With the tight mortgage guidelines of today it’s not just people with bad credit that need this info. It’s just flat out hard to get a loan the traditional way.

Honestly, I hate the hassle and pressure that they put on you anyhow. Just because you have bad credit doesn’t mean that you can’t get qualified. Actually you should be quite happy, because now you have opened up to learn about the easiest ways for getting financing that otherwise you might not have been able to learn about.

There are two main ways that you can still get qualified quickly and with less restrictions as conventional financers. These two ways are private funds aka hard money loans and owner financing.

Hard money loans were originally designed to help investors who wanted quick cash to purchase and rehab properties for profit. As the market became tough, the companies that made these loans started to see the need to help people who wanted to purchase the homes that their rehabbers rehabbed to get them sold faster.

Well, since then that has turned into a full blown secondary business of making purchase loans to people who just want to buy any house to live in. It’s makes a better well rounded portfolio for their private investors.

There is usually a higher interest rate and some fees, but the loans close in less than 2 weeks. You don’t have to put up as much for a down payment. You know within a couple of days if you qualify and they don’t change their mind after you’ve been qualified like some big wig companies.

They require less paper work, are easier to deal with, and you can refinance any time you want later. Most of all, you can get a loan with bad credit.

The other type of financing that you can get is owner financing. Yes, owners can be your bank. There are more properties than you can imagine that will offer owner financing. Just check your local newspaper.

In this case the owner is the bank. Owners are a lot less stringent on their qualifying process. These loans can close in a week. There’s very little red tape and after the offer is signed it is professionally closed the same way a traditional loan is at a title company or attorney’s office.

I bet there are a number of investors that have houses available for owner financing right now. The two main qualifications that you need when working with an investor are you need to have a decent down payment and the ability to make monthly payments comfortably.

To your happy home buying,

Kenney
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