First Option Lending can work with you on refinancing your rental home. Please feel free to give me a call at 303-803-1914. My name is Matt and I can help you. I have been in the mortgage business for over 8 years..... more
Since you already have a self-directed IRA, why not ask that company? They won't be allowed to give you the financial advice you want, but they should be able to direct you to a financial advisor or CPA in your area who is familiar with buying real estate in a self-directed IRA. For example, here's a link to one such company that obviously compiles such lists and makes them available to their customers: http://www.trustetc.com/professionals/financial-advisors.html
Any program that I am familiar with that allows credit scores below 600 require a perfect paying history for at least the prior 12 months. If you have a 30 day late you will most likely be disqualified for that alone.
Your best bet is to have someone run your credit and advise you on what to do to bring your scores up. With a 30 day late, the passage of time will be an important component in that.... more
Melissa, there are many different factors involved in being able to qualify for a loan. I'd be happy to refer you a mortgage broker who can give you an idea of what you qualify for now, or what you need to do in order to become qualified.
Are you saying he wants to refinance his current home and take out a second to pay for the 2nd home in Las Vegas? If so, that should be very easy. A couple of our Investors do this for their fix and flip homes regularly. I can give you the name of the lender they use, if you need a lender.
The Kinslow Team LLC
Coldwell Banker Residential Brokerage
Yes, you can probably utilize either the FHA Streamline Refi program or the HARP loan refinance program. I've included a quick link below that will allow you to determine quickly if you are eligible for either program. Good luck.... more
Jim - I think you will find that most lenders live by the same rules because they all use the same investors and in that world the rule is "He who has the money sets the rules." You might find a lender that will make an exception but I think it is unlikely.
How does a guy who lives in Colorado get to be utahjim?... more
Our lender might still be able to do this. They're a direct lender. I'll forward this to them and see if you get an answer. I don't think we're allowed to post others names and numbers on this site. Actually he's listed on my website if you want to go there. Where are you thinking of doing a rehab at? Two of our Fix and Flip Investors are currently doing them in Southeast Aurora, in the Cherry Creek school district. Another is focusing on Wash Park and Country Club area. I hope you get your loan, there's quite a few distressed properties out there bringing down neighborhood values. It's nice to see people making them nice places to live again.