Home Buying in San Jose>Question Details

Scott, Other/Just Looking in San Jose, CA

Looking for Private Money Lender (Primary resident)

Asked by Scott, San Jose, CA Tue Mar 19, 2013

Hello,
I found a few private money lenders and they all need 30% down payment. I'm wondering if you know private money lender who will do around 20% down. It will be difficult for me to qualify for regular mortgage for a 2 more years. I'm trying to find out my options for rent vs. buy with private loan. Your professional advice is greatly appreciated.

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Answers

12
Gregorio Denny’s answer
You should stay away from hard money lenders for financing your primary residence. Hard money can be useful for short term investment financing, but is a terrible idea as a substitute for standard qualification on the home you occupy.

You should also know that many hard money lenders that are lending on owner occupied properties are not licensed to do so. To lend on an owner occupied property there are strict regulations and most cannot or do not want to meet the scrutiny.

Have you had a qualified lender look at your credit profile to tell you what needs to be done to correct it? I would suggest you start there and forget about hard money; you won't find it with 20% down anyway.
Web Reference: http://WeFixRates.Com
2 votes Thank Flag Link Tue Mar 19, 2013
Wait 1 more year and you can do conventional with 20% down.
Flag Tue Mar 19, 2013
Thanks for the advice. I have 1 year short-sale with late on record. I have not met with any lender.
Flag Tue Mar 19, 2013
Scott,

What is your goal? Are you looking to refinance to purchase another property and then rent out your primary resident?
Web Reference: http://www.terrivellios.com
1 vote Thank Flag Link Tue Mar 19, 2013
Hi Terri, I had a short-sale last year so normal mortgage is not an option, checking out hard money option b4 I renew my rental for 1 more year, primary resident.
Flag Tue Mar 19, 2013
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0 votes Thank Flag Link Mon Nov 11, 2013
ICC Mortgage And financial Services, Is a sincere and certified private Loan company approved by the Government, we give out international and local loans to all countries in the world,Amount given out $2,500 to $100,000,000 Dollars, Euro and Pounds. We offer loans with a dependable guarantee to all of our clients. Our loan interest rates are very low and affordable with a negotiable duration.Available now MORTGAGE, PERSONAL, TRAVEL, STUDENT, EXPANSION OF BUSINESS AND NEW UNSECURED, SECURE, CONSOLIDATE AND MORE


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Regards
Eric Jones
0 votes Thank Flag Link Sat Sep 7, 2013
Hi Scott,
Difficult to qualify for a convention loan, is it of your employment history or credit score. Private money not only high on interest rate it also high on closing cost. If you want more advice please call me.

Grace Tam
Loan officer
925.236.2200
Result FInancial Corp
0 votes Thank Flag Link Sat May 11, 2013
I'm looking for low doc loan of refianance , i'm in new orleans

Some one can help me with the banks offer that oftion ?

Thank You

Nancy
0 votes Thank Flag Link Fri May 10, 2013
hi some one can do hard money in New Orleans in Residentail ?
0 votes Thank Flag Link Fri May 10, 2013
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Regards,
Eric Jones
0 votes Thank Flag Link Sat Apr 20, 2013
Hi Scott,

Our company features a 25% down private program. The loan program also includes 30 yr financing term. Give me a call if you think that might help.

Thank you,

John Knowles
DCI MORTGAGE & INVESTEMNT
408 657 3780
jk@dcimortgageandinvestment.com
0 votes Thank Flag Link Thu Mar 21, 2013
Hey Scott,

There are a lot of private money lenders out there, and some will lend up to 80% LTV or more if the home you are buying is for business purpose ( i.e. flips, investments etc). Typically they will lend on the ARV or After Repair Value of the property. So be prepared to do some work!

Like others are saying, it is not cheap money! If you do not qualify for a conventional loan this may be a way to get in before prices get out of hand. Once you do qualify I would recommend refinancing asap as I don't project the loan rates staying this low for long.

Call me if you would like to discuss.

James - 408-836-9653
0 votes Thank Flag Link Tue Mar 19, 2013
Thank you for your question Scott:

I do not recommend private money lenders for financing your primary residence.

Private money, also known as hard money is very expensive. Some investors do use it if they can buy the house cheap enough to flip it and make a profit even after they have repaid the hard money lender.

Because of the very high cost of hard money, I do not recommend it for your personal residence,

Thank you,
Charles Butterfield MBA
Real Estate Broker/REALTOR
American Realty
Cell Phone: (408)509-6218
Fax: (408)269-3597
Email Address: charlesbutterfieldbkr@yahoo.com
DRE#00901872
.
0 votes Thank Flag Link Tue Mar 19, 2013
HI Scott,

Contact John Knowles,
DCI Mortgage and Investments.
Office: (408) 657-3780.
Cell: (831) 970-1231.

Regards,

Mike.
0 votes Thank Flag Link Tue Mar 19, 2013
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