Financing in Dowagiac>Question Details

Michele, Home Buyer in 49047

PLEASE READ!!! Where could I find out about a personal investor to purchase a home.?

Asked by Michele, 49047 Sun May 8, 2011

We are a very responsible couple and are working very hard to clear up our past credit problems. We keep current on all of our bills now and have for the past year or more. We are very good people and are just needing to find someone that will just give us a chance. I do not know how much we could emphasize the fact that no one would be disappointed or left unpaid. We are just needing someone to believe in us to begin with and start proving ourselves. We would have a sizable down payment and we would not do anything to lose that. Whether it be a real estate broker that has a property that we could rent to own or something. Will someone please give us a chance?
Thank you.

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Michele you should first nmeet with a local and trusted mortgage broker to see what you will need to quailify in teh future and how long it may take, it is very unlikely soemone will buy a house for you, you are ripe for scammers to take advantage of you. After meeting with a mortgage broker, find a house that is rent to own in the orice range they tell you and use a realtor who is exoperience din rent to own to assist you so you will be able to buy it in the amount of time the loan officer tells you that you may need.

Be very careful telling people you have a large down payment , a lease purchase does not require any more than a $1000 deposit as you would buy any home, do not pay someone all your money and risk losing it, out it in a safe bank account so it is there when you can close.
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0 votes Thank Flag Link Sun May 8, 2011
You are looking for one of several different possibilities; Seller financing, Hard Money Lending or Rent to Own come to mind. You may find a local agent who can help you with seller financing or rent to own. For a hard money loan, you can start with a mortgage broker who may be able to place the loan for you or refer you to a source.
Realize that going outside of the conventional sources for a home loan is not to be done lightly or casually. Hard money lenders charge higher rates and fees and care more about their equity position then your credit. In some cases these people will look for someone to loan to that they hope will fall behind so they can foreclose on a property with lots of equity.
Wells Fargo has lowered their acceptable scores for FHA loans, you might see if you qualify their before taking the riskier options. Best of luck.
0 votes Thank Flag Link Sun May 8, 2011
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