can you give me the pros ans cons to hard money loans

Hard money loans so expensive and unfair, they make sub prime loans look great.. in reality, it's the very LAST alternative you should be considering.. also, most hard money lenders wont lend on primary residence because federal laws limit how much can be charged, so most will only offer HML's on investment.. that being said, if your 4 years past a short sale, then under conventional, you can purchase a new home with 20% down, and you can go FHA 3 years after a short sale.. however both programs will require a higher score... there are some FHA lenders out there that will lend down to 580, but the guidelines are strict.. your better off spending a month or two fixing your credit and then apply.. no hard money loan necessary.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Rather than doing a Hard Money loan, I recommend working with a traditional mortgage lender who can help you figure out what is keeping your score that low. There are some lenders who can do a FHA loan with a score that low but most require a 620-640 or higher. Hard money loans usually require a pretty large downpayment and have much higher rates and fees than traditional loans. I can help you in CO but we have a minimum of 620 for a FHA or conventional loan.

I agree with the comments so far. With your Short Sale 4 years ago we can go FHA or Conventional and we have programs that will also accept your credit score. We are a direct lender approved in Colorado, we can help, give us a call at 760-723-2232.

You have other options, with VA (if you qualify), conventional (if you have the down payment) FHA and USDA (if the home is in a USDA approved area). I lend in CO and have been in the mortgage business since 1989. Let's discuss your options when your time permits.

Hard money is limited to 65% to70% of the home value, and at rates of 10% to 15%.Work on credit, and get it up to at least 620.

Hard money loans are usually for credit challenged buyers so you're on the right track. But expect higher interest rates and a higher down payment. Call me if you'd prefer the less expensive route of a higher interest rate. 909-996-9714. Thank you

If your short-sale was 4 years ago, you very likely qualify for traditional financing. before you spend too much time looking at hard money private lenders - consult a local mortgage broker to see what you qualify for with a regular mortgage loan.

Make a hard money loan your very last option. Very costly and usually short term lending.