Hello everyone first post on bigger pockets. I've been listening to podcast for about 6 months now, and finally decided to just make a move. I'm under contract for a single family house with a purchase price of $124,000 the appraisal hasn't been done yet but i'm guessing around $135,000 and this is a turnkey property. I"m expecting to see some good cash flow since the rental rates are around $1200-$1400. This property will be help long term since the market doesn't change much.
I'm reaching out because I"m trying to see if there is any chance i can get more than an 80% ltv on this property using hard money? I currently have a primary residence using FHA financing, but I also have a foreclosure from 4 years ago. So i can't get conventional financing until another 3 years since the law is 7 years from the sold date. This is the only problem on my credit report everything else is great and my score is about 720-750
I'm looking to get into a 30yr financing and basically refinancing out in the 3 years.
Is this typical since its my first? I've called about 7 lenders and most of them are about 75-80%
Thanks and all you input is appreciated i'm hoping this is the first of many.
