Home Buying in 21215>Question Details

ddaypublishi…, Home Buyer in Baltimore, MD

Is a hard money loan good for owning a home because I have bad credit and can't qualify or a typical type of loan?

Asked by ddaypublishing, Baltimore, MD Thu May 16, 2013

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Akil Walker’s answer
Hi Dday,

no. Hard money lenders tend to charge a higher interest and points because the loans are normally very short. Wells Fargo has a program for credit scores as low as 580. let me know if you need more information.
0 votes Thank Flag Link Thu May 16, 2013
Absolutely not. No one will loan you hard money for long term permanent residence. It is meant for Investors to purchase short term....do renovations and sell the property to get out of the hard money loan.
0 votes Thank Flag Link Thu May 16, 2013
Sure...you'll need a chunk of money down & you'll be paying high interest.
0 votes Thank Flag Link Thu May 16, 2013
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