Financing in Missouri>Question Details

Beejaykc, Home Buyer in Missouri

Want a low or zero down program in Missouri for investment property (residential).

Asked by Beejaykc, Missouri Wed Jul 18, 2012

Own 2 homes. 1 we just bought in Dec '11 - little equity. 1 we used to live in, now rent out. It has a second. MAYBE $25k in equity. Want to buy a 3rd property to also rent out. This would give us 2 total rentals.

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We do business loans for our clients that are currently in business or wanting to get started in business. Real Estate investors are in business therefore they are able to obtain a business loan. Depending on your goals one program we offer may benefit you. We offer a no document business loan, no collateral on the property as it is a business loan and you are able to finance 100% or more. Many of our investors finance the repair/upgrade costs into the loan. The loan is based completely on your credit. You must have a 620 or above to apply. Some of the factors we consider is the length of your credit history, how much available credit, how many recent accounts have been opened etc. We need to prove your ability to repay the loan based on your personal credit. You are welcome to contact me anytime with questions.

Dominique Wilder
Universal Acceptance
559-375-2512
0 votes Thank Flag Link Sat Jul 28, 2012
Really? Did you notice that low downpayment loans for investors were part of the cause of the collapse?

I'm sorry to be harsh about it, but it is the reality.

You'll need 20% down for a standard loan that does not involve fraud.

There are clowns out there that will suggest all kinds of Mickey Mouse ways to get it done with a lower down payment. but just realize that the penalty for mortgage fraud is $1,000,000 and/or 30 years in jail.

As a secondary idea, there may be a small bank or credit union that will do 80% that will allow a second mortgage by the seller to get you a lower payment or find a seller that has no mortgage that will finance you.

Good luck, but be careful!

Fred
0 votes Thank Flag Link Wed Jul 18, 2012
Bitter, are we? OR....I could refi the second and pull out the equity. Gee, there's a novel idea.
Flag Wed Jul 18, 2012
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