Financing scenario/question template!
Financing scenario/question template
A lot of the posts in this forum amount to "how can I finance this?" with scant details that would allow for accurate answers. Please copy/paste this template when making a new thread about a financing scenario or question, and fill it in accordingly, to ensure you get the best answers to your question possible! Please don't post your scenario in this thread, use this when making your own thread.
Your goals and story: What are you trying to accomplish, how are you trying to accomplish it, and what hurdles (if any) have you faced.
Type of property: Single family home, manufactured home, RV/trailer, multi-family (specify unit count), mixed use (specify resi v commercial unit counts and approximate square footage distribution between the two), hotel, casino, mobile home park, other (specify).
Location of property: State at a minimum, county better, city would be nice, zip code if you're comfy sharing.
Purpose of financing: purchase, rate/term refinance, cash out refinance, upgrades/reno, construction, other (specify).
Type of financing sought: Not sure, Fannie/Freddie, hard money, private, seller-carried, subject-to, loan assumption, blanket loan, commercial, FHA, VA, USDA, 2nd position, SBA, fix-n-flip hard money, personal loan, HELOC.
Current or prior ownership of real estate: Currently own other real estate (how many properties?), recently owned other real estate, have not owned any real estate within the last 3 years.
Occupancy: investment with traditional long term leases, second or vacation home, owner occupied, family member (specify), short term furnished rental, rent-to-own, NNN, other (specify).
Value of property at present and/or your offer price: $
After repair value: $
Anticipated or actual appraisal issues: no, yes (what?)
Current rents per month: $
Fair market rents per month: $
Down payment or equity: specify down payment for purchase mortgage, or how much equity you will have in the property afterwards if a refinance.
Source of down payment funds, if applicable: own funds, unsecured borrowed funds (credit cards), secured borrowed funds (HELOC, etc), gifted funds, other (explain)
Income Source: Salaried/hourly W2, 1099 independent contractor (what industry and how long?), it's complicated, student, self-employed (what industry and how long?), financially independent as a landlord, career tenant/victim that sues landlords for discriminating against my emotional support chickens, retired, other (explain)
Gross monthly income (optional): $
Monthly debt obligations appearing on credit report, plus (if applicable) personal rent and alimony/child support/etc: $
FICO: Excellent, good, ok, bad, you don’t want to know, not sure.
Credit issues: Late credit cards, thin/no credit, Ch7 bankruptcy, Ch13 bankruptcy, foreclosure, short sale, etc, and how long ago the event was.
Additional details:
(Edit: closing thread)
Admin Note: This forum is NOT the place to look for funding. However, this format will help others determine what type of funding would be appropriate for your deal. Do not ask for funding in this forum, please post funding requests in the Marketplace Forum only.
