Typically Hard money lenders are looking for a 70/30 loan to value ration, charge 0-5 points, and charge 10-20% interest. Its usually used for rehabbing houses like they show on flip that house.
If your interest is already low, it may not make sense to refinance--without knowing any details, your current interest rate, etc., do consult with your lender and or any qualified loan officer(s) and then make your determination.... more
You may be able to find a seller to carry the note for you with a large down payment despite the foreclosure being on your record. Otherwise you will have to go with a hard money lender, which will mean a higher interest rate. I doubt a conventional lender will work with you because of what the foreclosure will do to your credit score. It could take 3 to 7 years after a foreclosure for you to qualify for a conventional loan.... more
Thanks All! I've decided to go with option 2. I'm still debating whether to put the rest of the money into the down payment, or keep it in the IRA for 'emergencies'. (Medical? Buying another house in the future? etc.) I'll keep considering my options... :)... more