Financing Or No Down Payment & Bad Credit Mortgage Loans
Sub-prime lenders now offer financing packages with zero down. Interest rates are higher on these types of loans, but they make purchasing a house easier. And unlike a conventional loan, there is no private mortgage insurance required. There are two types of zero-down mortgage packages, each with their own requirements.
Types Of Zero-Down Loans
100% financing, as it names implies, offers complete financing of your property. The other option, 80/20, finances your mortgage with two loans. Both loans may be carried by your lender, but sometimes the seller or a second lender is required to carry the 20% mortgage.
100% financing is easier to deal with, but not all lenders will offer this type of home loan. 80/20 financing is more common, but takes some negotiation if the seller is involved.
Qualifications For Zero-Down
Each lender has their own criteria for determining who will qualify for a zero-down loan. Most sub-prime lenders require any bankruptcies or foreclosures to have been at least twelve months ago. A conventional loan requires these to be discharged two to four years ago.
While a credit score of 600 or higher is best, large cash reserves can also qualify you. Six to twelve month’s worth of cash reserves in the form of savings, money market, or other liquid assets are considered ideal.
If you choose 80/20 financing with the seller carrying the second mortgage, you can qualify with sub-prime lenders with a score of 560.
Zero-Down Sub-prime Lenders
You can find zero-down sub-prime mortgages with both conventional and niche sub-prime lenders. Make sure that you request quotes from as many mortgage lenders has possible to be sure you find the lowest rate and best terms.
You will also want to decide what type of mortgage you want. An ARM is easier to qualify for and has lower rates. A fixed rate mortgage offers the security of a constant interest rate over the life of your loan.
Typically an ARM will be a better deal if you plan to refinance within a couple of years. After you have improved your credit history, you can refinance for a conventional mortgage with low interest rates.
I am looking for a lender that will do all my rehab loans for myself and my clients , ( I have bad redit right now) if you need details I will send I have at lease 10 great deals a month I need to know ahead of time so I can do deals they come and go real fast .The funding will be short term never more the 5 months or less .
Need 100% financing arv 65% or less real funding I have been in this business for 28 years two bad partners
just ruin my life interested ,I can also give you 10 to 15 other deals a month from the investors that buy from
me Thank You For Your Time
Anthony Abridello
Innovative Management Group
tonyabridello@yahoo.com
Anthony,
I have a lot of money to invest would be REAL interested in speaking with you. You can reach me at 954 790-9333.
Look forward to hearing you soon to discuss a possible business venture.
Paul
Anthony,
I haven’t heard from you i would be real interested in finding out some more information on financing rehab’s. Plesse contact me at 954 790-9333 or via email.
Look forward to hearing from you.
Paul
Anthony,
It’s been over a month do you want to discuss how I can help you with your financing for your rehab’s if I don’t hear from you this week I will take you off my list of investors.
Paul
954 790-9333
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hi im looking for funds to purchase multi family or commercial property with cash flow
to jump on deals im looking for 100% finance any one interested in talking please email me or leave no
thanks