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Want loan ot purchase House & Land.

I wan to repurchase a house and 1 acre of land that I owned for a rental property but got caught up in a foreclosure of commercial property. The house is in excellent condition, I had steady rental income, No problem renting. I own all of the property on two sides. Bank value $52,000. They want to move it fast, can buy around $35K. I need 10-15 year financing. My credit shows 1 foreclosure for 3 properties, otherwise my credit is, and has been excellent. Can your company help with purchase? by tim.coates508 from Lexington, North Carolina. Dec 22nd 2014 Reply


How long has it been since the foreclosure?

Dec 22nd 2014
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Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,250 contributions

ARE you set up as a business ? i can that way

Dec 22nd 2014
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

More details would be needed, but in general, for any type of conforming financing, you would need to wait 7 years to purchase an investment property, but this only applies to residential investment property.. if the property is commercial (strip mall, warehouse, storage facility, etc..) then you cannot use conforming loans for this.... as far as hard money loans, it's unlikely you would find anyone willing to do a loan on a property you purchase for $35K.. most HML's will want 30% down, meaning you would be financing less than $25K and there's really no way to profit on a loan that small. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Dec 22nd 2014
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Jericho Cherry (Jerichocherry)
#58 ranked lender in Virginia - 1,107 contributions

Need more information, such as when did foreclosures occur, reasons for foreclosures, your current credit score if you know it.

Dec 22nd 2014
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Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,815 contributions

First of all with a recent foreclosure you can count out all of the traditional sources. Secondly, with a purchase price of $35,000 and a 25% down payment, not too many (read 'none') hard money investors are going to be willing to do a $26,000 loan with all of the regulatory caps in pricing. I think you are going to have to look at local 'Friends-and-Family' money loan. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in Arizona (AZLO0911876 / AZBK0902429), Washington (WALO40586 / WACL3087) and California (CADOC40586 / CAFLL6036566). We are licensed by the CA-DBO under the CFLL and CRMLA. Loans made or arranged pursuant to CFLL or CRMLA license. ~ www.LoansA2z.com ~ 888-889-9950

Dec 22nd 2014
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