I currently in process of looking to purchase a home as primary residence.
However, I cant go conventional route due to recent BK and Shortsale from a divorce that lagged on.
I have been offered deals from HOMELPC and a private loaner looking for:
Home price $250K Rent: $2500-$2800 +/- Down Payment: 10%
And even split on appreciation of home.
Are there better options out there? Mind you I am aware, I wont get any great deals in comparison to conventional loans.
I wanted to put in 40-60k down with private lender hoping to have a friendlier deal, as I'm putting quite a bit down for a 250k range home.
Quick respond will be greatly appreciated!!
what area are you looking to purchase
Dallas,TX area which include surrounding cities such as Carrollton, Plano, Addison etc.
I suggest you check with a small local (portfolio) lender. With that much down and mitigation around your BK and short sale, they may be able to help you out they have a lot more latitude in their underwriting criteria
Yeah, look for guys that do manual underwriting, if you've got the income you might still qualify. I wouldn't go into hard money on that, the interest will eat you alive and most wont let you leave the loan in place all that long. You could probably find a seller with no equity to lease purchase or sub2 you one, even if it needed some work, you've got the capital to make it happen.
If it were me, I'd be marketing to foreclosures in my area and price range, buy a list of homeowners behind in taxes, foreclosure, etc, that fit your criteria and have little equity and send out 1000+ post cards that say "I want to buy your house for full appraised value" and your phone will ring (a lot). If they've got $10k in equity, give them $10k and take over their payments on a Lease Option or Sub2. You'd probably have 10-20 to choose from if you sold it right. There are TONS of people out there that would take that deal.
Great Advice Darrell, I have to dig into research on taking over a payments via foreclosure route.
Hattie, thats exactly what I was looking for but have no idea how to search for that. when I google alernative mortgag loans I find HOMEPLC and another company. Both want to a cut from appreciation and charge another high on monthly rates.
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