Where could I get a loan ?

9 Replies

Depends on your credit. HUD doesn't actually give loans. FHA will only insure a loan, but you, the loan, and the property have to meet certain requirements. I'd recommend pulling your credit and talking with a couple different mortgage brokers and bankers.

HUD handles all the foreclosures on gov't guaranteed loan.

i.e.

HSBC won't give a loan with only 3% down - but they do FHA loans, which allow first time home buyers to put as little as 3% down - because FHA guarantees HSBC the repayment of the loan (up to 80% i believe).

lenders fight to qualify as preferred lenders...for all sorts of gov't backed loans - like SBA loans, mortgages etc.

not every lender can do this.

Go to a qualified mortgage broker and have your credit pulled. With that in hand, and a 1003, he/she (based on your income, expenses, credit profile and strategy) can advise you as to what programs are out there and will better suit your needs. An experienced and competent mortgage broker can be an extremely valuable ally in this business.

Originally posted by "SteveGent":
Hi,

Lets say I have prefit credit and 15-20 % down ?

then take your "prefit" credit and 20 percent down to a local bank, why are you asking us simple "what if" questions

If you have perfect credit and 15-20% down then of course you can get a loan from about anyone who does mortgages.

If you have perfect credit and no money down there are several people who will still do a loan. But, they become harder to find.

What are you trying to find out though? I will try to answer the best I can.

Steve, with excellent credit (720 and above) and 15-20% down, you can get a first time investment loan from just about anybody. Just start asking and take your pick.

I would recommend aim's advise, except that I would just pull my own trimerge credit report and start taking it around to mortgage brokers and banks.