No income, 800+ credit score, how to get a loan?

Question

Ian Kee · Answer

Get a job? ;-)

Kevin Romines · Answer

Yes, there is an investor program that with 20% down, you don't put any income or employment on the application. They will do the loan on the rental and the rents must be equal to or more than the payment. That is  it for debt ratio, employment and tax returns and tax transcripts are not needed. Its a portfolio loan, so rates are a point or 2 higher than conventional and its done on a 5/1 or 7/1 or 10/1 Arm.

Karen Rittenhouse · Answer

@Reno Law

Her best place to start is private money - friends, family, investors from REIA meetings, etc.

Hard money lenders are the next money source for investors as they're a little more expensive than private money but much easier than banks and banks won't do our small quick loans.

Most hard money lenders don't look for income because they know that we, as investors, don't show income. Plus, we can be up one month and down the next. They look for credit score and funds in savings that can be tapped into for living expenses and in case the borrower needs help getting through the rehab.

Most look for a minimum $15,000 in funds somewhere. And $15,000 is low.

Real estate is an expensive business. I understand that the novice thinks they can get in and make a lot of money here but, No Money/ No Experience/ No Job is really a recipe for disaster.

Good luck!

Tarik Turner · Answer

stated income loans do not require you to show income there are still a few of those programs still out there

Frankie Woods · Answer

Co-signer

Jeff Dulla · Answer

@Reno Law Here you go: https://angeloakms.com/investor-cash-flow-program/

At some point though common sense needs to come into play and an understanding of why 99.9% of the lenders out there would not give this person a loan. If some other expense comes up with the property, how is she going to pay for it? Outside of the piece of collateral, which who knows what condition it will be in after renters, what other security does the lender have in any of this?

Seems like a dumb loan for a lender to do.

Mark Sewell · Answer

Can I get her phone number?

-- kidding, kidding...

No income, 800+ credit score, how to get a loan?

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