I am looking for a Hard Money loand in Florida.This will be for a primary residence and I have 30%down.?

5 comments

1. 

   Landlord on August 12, 2009 at 5:50 am

   Hard money to buy a house? I doubt it.

   The interest will be sky high anyway. You would be better off fixing your credit.

2. 

   golferwhoworks on August 12, 2009 at 5:50 am

   not at 70% loan to value may be 60% will get your there but the rate will be about 14%. Try cleaning up your credit and get bank or FHA loan

3. 

   Frank112 on August 12, 2009 at 5:50 am

   There are private lenders out there with lots of spare money to lend but you better expect a high interest rate and the loan will still probably be securitized (meaning if you stop paying, the lender will get to foreclose).

   Just craigslist or even ask some relatives.

4. 

   I Buy And Sell Houses on August 12, 2009 at 5:50 am

   Hard money loans are not available for primary residences. Period.

   Also, hard money loans are temporary loans–generally 6 months, maybe stretching to a year. And at about 15% and 5 points, you wouldn’t want one anyway.

   There are a lot of other ways to buy a home. I’ve written an e-book (not a plug–I won’t even provide the title or a link to it) on how to buy a home with no new mortgage. But look into the following techniques: lease-option, lease-purchase, contract for deed, subject to, wrap mortgage, and land trusts.

   All of these basically have the seller take back financing. You find someone who wants to sell, but can’t. You usually give him some money up front, then make payments for a specified period of time. At the end of that time, you refinance, cashing out the seller, and buy the property. In the interim, you clean up your credit so you are able to purchase the property.

   Hope that helps.

5. 

   Doctor Deth on August 12, 2009 at 5:50 am

   work on fixing your credit and Florida real estate prices are still going down, so I wouldn’t be in a hurry to buy right now