial regs in place.
  • February 19 2013
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Most of these previous answers are true but from the viewpoint of buing a regular owner occ home. From an investor viewpoint there are even more good options for you - HARD MONEY! That means usually much higher rates, that you would then have to refinance into a permanent loan, once the property has been renovated. If you are buying any homes that don't need much work at all then you can go get what most small banks classify as a commercial loan. They will be usually lending on the house, not just your credit.  Most of the local, only Georgia, or Atlanta only banks will be able to do this.

When you are trying to borrow from the big banks, they are only considering normal lending standards set by Fannie Mae for a regular mortgage.  Now is the toughest time in history for investors to get money from a bank. 

Go to these two places - http://robertmulcahy.angeloakfunding.com

and www.atlantaprivatelending.com  
  • September 17 2012
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  • September 16 2012
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Profile picture for Alan Grizzle
I think the first thing you are going to need to do is work on getting your credit score up. I don't know any lenders doing investment loans with scores in the 500s. When you get your score up check with the smaller community banks. They seem to be the best.
  • September 16 2012
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Profile picture for Ofe Polack
Have a word with at least two mortgage brokers and explore the possibility of what you need to do in order to be able to purchase the properties you want.  They will advise you as what will be needed for you to achieve your goal.  Good luck! 
  • September 14 2012
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I would check with your local Lenders..  But for 30 to 50K, honestly I don't
know of any Lenders making any loans for that small amount.. I wish you the best of luck..

  • September 14 2012
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Profile picture for Pamela Shemet
I would recommend contacting your local mortgage lender to help.
  • September 14 2012
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You won't find too many lenders that will offer a home loan for less than about $50k. You will need to contact a few banks to see if any hold loans in house and they might.

Tim
  • September 14 2012
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