Opinions please.. Loan needed

CFM · Joined: 13 Dec 2006 Posts: 2

Hello, thanks in advance for the replies..

I'm looking at a house, and have some baggage in the credit dept..

Chapter 7 discharged 5/13/05
Self employed
No idea on credit score, have been using cash since discharge.

Only debt at this time is a piece of land with an owner finance contract. 17k owed

Loking to buy a house in OH that needs repair. 39k asking price

I have 10-15k to put down.

Don't know quite how this works, but would really like to find a way to do it..

Suggestions?

Thanks

pdxloan.com · Posted: Wed Dec 13, 2006 10:05 am Post subject:

Hope I can help. :)

First, do you have an estimated ARV on the home? After you fix it up, what the expenses may be to fix up and what the approximate value of the home after repairs?

Also, would the seller consider carrying the rest in a owner financed contract?

It's possible to get a lender to loan on the property and you can cash out after repairs have been made. Of course you need cash to pay for repairs, so not sure if the fha program applies here, because of bk and low amount.

Not sure if I helped at all, but also, such a small loan amount and value, would take hits on this type of loan (under $50k). I could be wrong, so others here may have more to add.

Best wishes,

Ed Bisquera

CFM · Joined: 13 Dec 2006 Posts: 2

This is not a "flip" I wanted this house for a cheap place to live for 3-4 years.

Still gathering info on it, the info should be back today.

Is there no company or bank that would take the risk biengs there will be so much upfront? Over 25%?

Need to look into the owner finance, that may work..

Thanks.