Financing in Las Vegas>Question Details

Jessica, Other/Just Looking in Las Vegas, NV

If I have 20k as a down payment for a 45k house and no credit can I get financed?

Asked by Jessica, Las Vegas, NV Sun Aug 14, 2011

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18
I can get you financed at reasonable rate. Call me between 8am and 7pm. Matt - 501-0973
0 votes Thank Flag Link Wed Aug 17, 2011
Hard money is for investors who buy fixers, then sell them and payback the money fast. If you cannot pay the high interest loan back in as little as 2 years, you are in foreclosure. Buy a $45,000 for all cash, there are some really nice 2 bed, 2 bath available


David Cooper Foreclosure Specialist with 35 Years Investing Experiene. Receive a FREE List of Low-Priced, Bargain Homes with Great Cash Flow for Investors, GO TO website or Call +1-702-499-7037
0 votes Thank Flag Link Wed Aug 17, 2011
Definitely be careful with hard money, that's usually for someone who can pay it back within 5 years.

Your first step should be to contact a mortgage lender; I recommend:

Anthony Tuason, Mortgage Loan Officer, (702) 948-5498, anthonyt@nevadafederal.org


You don't have to use him if you don't want, but it's a great starting point.

Now... you say no credit.... that's not necessarily bad credit. And if you have steady employment, your $20k can be more than enough for an FHA loan with 3.5% down, on a nicer home over $45k.

Start with seeing if you qualify for a mortgage... if you don't, consider purchasing a lower end one bedroom condo that will provide you with some net income and a long-term investment.

Feel free to contact me direct with any questions you may have.
0 votes Thank Flag Link Wed Aug 17, 2011
Hi Jessica,
Just be careful if you go hard money. If possible try to save the rest up and pay cash. Don't chase after other peoples money. You will more than likely in the end not being happy about it. Penny with Simply Vegas.
0 votes Thank Flag Link Tue Aug 16, 2011
Tell me a little bit about a "$45,000" house you found in Las Vegas??? If you mean a condo, financing will be almost impossible, and most lenders will not finance anything below a $50,000 mortgage.

David Cooper Foreclosure Specialist with 35 Years Investing Experiene. Receive a FREE List of Low-Priced, Bargain Homes with Great Cash Flow for Investors, GO TO website or Call +1-702-499-7037
0 votes Thank Flag Link Mon Aug 15, 2011
Hi Jessica. Putting down $20k as a down payment is excellent! When you say that you have no credit does that mean your credit score is low? Does it mean that you haven't established credit anywhere? Among other things, to get financing you will have to demonstrate that you can pay the loan back. Tax returns from the past 2 years showing a steady and strong income, credit card bills that you've paid off monthly, rent or a mortgage that you are current on. These are all important pieces of information to a lender to determine if you are a good credit risk. My recommendation is to get in touch with a mortgage broker and discuss this with him/her.

Good luck with buying your future home.

Sincerely,

Nicole Marks Mason, Realtor
http://www.BuySellBoca.com
561-445-8743
Web Reference: http://www.BuySellBoca.com
0 votes Thank Flag Link Mon Aug 15, 2011
I agree with the others hard money with an investor however they will still look at your bank account, at least the past few months. Do you have the income to prove you can pay the loan? With interest rates what they are today... hard money shouldn't cost as much as it did. Good Luck!!!

Kindest Regards,
Dianne Hicks
0 votes Thank Flag Link Mon Aug 15, 2011
Jessica,

If you like, please contact me. I have an investor whom I work with that would be more than happy to finance you. He will let you pick the home and he will purchase it. Once he purchases it, he can act as the bank for you and sell you the home.

Jeffrey Sklar
Southern Nevada Property Management
702-522-6764
0 votes Thank Flag Link Mon Aug 15, 2011
Hi Jessica,
Please remember that your mortgage interest on your loan is probably tax deductable as opposed to a rent receipt which is not. Please check with your tax advisor on this.
Thanks,
John J. Longeway
Keller Williams Realty Southern Nevada
office: 702-777-0002
cell: 702-325-4833
Web Reference: http://www.JJLVRealtor.com
0 votes Thank Flag Link Mon Aug 15, 2011
It sounds like hard money is the answer, but I feel the interests might be too high.
0 votes Thank Flag Link Sun Aug 14, 2011
Lease to own even with bad credit. Here's how it works:
1. Find the home you wish to buy.
2. Investor buys the home for you.
3. Lease to own the home from the investor.

You can Get a list of homes eligible for our lease to own program. No cost or obligation. Go to http://LVAffordableHomeSales.com
0 votes Thank Flag Link Sun Aug 14, 2011
Jessica, can you tell me something about the house you found in Las Vegas for "$45,000". I keep tracking house prices for Las Vegas, and I can't find anything decent for that low a price. The lender will surely ask you for the details of the property you want to finance, so I hope you are prepared to show them what you have.

David Cooper Foreclosure Specialist with 35 Years Investing Experiene. Receive a FREE List of Low-Priced, Bargain Homes with Great Cash Flow for Investors, GO TO website or Call +1-702-499-7037
0 votes Thank Flag Link Sun Aug 14, 2011
The lender I use exclusively can fun this with either traditional or through private party funds aka "hard mondey". Call or email me asap. Matt 702.501-0973
0 votes Thank Flag Link Sun Aug 14, 2011
Jessica
I think hard money is going to be your best bet. Make sure you know what you are signing. Do your research. You can accomplish what you want to do just make sure you know the pros and cons of hard money lending. There are some great deals in this market!
Thank You
Suzie Marquardt
702-234-7653
Fahrnyteam@yahoo.com
0 votes Thank Flag Link Sun Aug 14, 2011
Hi Jessica,
You won't know until you try. Call me or shoot me an email so we can set a time to discuss your unique situation.
I can and will help you through the whole process. Contact me now!
Thanks,
John J. Longeway
Keller Williams Realty Southern Nevada
office: 702-777-0002
cell: 702-325-4833
Web Reference: http://www.JJLVRealtor.com
0 votes Thank Flag Link Sun Aug 14, 2011
Hi Jessica
With 50% down there are options to get a loan. Hard money is the easiest solution. Lenders who charge more points than normal and higher rates due to risk. But you might be able to go the traditional route. One of my lenders just locked someone at 4% last week. So contact us and let's see which range of the spectrum will work for you.
Web Reference: http://www.mayteamlv.com
0 votes Thank Flag Link Sun Aug 14, 2011
I would recommend talking to a couple of different mortgage broker becuase there are many different loan programs and one lender might have a different program that might work better for you than another mortgage broker.i
0 votes Thank Flag Link Sun Aug 14, 2011
Good morning Jessica,
with approximately 50% down I have a lender who would consider financing your purchase. If you would like to discuss this please give me a call.

Mike Yarbrough
Simply Vegas
702-985-5566
0 votes Thank Flag Link Sun Aug 14, 2011
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