
You Can Buy a Home in 2020 with These Low Income Mortgage Programs
Low Income Home Loan Options Give You Hope Thanks to the many low income home loans available in the market today, you can be a
A hard money loan is a loan from a private or non-traditional lender. The asset being purchased is used as the collateral for the loan, reducing risk for both the borrower and lender.
Hard money loans are used for quick turnarounds between the purchase and sale of a property. They can also be used for quick home financing until the buyer secures a traditional loan.
These loans are generally used in the real estate industry. Some investors buy homes in need of repairs, fix them up, and then sell them for a profit. This is known as flipping and can be hard to get financing for.
Other real estate investors might use hard money loans for commercial or rental properties if they can’t find conventional financing.
Commercial Real Estate Hard Money Loan. Great Rates! Fast Close!!
Hard Money Loan Application
A hard money loan is a way for you to borrow money for real estate without using traditional mortgage lenders. Instead, the funds come from individuals or investors who lend money based primarily on the property you’re using as collateral.
Traditional mortgage loans require proof that you can comfortably repay the debt. Lenders often review your credit scores and any income available to evaluate your creditworthiness. If you have plenty of income, savings, or can get another collateralized loan you might not need to worry.
However, the process becomes more challenging if you have a low credit score, an income source that is difficult to verify to your lender’s satisfaction, or a high debt-to-income ratio.
Hard money loans are generally short-term loans, lasting from one to three years. You use them as a quick way to get money for a purchase. However, you wouldn’t want to keep one of these loans for an extended period because interest rates for hard money are typically relatively high. For instance, the average interest rate for hard money loans in 2020 was 11.25%
Banks also have a list of issues that will raise a red flag and prevent them from even considering lending to a borrower such as recent foreclosures, short sales, loan modifications, and bankruptcies. Bad credit is another factor that will prevent a bank from lending to a borrower. Most banks will not lend to a borrower who already has 4 mortgages even if the borrower’s credit is perfect with no other issues.
CambridgeHomeLoan.com takes an active part in helping our customers achieve their long term goals. Fast closings and refinancing into better rates when it matters. Feel free to contact us with your loan scenario at 800-826-5077.
Fix and Flip or Fix To Rent Loans can be closed in just 5-7 days. If you would like to prepare for your first deal contact us for a soft quote and our due diligence check list.
From your first investment real estate loan to putting together a portfolio loan for all of your investment properties, CambridgeHomeLoan.com is the resource that can help you from the very beginning of your investment career.
CambridgeHomeLoan.com can manage all of your real estate loans from ground up construction, spec houses to fix and flip and fix to rent home loans. When you want to get your price and close in just a few days to easy rehab draws that can help you get your project done on time and in budget. Give us a call today with your project outline and we can give you the possibilities.
Miami, officially the City of Miami, is a coastal metropolis located in Miami-Dade County in southeastern Florida, United States. With a population of 467,963 as of the 2020 census, it is the 44th-largest city in the United States and the core of the nation’s eighth-largest metropolitan area. The city has the third-largest skyline in the U.S. with over 300 high-rises, 58 of which exceed 491 ft (150 m).
Miami is a major center and leader in finance, commerce, culture, arts, and international trade. The metro area is by far the largest urban economy in Florida and the 12th largest in the United States, with a GDP of $344.9 billion as of 2017. In 2020, Miami was classified as a Beta + level global city by the GaWC. In 2019, Miami ranked seventh in the United States and 31st among global cities in business activity, human capital, information exchange, cultural experience, and political engagement. According to a 2018 UBS study of 77 world cities, the city was ranked as the third-richest in the world and the second-richest in the United States in purchasing power. Miami is nicknamed the “Capital of Latin America” and is one of the largest majority-minority cities in the United States. In fact, Miami is the fourth-largest majority-Hispanic city in the United States, with 70.2% of its population being Hispanic in 2020.
Miami is glamor first and foremost but spend a little time here and dig a little deeper to see what is under the surface. Or simply go with the flow and indulge in the glamor in true Miami style.
We are serving all of Miami zip codes including 33101, 33102, 33106, 33109, 33111, 33112, 33114, 33116, 33119, 33124, 33125, 33128, 33129, 33134, 33135, 33144, 33145, 33146, 33147, 33148, 33149, 33150, 33151, 33152, 33177, 33178, 33180, 33181, 33194, 33195, 33199
Low Income Home Loan Options Give You Hope Thanks to the many low income home loans available in the market today, you can be a
Why Should I Refinance My Mortgage? There are many reasons you might want to consider refinancing your home. However, when we look at these types
Why Tampa, Florida? Why is Tampa Florida a good place for VA Loans? Unless you have been completely unaware of the real estate market over
Cash Grants for First Time Home Buyers When was the last time somebody credible offered you thousands of dollars in free money? For most of
Mortgage forbearance can help you deal with a temporary financial setback. You’ll be able to skip or make reduced payments for a predefined period of
What is Your FICO Score? You might think you know what your FICO score is A FICO Score is a number that helps lenders make