I need $75k-$80k for an investment property who knows someone that can help me make this happen I am working and I live in Texas. I need a good deal please help!!!
Who can help me get an investment loan with a 587 credit score?
02
Apr
Available Services
-
Upcoming
- Financing Non Owner Occupied Investment Properties?
- Looking to buy investment property – any lender reccommednations?
- Should I payoff 1st mortgage ($60,000) then get a new mortgage for RE investment or get a cash-out refi.?
- what demographic characteristics would you think are likely to describe heavy users of the following?
- can a person take out a 2nd mortgage on their home to purchase an investment property?
- Does my property qualify for the NACA home saver program?
- If I purchase a home in all cash would I get a mortgage or home equity loan?
- Who can help me get an investment loan with a 587 credit score?
- What’s the most reasonable form of investment, real estate or stocks?
- Where is the best place to go for a real estate investment loan in FL?
- How do I force a lender to foreclose?
- How to invest in real estate with no money down?
- Who does 100% financing for investment properties?
- Should I take money out of my 401K to catch up a mortgage on an investment property?
- “Homeowner’s Do-it-Yourself Guide to Save Your Home from Foreclosure” Success Program
Visitor Stat
sr9174
April 2, 2010 at 9:49 pm
It will be almost impossible for you to get a loan of any kind, much less one for an investment property with 587 credit. 587 is very poor credit (subprime) and you really should consider repairing it before going out and taking out a loan. Even if you manage to find a loan, the interest rate will be so high that it probably won’t be worth it.
Meredeezy
April 2, 2010 at 10:30 pm
Ok, you’re looking at a virtually impossible situation at this point in time. General minimum qualifying credit scores these days are 620+. Secondly, investment properties pose a much bigger risk to lenders, thus they are going to scrutinize your qualifying factors that much more, it’s going to cost more and your ltv max will be much lower. Meaning you will need to put at least 20-25% down. Lastly, Texas is a whole different ball game when it comes to lending because it’s an extra risk thanks to old-time laws based upon preventing Texans from betting their deed in a game of hold-em.
If I were you I would do one of these things: Do credit repair and get your score up, save enough money for 20% down at least, or go to a private investor to lend you the money, but expect a high rate. Never stop reaching for the stars!
Jim
April 2, 2010 at 11:12 pm
creditreport.fateback.com – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.
of a demon in my view
April 2, 2010 at 11:50 pm
I’m not sure exactly, but this site has a lot of answers listed for common questions: http://www.productsupplycenter.com/web248051/ It’s helped me raise my credit score so much (I’m now in the high 700s) in the past few months.