Finding the Best Hard Money Lenders In Ohio [mortgageinsurancequotes.blogspot.com]
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As lending standards tighten throughout the country, more borrowers are turning to Hard Money Lenders in Ohio to get the funds they need. But there are risks to hard money loans, and it's vital to choose a lender you can trust not to abuse the terms.
If you're looking for quick, hassle-free funding, here's a guide to finding the best hard money lenders Ohio has to offer.
1) Start With Your Own Circle
Ask family and friends if they can refer you to Ohio hard money lenders. Direct referrals are the best way to reach hard money lenders because they don't usually advertise or operate publicly.
Many of the hard money lenders Ohio has are small companies or even wealthy individuals who simply specialize in high-risk lending.
2) Look For Mortgage Brokers
If you can't reach hard money lenders Ohio through your own network, try working with a loan or mortgage broker. Hard money lenders often work with brokers specializing in small and start up businesses, the type of business most likely to need a hard money loan.
Join a real estate investment group and approach members to see if they can give you any leads. Most of them will be happy to, as they often get commissions for referring clients.
3) Check Business Listings
Look online or in local directories for professional associations in the lending industry. Better yet, look up hard money lenders Ohio in trusted business listings such as the Better Business Bureau.
The BBB maintains a list of companies proven to do real, honest business and those that have received complaints or been flagged for fraud. Given the high risk involved in hard money lending, this is one of the best places to start, especially if you're new to the industry.
4) Read Financial Reviews
Browse through money magazines and look for any mention of Hard Money Lenders Ohio. Companies that make it to established publications are generally trustworthy. If you're not sure, look them up as mentioned above.
Some publications, such as Scotsman Guide, even offer an online list of hard money lenders along with their limits, policies, and other essential information for potential borrowers. Find More Finding the Best Hard Money Lenders In Ohio Articles
Question by : what mortgage lenders are most flexible in cincinnati ohio? My mother is on a fixed income of only 610 per month on top of that she has a credit score of only 560 she lives in a mobile home that is very dangerous , mold, electrical problems, holes, etc. She wants a home of here own but doesn't think there is any mortgage company willing to work with her. Most of her credit problems are from hospitals. Is there any Mortgage companies that are willing to work with her on getting just a 30000 loan for a house that has been foreclosed? Best answer for what mortgage lenders are most flexible in cincinnati ohio?:
Answer by Use Your Noodle
No She doesn't have enough income to qualify for a 30k loan. Add to that her bad credit rating, and she behind the 8 ball before she even has a chance to fill out loan papers. Just because someone *wants* a home of their own doesn't mean they are entitled to one or that some bank should be flexible. The chances that your mother would default would be high. Also, the way you are putting it, it sounds as if you think banks are eager or hard up enough that they would put people who could not qualify for a mortgage into a foreclosed home. Putting people into a home they couldn't afford was the reason why they now have a foreclosed home on their hands to sell. Trust me, they don't want to be burned again. If your mothers place is not safe to live in and she is renting, she needs to either get the landlord to fix the issues, or find another place to live.
Answer by Steve M
her income isnt the problem, i assume since shes on a fixed income its social secuity which can be "grossed up" to 125% which = $ 762.50, without escrows and assuming she has no other debt, on a 30 year note her dti is about 21%, which she would qualify, the problem is the 560 score, most lenders will not lend under a 620 score, most actually require a 640. give me a call my name is steve muller and i am a mortgage banker, my number is 405-474-1471, i lend in all 50 states.
