Getting a Loan to buy?

[MoneyNTheBank]

I found a house I would like to buy, and I am thinking about applying for a loan. It is a HUD home listed at 92k. It needs a new roof, carpet, and paint etc.... I am curious, I am only 20 years old and do not have very well established credit because I have never owned a home. I saved up for my first car and paid cash (10k) for it. So the only credit I have would be a cell phone, 2 credit cards (never late, had since age 18), and a ring payment for my girlfriend. My experian credit report says 678, which is average, or below average. How can I go about getting a loan for much a large amount? Are there ways to pickup this home with very small monthly payments so I can fix it up and rent it out without having huge monthly payments? I searched the forum but didnt see much for young investors. Please help me out here guys. I dont want to work 9-5 for 8.50 and hr anymore, I want to gain some financial freedom

[Just Information]

I am happy to see young people getting into the game of investing and you will do well but you need to first get some details on or about the property!


Have you applied for a mortgage loan by way of HUD's web site?
What is the bid status of the HUD property?
How long has this been on the market?
Do you have a HUD realtor?
What are the average rents for the subject property?
What is the market value of the subject property?
What is the cost of repairs?
This will get us started for now!

[loans2investors]

I have a 19 year old (step son) whom I have encouraged to invest in RE and he had no Credit and I was able to get him his first home he fixed it up and then sold it and is still investing and he is only 20 years old

My step daughter who is 23 is on her 3 house with very little credit.

They are not limiting them selves to HUD home either I get them all kinds of loans even 100% nothing down NOO homes all they show up is about 500-1000 for the prepaid escrows.

Age and no credit is not a problem :SM076:

[MoneyNTheBank]

Hey I am glad to hear of your childrens success. The only problem is I dont have the advantage of a co-signer or anyone to back me on anything. I live on my own because I was kicked out when I was 17 so no help from the folks. Hopefully I have some luck with loans though. When you did get them loans did you just go to the bank and take out a cash loan for rehab in RE? What did you do to get the loan? Also, what kind of houses are your kids investing in? Rehabs? Or are they using creative real estate techniques like no money down seller financing?