Buying a HUD Home. Need financing options.

Low credit, less than 12 months employment - conventional funding is going to be really hard. Perhaps you should look into a hard money loan. Just make sure you factor in the high loan costs into your profitability projections.

Hard Money or PRIVATE MONEY. You must have your numbers and presentation together in either case.

Michael

Private money will be cheaper of coarse. If its a deal the money will come. work out the number like Michael said and go for it!

I am in the same position, with a Fannie Mae property. How do you go about finding a private lender? And what is the best way to present the deal to them?

"I found a great cheap HUD home that I want for myself to fixup and then use the equity towards a fix and flip."

You need funding to get this property, improve it/live in it and use the 'equity' for your next fix/flip, correct?

Or are you wanting to use the profits from the HUD 'SALE' for a future fix/flip?

It's 2 different areas.

If you need funding for the HUD fix/flip to resale and make profit, you'll want to find a partner, "private money" (PML), or Hard Money(HML). (HML) COST you and can work IF your numbers work, or you'll lose your ass and house.

If you can SHOW a PML or Partner the profits, expenses and time frame involved to get this deal done, you may be able to work this.

As Michael and Donna said above, you NEED to have the numbers and it can be done, but conventional loans are not going to happen Unless your partner qualifies, you have a LOT of collateral or co-signers, or capital, especially with HUD properties.

PRIVATE MONEY GOLDMINE has cash investors in your area.

'HOW Can make this work?'