After a year of foreclosue and with a 50% downpayment, will I qualify forf a hard money loan?

Asked by Patstopbmw@aol.com, Hayward Highland, Hayward, CA Tue Aug 24, 2010

My foreclosure is approximately one year old and i want to purchase a new home for $300,000. I have $200,000 for a down payment. Due to the large down payment will i qualify for a hard money loan for $100,000.

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, ,
Tue Oct 19, 2010
40% down. I'll get you a hard money loan. If this hasn't happened yet, call me.
Web Reference:  http://www.umboc.com
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Vincent Vill…, Agent, Chula Vista, CA
Thu Oct 14, 2010
I have seen hard money loan interest rates and they are quite nasty around 13% I dont think you would want that but keep checking you may find a lender with better rates.
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Erik Berry, Agent, Redondo Beach, CA
Tue Aug 24, 2010
NO problem at all. Most hard money lenders go to 65%. You will have to prove sufficient income to make the payments.
Web Reference:  http://erikberry.com
0 votes
Josh Riley, Agent, Tehachapi, CA
Tue Aug 24, 2010
Yes you should qualify for a hard money loan. Hard money loans have different requirments so shop around. Remember you will be looking at a high interest rate as well. Good Luck with your new home!
Web Reference:  http://www.ARErealestate.com
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