Any private residential loans I can get until I can get a bank loan?

Asked by Jerome, Springfield, MA Mon Feb 11, 2013

Renting a home that I want to buy, but need more time to add to my downpayment & raise score a few more pts.

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6
Richard Shap…, , Framingham, MA
Mon Feb 11, 2013
BEST ANSWER
Any private lenders require a substantial down payment, typically 30-40%.

Your best option would be to speak to the owner of the property and see if they will sell with owner financing. If so, you would own the property and they would collect the mortgage payment.
0 votes
Thanks, Richard.
Flag Mon Feb 11, 2013
Russ Ravary, Agent, Commerce Township, MI
Fri Mar 15, 2013
Dont do it. Save your money and raise your credit score
1 vote
Tim Moore, Agent, Kitty Hawk, NC
Mon Feb 11, 2013
It seems odd to me that you can't get a bank interested in loaning you money, but you think some private citizen would take the risk??
1 vote
Tim, thanks for your reply. There are, indeed, some investors who are willing to take that risk and I have gotten a few leads. I was asking on this forum to see if there were persons who had some local contacts. I most certainly appreciate your reply, but you can keep your sarcasm.
Flag Mon Feb 11, 2013
Heath Coker, Agent, Falmouth, MA
Tue Feb 12, 2013
I think that getting into more debt may not raise your score.


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0 votes
Christine Mo…, Agent, Wilbraham, MA
Tue Feb 12, 2013
I work with debt consolidation companies as a notary public and there are ways that you can bank more money. You may also try the HUD programs.
0 votes
Alice Kempf, Agent, Springfield, MA
Mon Feb 11, 2013
I have a lender who may be able to help you, will need to take a look at your score. He can work with people from 580 to 640. It is a more intense loan approval but have gotten several buying clients through the process successfully.
I also have an investor client I can introduce you to, she is always looking for rent with option buyers.
Contact me and we can figure it out!
0 votes
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