You get a private loan for $100k and charge $20k for rehab on your business credit cards.

Hello everyone I am also new and was wanting to know if I could get a mortgage loan with a credit score in the upper 500s I'm self-employed first time buyer does anyone  know if I would qualify I would rather do L/O than wholesales the wholesaling thing u need to know people u can sell to quick or if u know how long it takes to build a score thank you 

Most buyers with strong credit end up with better loan terms through the conventional program. 

@Kenny Szymanski  A private loan usually wouldn't show up on your credit report. 

He does not have great credit but he has 20% to put down.

BTW someone willing to pay rent above market rate is a high risk renter for some reason--felonies, past evictions, bankruptcy, poor credit, no or not enough income, or way toooo many people, or history of damage, professional scammer, etc.The landlord would not even be holding the lease to evict the folks you rent to, not have their deposit for damages, or any relationship with the tenants to recover damages in court as the tenants lease is with you.  

Must have references that are positive, employer that is positive (or verifiable consistent income), 1st last and security, and complete background and credit check. 

How should this impact the HUD as far as credits to the buyer, etc?

I have a motivated seller who said he doesn't care about his credit or a foreclosure he just wants some money in his pocket. 

Our LTV is less than 50% ( yes no risk at all for the bank, and we have top credit score.We already paid the appraisal, environment fee, wasted countless hours etc...The texts in LOI: Financial covenants:-- Min DCR based on actual rents for the first trust deed of 1.25:1.00 based on a 25 year amortization by the end of 2018.And in the loan doc---Property is to maintain a 1.25:1.00 Debt Service Coverage Ratio, tested annually.We would not have paid the fee and sign the LOI, had he included the phrase tested annually.Please understand that the loan  will be for 10 years long, and we are very confident that we will always have fund for the monthly mortgage payment.