Can't Get Any financing

[Cody Bradley]

Hey Everyone, I currently have a duplex which I owner occupy half, I've had it for about a year and it covers the payment and about $50 extra. I have a SFH that I bought with a 401k loan so technically there is no lien on the property, it brings in $500 a month gross rent.. not much cashflow but its paying for itself and I Believe it has a decent amount of equity in it. I have another SFH that I bought on land contract with 5k down. my payment is 500 a month on it and it rents for 600. So again, not much cashflow but it has equity and its in my name. I have been at my job for over 7 years and I make about 100k a year. I've paid off all my debt except my houses. I'm still being told my scores are 583, 611, 661. No lender I've talked to will touch me for an investment property. I have equity, rental experience, money in savings, I'm also a realtor and I make good money from my full time job. I just dont get it. What am I doing wrong? I have plenty of credit history from paying off loans and I have 3 credit cards I'm keeping a $25 balance monthly to build things up. My credit was rough a few years ago but I've paid off everything that was hurting me. Trying to figure out what else I can do. I have had to pass on several deals because I can't get financing and owner finance just wasn't an option. I have on in mind right now They have already agreed to sell me for 65k. I have 25% down but cant get a loan.. Any ideas?

[Eric Veronica]

Please dont take offense to this... but I am going to be blunt.  A 611 credit score is very bad.  

Try 100 lenders.... Try 1000 lenders.... Try 1 Million lenders.   You can call every bank, credit union, co-op, and broker in every state in the US.  99% of them will not have any types of financing.  The 1% of lenders that might have a program for you are likely to be very expensive and will cut deeply into your profit margin.  

Your next investment should be in yourself and your credit score. Fix that that and your financing world should open up some.  Stay away from all the free online scores.  Start with https://www.annualcreditreport.com/index.action

This site allows you to pull your credit report once per year directly from the three bureaus that mortgage lenders use.  

Good luck!