Zero Down Payment Hard Money Loan

Zero down payment hard money loan

Requirement: Must have a minimum Fico score of 680 & provide income verification

The zero down payment hard money loan is a combination of two loans. The first loan is the down payment loan which will be based on personal creditworthiness. The second loan is a traditional hard money loan that is backed by equity of the property being financed. The smaller down payment loan is based on personal credit and the larger loan is based on the equity of the property. The combined loans can range from $100,000 to $1,000,000.

If your credit score is below 680 and you still wish to apply for a hard money loan without the 100% financing option, please fill the loan inquiry on our home page.

This is the process:

You submit a personal loan application. The initial application will be a “soft pull” credit inquiry that will not affect your credit. If the “soft pull” application is approved, you will then submit a final application for approval. You will also submit the hard money loan inquiry below. We will forward the loan inquiry to multiple lending partners who will contact you to begin the hard money loan application.  The response to the “soft pull” personal credit application will be given immediately, therefore, if you get approval, you should be able to submit a final personal loan application and the hard loan inquiry.

Is there a cost to applying?

Both loan applications are free.

Approval of the smaller down payment loan will mostly depend on your personal credit. Approval of the hard money loan will mostly depend on the value of the property being financed. Two important ratios that hard money lenders look at are LTV and ARV. LTV stands for Loan to Value and ARV stands for After Repair Value.

The most that a borrower can realistically expect from a hard money lender is a loan that equals 90% LTV (Loan to Value) or 75% ARV (After Repair Value). Some of our specialized Fix & Flip lending partners will also finance up 100% of rehab costs in addition to financing the purchase of the property. The LTV (Loan to Value) is based on the current purchase price or current assessed value, whichever is lower. For example, you find a house that is selling for $100,000 but will need $20,000 in rehab. You think that the house will be worth $160,000 after rehab. A professional appraiser appraises the current value of the house at $96,000. The hard money lender will use the lower appraised value of $96,000 when determining the LTV and might extend a loan of up to 90% of the assessed value of $96,000 which will be $86,400 ($96,000 X 90% = $86,400).

 

Loan Programs

Fix and Flip Loans – Nonowner occupied

  • Individual projects
  • Single-family, 2-4 units, condos, town-homes
  • $100K – $15M
  • Up to 90% of cost / Up to 100% of rehab cost
  • Fixed rates
  • 12-36 month terms
  • Purchase or refinance
  • Renovation financing available
  • Nationwide Lending

Rental Loans

  • Individual rental properties
  • Single-family, 2-4 units, condos, townhomes
  • $70K – $2M
  • Up to 75% of value
  • Fixed rates
  • 30 year term
  • Purchase or refinance
  • Nationwide lending

Rental Portfolio

  • 5+ rental properties
  • Single-family, 2-4 units, condos, townhomes, multifamily
  • $500K – $100M+
  • Up to 75% of cost
  • Fixed rates
  • 5, 7, 10 year terms
  • Non-recourse options available
  • Leased portfolio
  • Nationwide lending

Credit Lines

  • 1-500+ properties
  • Single-family, 2-4 units, condos, townhomes, multifamily
  • $100K – $50M
  • Up to 90% of cost
  • Fixed and floating rate options
  • 18-24 month terms
  • Revolving credit options available
  • Renovation financing available
  • Nationwide lending

Construction Loans

  • For the investor who owns an investment property fully free-and-clear and is in need of capital for construction.
  • Loan to ARV: 70%
  • Term Length: 13 months


Zero Down Payment Hard Money Loan Process

You apply for an unsecured personal loan of up to $100,000, this will be the down payment loan. The initial application is a “soft pull” credit application that will not impact your credit score. The response to the “soft pull” credit application is given immediately. If the response is positive, you can complete the personal loan application and the hard money loan inquiry below.

1)    Submit a personal loan “soft pull” credit inquiry using the SoFi lender link below.

2)    If the response to the “soft pull” application is positive, you can complete the personal loan application on SoFi’s website.

3)    Once you receive a positive response to the “soft pull” credit inquiry, you can submit the hard money loan inquiry below.


SoFi (Click here to apply – Application will open in a new tab)

Choose the personal loan application link.

  • Loans up to $100,000.
  • Minimum Fico 680
  • No fees.
  • Not available in Nevada.
  • You must be a US citizen or a permanent resident.
  • You must be employed, have sufficient income from other sources, or have an offer of employment to start within the next 90 days.

Submit the loan inquiry below and we will forward that application to our lending partners.  There is no credit inquiry and the information submitted will verify some basic information such as the estimated property valuation based on publicly available information.

No Application Fee – No Obligation – 100% Secure

One Inquiry- Multiple Lending Sources


Successful Loan Applications

340

No Income Verification / Sub 600 FICO

214

Foreign Nationals

163

Fix & Flip Loans

156

Rental Loans

42

Credit Lines

19

Construction Loans

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New York, NY 10038

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