Can you get an Arizona Hard Money Loan for Owner Occupied homes?

Owner-occupied hard money loans are considered principal residence Loans, alternative financing, and private money loans. 

Reasons Why Borrowers Use Owner-Occupied Hard Money Loans 

• Bad Credit 
• Hard to prove income 
• Self Employed 
• or dealing with a problem property  
  
  Typical borrowers refinance this loan after qualifying for a conventional or FHA loan. 
  
  Common Uses of Occupied Loans 

• Buying a first or second home. 
• Refinance an existing loan. 
• Cash out for repairs or remodeling. 
• Cash out for debt consolidation.  

Owner Occupied Hard Money Loan Program Options  

100% financing is available if the borrower has another free and clear property, or has a small mortgage with value (substantial equity) to pledge as additional collateral ( aka Cross Collateralized Loan).  

Arizona Hard Money Lender is making real estate loans to both Investors and owner-occupants in Arizona. 

Typical Arizona private hard money programs for owner-occupants are below. 

NO PRE-PAYMENT PENALTY 

Typically, there are no pre-payment penalties on our loans. 

  

PURCHASE 

Down payment: 30% - 40%. 

Up to 60% or 70% of the appraised value 

Up to 100% financing with a 2nd free and clear property as additional collateral. 

  

REFINANCE 

Up to 65% of the appraised value 

Up to 100% financing with a 2nd free and clear property as additional collateral  

ORIGINATION FEE 

            A loan Origination fee of 2 to 6 points (2 to 6% of the Loan Amount).  

Requirements For Owner-Occupied Hard Money Loans 

Income must be able to be verified by a 3rd party source. 

If the owner-occupied loan is considered a "high-cost loan," hazard insurance and property taxes must be impounded for the 1st year of the loan. This is the borrower's responsibility. 

Disclosure laws require us to inform you of the loan terms before signing any loan documents. These are the exact requirements of a traditional bank loan. 

Apply for an Owner Occupied Hard Money Loan 

If you want to see if you qualify for an owner-occupied hard money loan in Arizona, call us today at 602-497-4444 or fill out our loan application to get started. Getting your owner-occupied hard money loan is simple and fast; we do the funding!  So, if we say you're approved, you'd better start packing to move into your new home! 

The owner-occupied Arizona hard money loans program makes it easy for you to get the new home you need despite not having credit, having bad credit, or even if you're not from the United States.   

Owner-occupied home loans using private hard money have easier requirements than investor loans and can benefit from our cross-collateral 100% LTV loan option. 

Dennis Dahlberg
Broker/RI/CEO/MLO
Level 4 Funding LLC
Hard Money Lender
Hard Money Loans
Hard Money Loan
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis@level4funding.com
Dennis Dahlberg Broker/RI/CEO


NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave | Austin | Texas | 78701
Equal Housing Opportunity. This is not a Good Faith Estimate and this is not a Guarantee to lend and should not be considered as such. Costs, rates, estimates, and terms can only be determined after the completion of a full application. Actual payments will vary based on your individual situation and current rates. APR for loans varies from 7.99 - 29.5% and is based on Credit Score, Down Payment, LTV, and Income. Mortgage rates could change daily. For more accurate and personalized results, please call 623 582 4444 to talk to one of our licensed mortgage experts. Terms and conditions of all loan programs are subject to change without notice. Level 4 Funding LLC, 22601 N 19th Ave Suite 112, Phoenix AZ 85027, 623-582-4444 NMLS 1018071 AZMB 0923961 This e-mail is for the exclusive use of the intended recipients and may contain privileged and confidential information. If you are not an intended recipient, please notify the sender, delete the e-mail from your computer and do not copy or disclose it to anyone else. Your receipt of this message is not intended to waive any applicable privilege. Neither this e-mail nor any attachments establish a client relationship, constitute an electronic signature or provide consent to the contract electronically, unless expressly so stated by Dennis Dahlberg RI/CEO, Level 4 Funding LLC, in the body of this e-mail or an attachment. To the extent, this message includes any tax or legal advice this message is not intended or written by the sender to be used, and cannot be used, for legal or tax purposes or advice.
 
