Depends on your strategy. If you are planning to acquire them as holds with convential financing, then yes you have to have a decent score as well as low debt/income ratio. 620+ will get you in FHA but then they do have requirements on the types of properties they will fund (passing inspections, etc.). But there are a few other alternatives if you aren't completely in the tank with credit. If your D/I ratio is in a optimal % range you can look at programs to capture repairs in escrow. But they do have strict guidelines.
If you are double closing (wholesaling) credit doesn't come into play.
If you are B/F/S and pulling HML yes, they are looking at credit as well as lending requirements based on LTV%, and XXXX amounts capital reserves with approx 6 month seasoning.
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Depends on your strategy. If you are planning to acquire them as holds with convential financing, then yes you have to have a decent score as well as low debt/income ratio. 620+ will get you in FHA but then they do have requirements on the types of properties they will fund (passing inspections, etc.). But there are a few other alternatives if you aren't completely in the tank with credit. If your D/I ratio is in a optimal % range you can look at programs to capture repairs in escrow. But they do have strict guidelines.
If you are double closing (wholesaling) credit doesn't come into play.
If you are B/F/S and pulling HML yes, they are looking at credit as well as lending requirements based on LTV%, and XXXX amounts capital reserves with approx 6 month seasoning.
Blessings,
Jen
I was Looking to Double Close..Im trying to put a deal together with a bank so I can get a Bulk Package of Properties
Hi it looks to me like your in the drivers seat, get er done my friend, Jim
jbischoff