I recently went though a forcloser last janurary due to my husbans loss of employment .I have been employed for 4and half years at the same job at full time hours .The banks wont consider a loan for thee years .I still would like to purchase a home on my own home.What help is there trough a private realestate investore?
Nobody but a close friend or a relative is going to give you money for a mortgage or a down payment.
Build up your savings and credit score and in about 3 years you and your husband should again be able to purchase a home through a real and legitimate mortgage lender. At this time you just have to be patient and work hard to pay all of your bills on time.
There are private investors everywhere. It’s called a hard money loan. They usually charge a bit more than the bank in interest rates.
If you get one, it’s usually short term. Get one that reports timely payments to the credit bureaus. Ask them if they can do that for you – put it in your agreement. This builds your credit.
Once your note is seasoned, about a year, then you can go get a bank loan and pay back the hard money lender. People do it all the time – especially in this economic climate.
Either post a query in the Real Estate section in Craiglist or visit Real Estate Forums to find a legit Hard Money Lender. (or Google them)
Good Luck!
References :
Nobody but a close friend or a relative is going to give you money for a mortgage or a down payment.
Build up your savings and credit score and in about 3 years you and your husband should again be able to purchase a home through a real and legitimate mortgage lender. At this time you just have to be patient and work hard to pay all of your bills on time.
References :