hard money lender 2nd mortgage <85%

jdominic3 · Joined: 01 Nov 2007 Posts: 1 1.36 Dollars($)

needed is a short-term (2 to 3 years) 2nd Mortgage, but loan amortized longer for 30 years, of $30K - $50K to payoff all debt and renovate home. Good employment history and income, but recent divorce has weakened credit score. This loan will do two things: (1) debt elimination to strengthen credit, and (2) upgrade home to increase appraisal value. CLTV=79% FICO=477 513 544 Income=52K + 10K supp. Income.

Guest 0.10 Dollars($)

Jdominic,

How much is your credit score?considering the details you have given here, getting a second mortagge won't be that impossible for you.

Samantha · Posted: Thu Nov 01, 2007 5:26 am Post subject: RE: second mortgage lender

Hi Jdominic,

Welcome to our forums.

It's good to know that you have a good employment history and income. But your scores aren't fair enough to get a second mortgage. In such a case, if you can wait for some more time and improve the score then that'll be good. Or else, you need to shop around for quite some time, so that you can find out the right lender who can provide you with a suitable loan. You can also look out for lenders in our community.

The community lenders offer a variety of loan program to choose from. So, if you are interested, you can just send in your request for mortgage quotes so that the community can forward it to lenders associated with it. Once your requirement and the lenders' profiles match, they shall contact you asap.

Hope this helps...

God bless you.

Samantha

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.77 Dollars($)

Hello Jdominic,

It will not be impossible for you to get a second mortgage but you have to shop for lenders.

For a short term loan you will probably have to go for an ARM and not a fixed rate, and the interest rate will be high.

Are you planning to renovate because you want to sell off the property?

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