How is it possible to flip houses or purchase foreclosures with no money down?
Question:
Answer:
Not all foreclosures have to be paid for in cash. But you will have to be pre-approved for financing. Contact a mortgage broker to do this.
Auctions or Sheriff's Sales generally require 10% down at the time of the auction and then you have a certain amount of time to come up with the financing for the rest.
When buying properties that are not your primary residence, you need good credit and a 10% down payment in most cases. Talk to a mortgage broker. They may be able to help you do something with no money down, depending on your specific situation.
You can't purchase foreclosures with no money down. In fact, it's quite the opposite--at a foreclosure auction you must pay for the property entirely in cash.
It is very possible you just need a creative loan officer/mortgage broker. to show you how. ask allot of questions and interview a few different companies. also stay away from the banks for financing investment properties and don't buy into the t.v. infomercials.
You just need to find a company that specializes in investors there is no single company that is better than the rest rather theindevidual you work with. If you have any direct questions sned me an e-mail
sean.rozewski@usfundinggrp.com
I would advise steering clear of flipping houses, I have been in quite the mess with a house that was to be sold. Endless amounts of problems have eaten away $10,000 in 2 months. Besides how can you flip a property if you have borrowed 100%? You need cash to make the payments, and do the work necessary to flip a home.
In 7 years of mortgage lending, " Creative Brokers or Creative loan reps have been a nice way to say " We will do anything we can pull off without getting caught, even FRAUD". I hate to say but the gravy train is over, lenders have slowed down and nothing is over looked. You can find yourself in a legal mess and risk jail time because Mortgage Fraud is the number 1 white collar crime in the USA. So much has gotten over looked and now with the impending loss banks face even the FBI and most large counties have set up units to investigate this type of crime. Sadly even some nice X- Co workers of mine are currently in deep for saving a lady from foreclosure, and her refusal to move from the home. They are losing thier own homes in order to pay for attorneys to represent them.
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