Financing in Flagstaff>Question Details

T&k Jarvis, Home Buyer in Kingman, AZ

private investor financing

Asked by T&k Jarvis, Kingman, AZ Tue Sep 21, 2010

pros and cons, have apx 1/2 of loan amt and have been offered financing by private investor. Can't go conv/vha
at this time.

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Answers

1
Pros - simple, quick process with minimal documentation and easy credit criteria. Good for a short term financing option where you have a definite exit strategy.

Cons - high cost, high interest rate.

Make sure you have explored all options with a couple different, experienced mortgage brokers to make sure no other options have been overlooked and that you truly can't qualify for FHA. In addition, you should have a defined plan of action to take to position yourself for obtaining conventional or FHA financing to take out the private loan ASAP.

Good luck,

Brian Cardenas
Mortgage Consultant
0 votes Thank Flag Link Tue Sep 21, 2010
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