Mortgage rates are great but the news headlines may have you believing that no one qualifies for a home loan these days. Don’t panic. Whether looking to scoop up a great deal on a new residence while there are still deals to be had or looking for a way to expand your real estate investments there are still mortgage programs out there and they may be a lot easier to qualify for than you think…
1. FHA Rehab Loans
FHA loans are a lot easier to qualify for than most people think. However, they don’t just stop at offering low down payments and low rates. The FHA 203k program also offers borrowers repair money for funding fixer uppers and handyman specials. If you don’t quite fit into this mold then the Fannie Mae HomeStyle mortgage often provides a great rehab loan option where FHA leaves off.
2. VA Mortgages
Veterans Association home loans should not be overlooked by those who have served in the military and their families. Low rates, easy qualifying and 100% financing make them a great option.
3. USDA Loans
Nope, not for financing your giant steak dinner. These mortgages can actually be used for up to 100% financing on residential homes in many areas of the country you would never have guessed. Last year the USDA was running a surplus of money they needed to loan out.
4. Hard Money
Hard money lenders may have become a little harder to borrow from since the crash and still charge hefty rates and points but if you have a sweet real estate deal you just can’t pass up on and need a short term mortgage then check them out.
5. Transactional Funding
For investors flipping houses, transactional funding is probably exactly what you have been searching for. Fast money, up to 100% financing, no credit checks, no income or asset verifications or hoops, not even an appraisal required. You just need to have a deal lined up and an end buyer to flip to who is ready and able.
6. Business Loans
Those who have had a business incorporated for at least 2 years a business loan or line of credit can be a great tool for investing in real estate. It will allow you to really keep your business and personal credit separate and offer flexible financing once you find deals you need to take down in a hurry.
