628 Fico Credit Score, How to Finance Investments?

[Matthew Langberg]

I have a low credit score due to credit card debt that I am actively paying off. A year ago I had a credit score of 762. I make all my payments on all debt as well as credit cards. I have located a great opportunity for a live-in flip or even a buy and hold with equity. Outside of finding a rich uncle that I don't have to loan me the money, what are my options? Do I have any options? I just purchased Brandon's book but haven't completed it yet. Thank you for your time. 

[Danielle Cage]

Hi @Matthew Langberg,

Have you considered an FHA loan? They work with lower credit scores (low 600s) and the down payment is only (about) 3%. You do need to live in the property around 1 year before you could resell. This would give you time to complete your rehab and work on your credit. At that point you could flip or rent your unit. They also have a 203k loan that would allow you to finance the rehab costs.

I'm probably making it sound more simple than it really is, however it may be an option to look into. Either way, good luck!

Danielle