All Forum Posts by: Crystal Thomas

@Elise Marquette I believe you are right. Every other lender I spoke with could give me a direct answer. For some reason, this one took more than a day to find out. Thank you so much!!

Hey all! I have been trying to find out from Lending Home how many credit lines are needed and for how long do they have to be open to qualify for their fix and flip or rental home loan. If anyone here knows, I would greatly appreciate it. I have been trying to get an answer directly from Lending Home, but for some reason I am unable to. I might get a quicker response on here.

Thank you to all in advance!!

@Kenneth Reimer Hey Kenneth!! I appreciate the advice. I am interested in 2-4 unit properties, although I will keep my options open and look at single family homes, as well.

Are there any particular lenders you recommend? I tried applying through LendingHome, basically because I was told all I needed was a credit score of 660 or better to be pre-approved, but that was not the case. It was my fault for not asking, but I was denied due to insufficient credit history. I know that is something I will need to continue to work on for any future purchases, personal or investment, but do you know of any lenders willing to lend to a person in my situation? It seems most I have researched look for at least 3 tradelines and for them to be open for a year or more. I have yet to find one who requires less. I currently have only 1 tradeline open for 3 years. I recently got approved for 2 more, but obviously that will take time to build the history. 

What is your opinion on seller financing? It seems like it would be a last resort for me, but is it something worth trying if I wanted to purchase a home sooner than later? 

Thank you again!!

Hey everyone!! I am a newbie to the whole real estate investing business. I am really excited to get started, but I could use some advice. I am a gig worker and have not been working for even a full year, yet. Are there any suggestions for lenders who I could qualify with, given my situation? I am looking to purchase a multifamily home, hopefully within the next 2-3 months. 

Also, do I have to have a certain amount of money in my bank for a certain amount of time before being approved for a loan? I imagine different lenders require different things, but I am wondering if this is a general requirement? 

Thank you in advance for your suggestions!!