There are 3 parts to a mortgage approval:
ability to pay -your income
willingness to pay -your credit score
collateral- the property
If you are missing any part you do not qualify for a mortgage. Go to your local non profit housing group for credit counseling. They will go over your credit with you and tell you what you have done wrong and what you should be doing. Listen to them and when your score is 640+ you will qualify for a mortgage.... more
Although I'm not a lender, you need to put yourself in their shoes. If you default on the loan, they now own a home that not only needs a roof but may have additional damage because the home had a bad roof. If I was handing out hundreds of thousands of dollars I would want to make sure and reduce my risk.
When you say your credit score is "not good" what do you mean? What is your credit score? If it is around 640 you may qualify for a mortgage. Some lenders do offer programs for scores lower than that, but not many.
The best way to see what you may qualify for, or what you will need to do to help you qualify for a mortgage, is talk to a lender. Let me know if you need a few contacts for a lender. They will ask you a few questions and see what you can qualify for. If you don't qualify, ask the lender what you can do to improve your score.
Thank you and let me know if you need anything else.
Everyone and anyone. Your best bet is to see a loan officer in your area and get a quote; there are far too many variables that go into arriving at a rate on an investment property to answer your question. Since everyone has the same rates, what you are actually looking for is the person that charges the least for the rate you want. To better understand you can read this blog: http://www.trulia.com/blog/gvd/2010/08/understanding_interest_rates... more
Andykula the usual requirement when you a commissioned worker is two years history of earning the required amount of money for the loan you seek. Since you don't have such your income at present will be zero and you co-signor will have to show enough income to carry both mortgages... more
You can work with an agent of your choice to help represent you.
We're free, and our database allows us to search for homes which are receptive to the land contract.
I'm doing the same thing now for a client that I met on Trulia through the forums.
If you want help, look me up and contact me on here.
Your lender should be provided with a detailed purchase agreement and all addendums so they know the total price of the home. This will be forwarded to the appraiser to be taken into consideration. Quality of construction may play a small part, however the appriased value is going to be primarily based off of what similar size homes on Grosse Ile have sold for in the last 3-6 months. You can run into problems if the only sales have been foreclosures. I'd recommend you work with a local reputable lender who has a knowledge of the local markets and who should have access to appraisers with some local expertise as well.
Best of luck to you. Grosse Ile is a beautiful community. I've got a lot of family and friends from there. And it sounds like you are building a really nice home. If I can be of any assistance to you, please email me at email@example.com or call me at 734-528-5511... more
A local mortgage broker will almost certainly have lending sources for you... if that is your only resource. "Hard Money" is based strictly on equity and is offered by individual investors as well as specialty lenders.
If you don't have a trusted person to recommend a mortgage broker, you can do two things.
First, if you are buying a home, ask your Realtor for a recommendation. Any Realtor who has been in business for a while will have 2 or 3 folks to recommend based on a solid track record of prior performance with the Realtor's clients.
Second, contact your state's Mortgage Broker Association. I've attached the link for Michigan below. Most bona fide brokers will be members (but not always), and most members will be trustworthy (but not always).... more