I am in a bind here and need to secure a short term loan for a great deal I came across in Desert Hot Springs while I work a credit issue out. My current score is around 640 because my cc balances are a bit high. I am plannig to pay them off this month but it won't be in time to help me get this house The home is a 4bed, 2 bath with a big fenced yard and newer pool. Basically I need around $65k to make the deal happen. The home will probably appraise somewhere between $110k and $140k. I already have a signed rental agreement with the previous tenant for $1300/mo (1 year lease).
I need a month or 2 to get a conforming loan and dont want to pass this deal up. I am willing to pay points and 10-12% to get in here. I prefer a short term deal but will be willing to work with one to two years terms if I have to.
Brook, I'm not clear on your particular situation: if you don't own the property yet, how can you have a rental agreement with the previous tenant; and why the previous tenant? What about the current tenant? Please go to http://kohresources.com and submit your scenario with specifics or email info at kohresources.com
