Lender options for an auction in Iowa

3 Replies

Hi everyone. 

I am looking at an auction house that will be a owner occupant house. 

I already own a duplex that has a mortgage and a house that’s free and clear and will end up being an investment property in a few months as well.

I also work three jobs (one under the table and one with tips) and can show good income as well as have reserves for all debts for around 4 years worth of payments. The majority are in a taxible investment account that I’d rather not empty to buy in cash.

what kind of options do I have and can anyone recommend a lender that can close within 30 days? I have the 10% down payment needed for the auction in cash. 

I’m not a financing wizard so I figured I’d ask for help where people have knowledge!

thank you! 
-Jeff George

@Jeff George financing an auction property is generally a bad idea. There is just too much risk you will default before you can get a loan. This is even greater when considering an owner occupant loan.

While some lenders like Hard Money lenders may be willing, you may not be able to have access to the property for inspections and appraisals.

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