One major problem you will have is lenders must follow Federal laws and are heavily regulated. Because of the rules, mortgage lenders cannot give loans for less than $100,000. A few will go down to $80,000. But you will have extreme difficulty finding a mortgage for less than $80,000.
You will need a credit score of 620+ however, a few lenders will go down to 580. Seeking financing from a seller is not a good idea and sellers are not doing it these days.... more
Foreclosure home with right of first refusalI'm looking at house that is in foreclosure and also has a right of first refusal attached to it. This is in Georgia. My main question at the moment is this-if the person with the right
Looks like you didn't budget carefully. How will you prove to lenders that you have the income and good credit to pay back the rehab loan? Lenders will ask for a large down payment and they will want to see cash reserves + a credit score above 650.... more