I currently live in my family's home, worth $220,000 as is -- their mortgage is $120,000. (Equity, built years ago.). They want to sell it. They're NOT in the position to be my personal "mortgage lender"-- NOT even for a few years until I get my income/credit solid.
I graduated graduate school this year, poor credit (working on it), low income this year (grad school). House makes/nets $1500 a month in rental income, with me living here free.
It's the house I grew up in, my parents lived in, my grandparents lived in, so it's very sentimental. Been in the family for years and years.
I want to save it-- but the timing is bad. I'm just finishing up grad school, knocked out part of my student loans, my credit is just now starting to come back around (far from mortgage ready), and my income is just starting to build up with my new job (just finishing grad school). There's no way I could qualify for $220,000 right now. Family Can't/Won't owner finance (they want to move to Belize with that $.)
Are "hard money" loans/mortgages or those "bad credit mortgage sites" a horrible idea?
Are "hard money loans even realistic for me, or do all require 65% with $50K + $$$ down?
I know I'm probably (definitely) up a creek without a paddle (or a twig), but I'm sentimental.
I also like $1500/month net rental income on a property from roommates that mean I can live here free now. No, I don't have any rich uncles; no, thefamily can't owner finance. I know I'm 99.9999999% completely out of luck, but stumbled on hard money loans and "no credit check mortgages in Google tonight" and thought I'd ask.
Are "hard money loans" and "bad credit mortgages" unrealistic for most people, are they scams, or are they really for short-term flippers with big $$$?
I know I'm out of luck,... I wouldn't mind a "hey you'll get there financially one day" pep talk. Am I missing some obvious option here, or is there no option other than call it quits on this house and save up for many years on my own? Or your condolences. :)
