If you buy with an investor, someone will still have to qualify for a loan and if you are going to be on the Deed, you will also have to qualify. If the investor has to take out a loan on his own, the interest rate will be higher than a conventional loan, the downpayment will most likely be at least 25% and there would be a possibility of PMI (Private Mortgage Insurance).
If you are open to suggestions and alternative financing options, send me an e-mail with your contact information. Here's the promise, I will not ask you for any money, I will give you plenty of options to choose from and you make the decision.
I specialize in investment properties. Feel free to contact me if you need any more information.
Best of Luck & Happy House hunting!
As a Realtor... I have worked with my fair share of private lenders. As a matter of fact, my close friend is an attorney who handles the paperwork for a group of private investors so I probably see more of these types of deals than the average agent. One thing I can say is that the interest rate is NEVER pretty. So you really have to weigh your options carefully. You need to determine if the loan is going to come due too quickly for you to refinance into a better deal... (conventionally).
In the end... if you are looking for "investors" (or "hard-money lenders, as we call them in the business)... you can certainly give me a call and I can connect you with a few local. However... if you are looking to learn more about the process... there are many different scenario's that might be better relayed and exchanged in an actual conversation.
Either way, I'm here if you need me. Have a great day!
with many privaA private lend
I have a couple of good mortgage brokers that I work with, if you give me a call, I will put you in touch with them and you can see if and what you would qualify for now. Once that is determined, I can help you find a home. There would be no cost to you for this service. Thank you and I look forward to hearing from you.
You would need to find an investor who is willing to do seller financing on a property or find a private mortgage lender who is willing to look beyond just the bankruptcy and look at the solid down payment. With 20% down you should be able to find some form of financing you may just pay a little higher rate due to the risk with the credit history.
Let me know if you need any assistance in finding someone to help, but that should get you started.
"Caviot Emptor" Let the Buyer Beware.