Can someone give me a helping hand???

Question

I'm a newbie and have prequalified financing via E-LOAN, 
(up too 150,000) which because I'm an investor they are asking 10% down plus closing costs. I haven't located the exact property yet however, I am looking for single, mutli-family properties in Baltimore, MD. E-LOAN in practice doesnt, in most cases finance mortgages under 100,000 because they make little money, plus its difficult to resell the loan to another company. If I find a property, for much less it's going to cost me a higher interest rate, plus 2-3 points.

Should I still go with E-Loan or are there better options? Also, are there any brokers out there that finance loans from 30,000 and up? And lastly, let's say, I find a property for 55,000 but needs 5,000 in upgrades, how do I finance the property plus additional funds for the upgrades?  Any advice, would be great.

N/A N/A · Answer

I saw one guy tell you 100% is available w/620 score. That's if you are going to occupy it. Are you purchasing investment or owner-occupied?
Feel free to call me and ask questions, I may be able to help.

Dustin Roller-Midwest Equity Mortgage Inc.
13600 W 95th
Lenexa, KS 66215
Cell: 816-813-5068
Toll Free: 866-542-1500 X223

N/A N/A · Answer

Yes there are better options. You may even qualify for 100% financing with a 620 score stated income or full documentation.

You can have the seller give you a credit for repairs in the contract and get cash back for repairs at closing.

This is all based on the 4 things Investment Loans requested.

But, say you qualify for 100%... You may not need cash back since you are not putting 10% down. That means you do not finance the 5k.

Ben Carmona · Answer

You should list more information relevant to you qulifying for the loan.

Credit score
employment history
income
assets

Thanks