Roseville, MI · Member since 2017 · 27 posts · 16 votes
Anyone with advice or information on different types of lending agencies please send it my way, I am having a hard time finding lenders that will consider financing someone with a low credit score (610). I know there has to be a way around this issue. So please, inform me.
Specialist · CHICAGO · Member since 2015 · 680 posts · 650 votes
9y
Jackson, you could always try and get commercial loans. I don't know what your past experience is in real estate but, a small local bank or a credit union is a great place to start. If you are getting straight up "nos" it may be because you are looking for a specific loan type. Go into the banks and ask, "How can I qualify" instead of "Do I".
Specialist · CHICAGO · Member since 2015 · 680 posts · 650 votes
9y
Jackson, you could always try and get commercial loans. I don't know what your past experience is in real estate but, a small local bank or a credit union is a great place to start. If you are getting straight up "nos" it may be because you are looking for a specific loan type. Go into the banks and ask, "How can I qualify" instead of "Do I".
Lender · San Diego, CA · Member since 2014 · 264 posts · 161 votes
9y
@Jackson Barr hard money lenders would definitely solve your problem if looking to invest. If this is for your primary, there are some "soft" hard money lenders that do Owner-Occupied loans, so that should be your first question - as most do not. If you don't want to spend the higher hard money rates, a good local mortgage broker would be your best bet, as they will have relationships with all the local lenders.
Lender · Glenview IL- CDLP NMLS#230554 · Member since 2015 · 2k+ posts · 747 votes
7y
@Maria Garcia We do have lenders in form who work in Dallas area. Not all the lenders offer free service for rapid scoring, but you can ask this question before you make commitment to the lender.
Real Estate Investor · Macedon, NY · Member since 2016 · 251 posts · 290 votes
7y
@Jackson Barr what type of financing are you looking for? Long term buy & hold, short term flipping, etc..? What do you bring to the table (experience, cash, other collateral, high wage w-2 job, big IRA/401K balance, etc)? There are so many variables that need to be answered before someone can make a decent suggestion.