Im attempting to purchase a house in detroit, mI for 60k as an investor -my credit score is 670 and I need help finding a bank that will do this deal

Asked by Millionairebound, Warrendale, Detroit, MI Fri Apr 29, 2011

i need a lender who can help me buy this property = due to fees, most lenders can't do this deal because the fees will be over the limit - which isn't fair

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Brian Rayl’s answer
Brian Rayl, Agent, Dallas, TX
Sat Apr 30, 2011
The fees would be over what limit?

Do you mean that the loan plus closing costs would put you too far over on your debt to income ratio? The only way to fix that is to get rid of some of your debt, unfortunately. Or come in with a bigger down payment on the home itself.

It's more than real estate. It's RAYL-Estate!

Brian Rayl, REALTOR®, e-PRO, SFR
Keller Williams Elite Dallas Park Cities
972-949-4222
Brian@Rayl-Estate.com
http://BrianRayl.com
Web Reference:  http://brianrayl.com
1 vote
Kathy Toth T…, Agent, Ann Arbor, MI
Sun Sep 1, 2013
Did you get your loan? If not, reach out to lender Steve Stork 248-755-3701 at Summit Funding for your investment financing.
0 votes
Hardmoneymi, , Huntington Woods, MI
Sat Oct 29, 2011
As mentioned in another response, you may need hard money or a private lender who will fund your purchase. Metro Mortgage Investments is a private hard money lender in Huntington Woods, Michigan, just north of Detroit. A few of the guidelines, house must be brick, minimum 3 bedrooms and the house must have a basement. There are no minimums on the loan amount and no Fannie Mae or Freddie Mac guidelines to hold up the closing. For more information go to http://www.metro-mi.com or call the office at (248) 547-3006.
Web Reference:  http://www.metro-mi.com
0 votes
Dp2, , Virginia
Sat Apr 30, 2011
I suspect you mean that many lenders won't fund this deal, because they feel that they won't earn a high enough yield from their loan origination fees. Unfortunately, whether or not you consider this to be fair, that's the way it is. So you'll need to adjust your approach. Have you considered using hard money?

Please feel free to drop me a line.
0 votes
Karen Paytas, Agent, Clinton Twp, MI
Sat Apr 30, 2011
Good Morning!!!

What fee are you talking about? Most investor purchases need at least 20% down some require 25%-30% down. Have you checked into Homeowners Insurance? It's almost impossible to get as an investor in Detroit. You would have to answer additional questons for any of us to be able to give you any answers.

Good Luck,

Karen Paytas, GRI, CMS
Realtor
Real Living Kee Realty
586-709-8465
kpaytas@mirealsource.com
0 votes
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