I have a friend whos home is being repossed due to back taxes. It's $8,000 to pay off the taxes and I need some to fix it up,its not to badly in need of repairs. Also a bit of money aside for the first few payments...My credit is well ok, thats about it. My credit score not sure of yet but I'm just guessing lets say (660). What are my odds of receiving a loan ? Where do I begin????? HELP
2007-02-12 20:43:26 · 6 answers · asked by inthrutheoutdoor 3 in Business & Finance ➔ Renting & Real Estate
Talk to a mortgage broker. You can buy the house from your friend for the payoff amount + taxes + repair costs (up to the fair market value). With a score in the 660 range you should be able to qualify for a no down payment loan (depending on your employment history, assets, etc). A savvy mortgage broker will be able to structure the deal so you have no money out-of-pocket (depending on the sales price). Here's a good place to start
http://www.fairwaymortgagelending.com
or
http://www.primelendingonline.com
Good luck.
2007-02-12 20:51:26 · answer #1 · answered by Fearless Leader 4 · 0⤊ 0⤋
Your guessing what your credit score is, is not good enough. If you haven't looked at your credit report, you could find things that need to be fixed first. Some lenders may not provide the loan because of the house needing too many repairs or environmental problems in the area. You'll need an appraisal and home inspection, since it's likely that you'll be buying the property 'as is' from a governing agency who is owed the taxes. Make sure your 'friend' is evicted before you take ownership so that you don't have additional problems, unless you're going to rent to this person.
2007-02-13 09:36:45 · answer #2 · answered by Venita Peyton 6 · 0⤊ 0⤋
I'm a mortgage broker that can help with this.
You credit sounds good enough to buy that property fairly easily. If your serious about wanting to get this done I can finance you in two weeks or less. Check out www.fivestarsmortgage.com and you will get some idea of how the process works.
To answer your question based on the info your provided your odds of receiving a loan are excellent.
2007-02-13 07:25:56 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I can help with no bull ****, or I can tell you how to do it with no obligation. I am a mortgage broker send me an email if you are interested, you may not even need to use any of your cash but find out the details because I have never heard of a house being repossed for back taxes. my email is jorge.ahernandez@yahoo.com.
2007-02-13 18:13:41 · answer #4 · answered by Jorge H 1 · 0⤊ 0⤋
I am Mr chris peter.A legit loan lender.Are you into debts? Do you have a bad credit?Are you financialy down.I give out loans at low interest rate of 3%.I give out loan to Business,Auto and personal loan to Men and women who are into Business transaction, I give out long term loan for three to five years maximum with your interest in this you can as well tell me the amount you need so that I send to you the terms and condition that is if you are realing interested in getting a loan from me, Loan is given out in Pounds and $US and SGD the maximum I give is 5,000,000 both in pounds and $US and the minimum 1,000 pounds and US$ and SGD so if really you are interested mail for more info on how the loan can be transfered to you. There is one Question i have to ask are a serious individual that we take a loan and pay back after duration with the interest, if you are honest I will trust you because I like to do business with Honest people if you are one you will get the loan with out problem and for your information if you should more loan like $10,000,000m I can give only if you are one of these cartigories: Manager of a company A private Holder A broker in banks A director in any office or company A high investor of and compay If you are one of the following you can get $10,000,000US as loan or if personal loan you can request for 5,000-5,000,000 as loan. hope to here from you soon. NAME:............................ PHONE:........................... COUNTRY:.........................
LOAN AMOUNT NEEDED.....................sen... these info it is important. Mind you loans is given to every part of the world only if i see you to be honest and will pay back after duration. If you are interested you have to send the amount you need as loan so that i can give you the terms and condition on the loan for your information loan are given to every part of the world on honest people so if you are honest apply for the loan now at cpc_consultant@yahoo.com
2007-02-14 10:48:39 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yes you should have no probelm getting a loan so buy your friends house good luck
2007-02-13 17:47:17 · answer #6 · answered by pattibcacl 6 · 0⤊ 0⤋