Self employed Credit score 575 20k Cash and The house Costs $30k FMV 65k?

Can I get a loan say.. for the purchase price of $30k and if so where? Im self employed and have a credit score of 575 ...I do have up to 20k available for down payment.... Any suggestions as to loan programs would be appreciated.

Self employed Credit score 575 20k Cash and The house Costs $30k FMV 65k?

Probably. There are a lot of loans for people with credit as low as 500 and, since you have the $20k down, it%26#039;s shouldn%26#039;t be a problem to get a $10k loan, although it will probably be expensive (interest and points). If a %26#039;less than A paper%26quot; lender doesn%26#039;t do the loan, you could get a hard money for a short amount of time.

Because you didn%26#039;t specify your intent, I%26#039;m going to assume you want to purchase this as an investment and flip it. If that%26#039;s the case, you need to consider the prepayment penalty and other factors.

I would probably go with a 3/1 Intererst only ARM or something similar. Although, it%26#039;s such a small amount to finance, a full interest loan wouldn%26#039;t make that much of a difference. The specific loan, really, depends upon what you can afford.

If you want to provide me specifics you can email me and I%26#039;ll see what I can do for you.

Good luck on your purchase.

Self employed Credit score 575 20k Cash and The house Costs $30k FMV 65k?

whats FMV

Self employed Credit score 575 20k Cash and The house Costs $30k FMV 65k?

If the house is $30K and you have $20K available, you totally will get the loan. Usually, lender only asks for 20% down.

This article gives you tips on negotiation:

http://biz.yahoo.com/brn/060909/19463.ht...

Articles about current market:

http://money.cnn.com/2006/09/25/news/eco...

Self employed Credit score 575 20k Cash and The house Costs $30k FMV 65k?

Absolutely. Your biggest obstacle will be finding a subprime lender who will do loans under $50k. (I will.)

Rick Lanicek

http://www.primelendingonline.com

Self employed Credit score 575 20k Cash and The house Costs $30k FMV 65k?

skip the mortgage loan. put the 20k down and get a personnal loan for the other 10k. mortgage notes for that low of an amount are hard to come by and very expensive...

Self employed Credit score 575 20k Cash and The house Costs $30k FMV 65k?

With that amount of down payment, the seller might be willing to carry a short term contract for deed. Obtaining a mortgage for a refinance is easier than for a purchase. With one year of seasoning on the contract for deed, you should be able to refinance and pull your down payment money back out of the property, plus more if so desired if in fact the property is worth 65K as you say.