Having a hard time with financing

[auggflo]

I dont have cash. How do I find lenders that will help me out. I'm finding that I have to have $20,000 - $25,000 in order to get some financing.

[ShaunG]

Where are you located, what is your credit score?

[auggflo]

I'm in Connecticut and my credit score is 675-680

[mcole]

Greetings auggflo,

Your credit scores look pretty good. Depending on the rest of your financial situation, you may be able to get 100% financing without too much problem – if it’s for your own residence.

If it’s for an investment property, you may still be able to do it. But again, a lot depends on other key factors. Such as your income, debt ratio, mortgages or rent payment history, can you go Full-Doc, etc., etc.

I would suggest finding a good mortgage broker to work with and have them start shopping around for you. There are a lot of very aggressive lenders and loans programs out there.

[dharris]

I agree with mcole

[multiman]

Great advise mcole.  find a local broker w/ experience in investment loans.  

[Lendinghand]

Do you have a job? W2 or self-employed?
Do you have any assets?
Do you have any time to fill out an application?

[auggflo]

Hi lendinghand, thanks for responding. I'm a W2, I have some assets. Let me know what you have to offer.

Thank You
auggflo

[enricosuave]

I'm in a similar situation, but looking into using equity from one of my existing properties to come up with about $35k.  When I first began researching REI it's becoming clear to me now that.. among all the different 'gurus'.. some were saying you could make money using absolutely 100% other-people's-money.

I think the confusion is that some were talking about wholesaling property, where you don't need financing (unless you can't find a buy to quickly turn the contract over to).. with Buy-Fix-Sell.  For people like me who don't plan on taking residency in order to qualify for financing (I have kids I don't want to uproot all the time).. financing non-owner-occupied seems to be a bit harder so far.

Anyone know of any 100% financing available in the Southern California area for REInvesters??  Even Hard-Money financing sources would be worth considering, thanks.

[richmortgagebroker]

Your scores and work history is fine

Have you also thought about using grant money in conjuctions with all of the lender options that you have buying properties

[Maciej]

i suggest also that you work with a mortgage broker to get you some financing you criteria seems like it should be able to access you for 100% financing. Look at an 80/20 loan. That is where you have two loans, one for 80% of the mortgage and the other for the remaining 20%. It will allow you to avoid PMI.

[richmortgagebroker]

Use the grant program in conjuction with purchasing property and that is a good thing for you to you if you do not have cash.