I’m sorry if I seem a little novice but I’m still learning, so bear with me...
So I've been trying to secure a house in a new build community, that I cannot get qualified to use my VA eligibility for, in the time between now and when we have to move out of our leased house. I found a hard money lender, that lends on owner occupied homes and also a bridge loan lender that will lend for 12mos (high interest and all) but both companies require a significant down payment (35% hard money and 25% bridge loan). To avoid moving my large family more than once, I want to know if there are any 2nd/jr lien lenders -OR - investor/venturers that would like to invest in the down payment requirement, in exchange for part equity ownership as a passive investment?
In my head it all makes sense, but I may not be saying it right, so sorry if that was confusing.
Ultimately, my goal is to secure the house, so that we can move there once we close and refi into the VA mortgage once my score improves.
Any suggestions on how I can possibly get this done as soon as possible? Is this a thing?
@Thomas Marshall yes this is possible. However it is a little difficult. A hard money lender has you sign a form that says that the money they are lending on is not a primary home because they can’t lend at hard money rates on a primary residence. So you really couldn’t honestly get a hard money loan yourself for the home. Also, I have had several people come in as second positions for my properties to provide gap funding, but that is because of my track record. It is hard to attract this type of funding without a solid track record.
What you could do is talk to an investor and show the investor the numbers and have the investor do the hard money loan as their own investment. Then you could provide the rehab costs and then move in and refi it in your name afterwards, of course compensating the investor for the time and risk.
@Shiloh Lundahl is being kind.
this is going to be near impossible in an owner occ situation. and 100%
that's the great thing about VA.
you need to just get your financial house in order.. OR you probably need your relatives to step in here to help. the open market is not going to do this deal.. at least I would be shocked if anyone did.
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