Who Needs an Owner Occupied Hard Money Loan?

If you need to borrow money to buy a home that you intend to live in, and you can’t get a loan from a bank or a conventional lender, then an Owner Occupied Hard Money Loan might be right for you. Some reasons which might put you in this category include:

• You wish to downsize to a smaller home so you need to buy a house and sell a house at the same time. But you don’t have enough cash to juggle both transactions. An Owner Occupied Hard Money Loan allows you to buy the smaller home while you are in the process of selling the larger home. Once the larger house is sold, you will have the money to pay back the loan and/or refinance.
• You got divorced and you need to move out. A conventional loan with a bank takes months before it is approved. During this time, you will need to move into an apartment. Owner Occupied Hard Money Loans are much faster, sometimes as fast as a week. This route allows you to move into a house directly and avoid the work of moving into/out of an apartment. Once you have purchased the home and have a place to live, you can then rethink how you can refinance or pay off the loan.
• You just got a job but you haven’t had it long enough to prove that you are gainfully employed. You need a short term loan to cover you until you pass the 2-year mark and then you will qualify for a conventional loan. Or, you have bad credit or no credit and you need a short term loan to keep you afloat until your credit score is high enough to qualify for a conventional loan. An Owner Occupied Hard Money Loan allows you to purchase a house as you “season” your employment record and /or credit rating.

Whatever your reason for needing a hard money loan, we are here to help. Most Owner Occupied Hard Money Loans are short term loans (12 months), though there are some as long as 30 years. Call HD Lending to discuss your options (480) 808-8687.