How can I get a loan to buy real estate?
Posted on May 1st, 2010 in Renting & Real Estate | 2 Comments »
sralewing asked:
I don't have enough up-front cash to pay for real estate but I'd like to buy some property. Are there loans I can get, or should I finance it directly with the seller?
Sacramento Ca Real Estate
I don't have enough up-front cash to pay for real estate but I'd like to buy some property. Are there loans I can get, or should I finance it directly with the seller?
Sacramento Ca Real Estate
2 Responses
California Real Estate
There are no and low money down loans available. What you can get will depend on your credit history and your income.
Talk to a loan officer.
If you get an adjustable rate mortgage, ask him about the risks such as what is the maximum interest payment you may have to pay if interest rates go up significantly.
I have no direct experience with seller financing but seller based financing does occur and will sometimes be done to make up the difference between the downpayment and a mortgage through an institution.
The loan officer or you real estate agent may help you this kind of information.
Fsbos In Sacramento
If you are able to obtain financing thru a seller you maybe able to get more favorable terms depending on your negotiating with the owner. My experience so far has been there are few people that are willing to give seller financing. The majority of people selling their homes use the proceeds for a down payment on a new place. Being a loan officer, I have leaders that will give 100% financing with a 580 Fico score. Your interest rate at that score is not the greatest, but it gets you in the house at least. You can also have the seller pay your closing close so you can get into the home “with no money down”. You will need 2-6 months of reserves to qualify for a loan ie 401k, IRA, checking or saving. A seller financing the deal will not ask this from you either, as another pro of this option. Send me an email if you have questions about your specific situation. There is so many creative things you can do with R.E. Don’t let not have money stop you from purchasing property…