Regardless of whether you’ve looked at one house or fifty. If you’ve been searching for months or found the perfect house right away. When the Seller says “YES” there are some important steps
You'll need to raise your credit scores to a min of 620-640. Talk to an exeperienced and reputable loan officer (possibly a referral from a realtor if you don't have someone already in mind) that is knowledgeable when it comes to credit restoration. Depending on your particular circumstances, it may not require much to get you were you need to be in better guarenteed financing at a low interest rate and costs.... more
Hi Dc, Hard money loans are to our knowledge currently not happening. The market is forever changing which is the good news. If you have 30% to put down on a home sometimes 20% will do it depending on the banks and you have the cancelled checks from your rental for the last 2 years you may find banks willing to work with you. Banks care about income, length of employement,and of course credit however they may take explanation as you've stated above and work with you.
All the Very Best
Dave & Lisa... more