Hard Money Financing: Investment Opportunities

By cpk • November 11th, 2010

What are “Hard Money” loans? In a mortgage environment that has seen banks drastically cut back on their lending programs and flexibility, hard money loans may prove to be productive alternatives for real estate investors. Hard money lenders are basically companies that pool cash from various private investors and private individuals. They look at transactions on a case-by-case basis. The loans usually involve higher rates and short loan terms, but they also allow incredibly fast turn-times and very flexible guidelines. I work with numerous hard money lenders, and I’m happy to consult with my clients to see if these programs may work for them.

Fannie Mae HomePath: 3% Down and No Mortgage Insurance! According to the California Association of Realtors, FannieMae has extended its HomePath program for homes that Fannie has foreclosed upon. It will now credit buyers 3.5% of the purchase price toward closing costs or toward selected appliances. This program also allows a 3% down payment with no mortgage insurance.

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