I am looking to purchase a foreclosue in Michigan for about 95,000 I am getting a really good deal on it however the market for less than perfect credit has went down in my area. How can I purchase this home through a hard/private money lender or sub subprime broker so that I can then get my credit score up in 6months to a year and refinance? I need brokers that serve in Michigan and I am a highly motivated also brokers that offer interest only or fully amortized would be very very good for me as well. Thanks so much
2007-09-09 04:26:45 · 4 answers · asked by shanell411 2 in Business & Finance ➔ Personal Finance
will this be your primary home?
if so, you can go FHA .....
2007-09-09 09:17:58 · answer #1 · answered by Anonymous · 0⤊ 0⤋
They get a huge rate of return on the interest rates. Also, the housing market DRIVES this country, and sub-prime mortgages were meant to help more people become home owners. The problem we are having now can be blamed on the people borrowing, as well as the people lending. Some of the programs available were ABUSED by those originating the loans, and for a First Time Home Buyer, there's no real way to know what to expect when you buy a house without proper counsil. I have a mortgage term glossary on my page if that will help you learn a little more on the verbage, and loan types. The link is on the bottom of my home page, see "Mortgage Term Glossary"
2016-04-03 22:39:43 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Highly motivated is another way of saying TOO BROKE TO OWN. NO deal is that good.
2007-09-09 08:16:29 · answer #3 · answered by STEVEN F 7 · 1⤊ 0⤋
Hello Shane,
Check this website out. It may be a good place to start.
http://realwestside.com/hardmoneylenders/
Wishing you much luck.
Daisy
2007-09-09 06:37:23 · answer #4 · answered by Daisy 2 · 0⤊ 1⤋