Loan for a REO under $60k, Self Employed

Ok sounds like you are working through a non vanilla loan situation. Keep in mind that I would advise that a loan officer look at all of your income documents to calculate your income that would be used for the purposes of a loan. Start there because what you may think your income is and what the lender will use may be completely different numbers. Also if you are intending this to be an investment property then you have to be prepared to put down 20-25% depending upon your overall credentials. 50k is the minimum loan amount that any lending institute will go down to.

Hello:Depending upon what state you and the property are in, you may be able to utilize our Home Improvement Purchase program. However, the total new loan must exceed $50k, including the renovations. I will be happy to talk to you about it to see if you are in a state we do business. We are currently funding in 15 states in the Midwest and South. We service most of our loans, so there is a good chance this could work for you. Hope this helps. Patrick McCarthy, Stonegate Mortgage, Corp, 614-310-7520, PMcCarthy@StonegateMtg.com

also if the property needs the work you are claiming then you would want to go after a rehab loan- usually with in the county or city that the property is in they should have a rehab loan, but this is somehting you would have to check into with the county government- specifically the econimic development department.