About the Author: Dennis has been working in the real estate industry for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 43 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.
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Want to be House flipper? Follow this guide.😁

Being a House Flipper Is Easy If You Have a Guide. Learn what it takes to be a flipper and make a lot of moola. 8 Things You Must Do To Be A Successful Home Flipper Want to be a home flipper?  Follow this guide ......... Keep Reading Matt Prosory RI/MLO/Broker NCO Enterprises LLC Dba Setabay Private Hard Money 26731 N 90th Drive Peoria AZ 85383 Telephone: 623-582-4444 NMLS 2062278 NMLS 1118493 Equal Housing Opportunity. This is not a Good Faith Estimate and this is not a Guarantee to lend and should not be considered as such. Costs, rates, estimates, and terms can only be determined after the completion of a full application. This is an advertisement..  Copyright © 2023 , NCO Enterprises LLC, All rights reserved.7 Requested Information Want to change how you receive these emails? You can update your preferences or unsubscribe from this list.

😎Do you have bad credit or poor credit and want to buy a home?

Do you have bad credit or poor credit? Want to buy a home?  Buying a house has become synonymous with "the American dream." Low credit score won't prevent a borrower from buying a home Buyers have found that owning a home has many prerequisites....... Keep Reading Matt Prosory RI/MLO/Broker NCO Enterprises LLC Dba Setabay Private Hard Money 26731 N 90th Drive Peoria AZ 85383 Telephone: 623-582-4444 NMLS 2062278 NMLS 1118493 Equal Housing Opportunity. This is not a Good Faith Estimate nor a Guarantee to lend and should not be considered as such.  This email is an advertisement. Copyright © 2023 All rights reserved. 6 You can update your preferences or unsubscribe from this list.

😇 See what others are doing in the fix and flip business. 💥

Here are some of the deals we closed last week. Do you have a deal that needs quick and easy funding? We are Private Hard Money Lenders with over $200,000,000 funded for Real Estate Investors. Vacation in Pine Top AZ Purchased for $175,000 Loan Amount $112,500 Fix and Flip in Gilbert Arizona Purchased for $449,000 Loan Amount $215,000 Matt Prosory RI/MLO/Broker NCO Enterprises LLC Dba Setabay Private Hard Money 26731 N 90th Drive Peoria AZ 85383 Telephone: 623-582-4444 NMLS 2062278 NMLS 1118493 Equal Housing Opportunity. This is not a Good Faith Estimate nor a Guarantee to lend and should not be considered as such. Costs, rates, estimates, and terms can only be determined after completing an application.  This email is an advertisement. Copyright © 2023 Setabay Private Hard Money, All rights reserved. 5 Requested Information Want to change how you receive these emails? You can update your preferences or unsubscribe from this list.

Ways To Flip Houses With No Money & Bad Credit

Nowhere does it say an investor needs to fund a deal with their money. As it turns out, there are several options for funding a deal made available to today's investors, none of which will require you to use capital from your pocket. It's pretty easy to argue that using other people's money is the gold standard, at least when investing in real estate. If for nothing else, private lenders, hard money lenders, and any house-flipping investors interested in making money are all more than viable options to seek out for your next deal. Here are a few options to help you learn how to flip a house with no money:

1. Private Lenders

More often than not, private lenders will serve as an investor's most significant funding source. After all, private money lenders are essentially banks without the endless hoops to jump through what most traditional lenders have become synonymous with. That said, Arizona private lenders are anyone with a few extra dollars in their pocket, a desire to invest, and a propensity to have their "ears bent." Perhaps even more importantly, they are not associated with a financial institution or a government-backed agency, such as Fannie Mae or Freddie Mac. That's an important distinction; they can make their own rules.

With the ability to set their parameters, Arizona private money lenders will typically come at a steep price; it's not uncommon for their fee to rest somewhere in the neighborhood of six and 12 percent, but I digress. While the average private money lender rate is slightly higher than a traditional lender's, they can have the money in an investor's hand in a few days or even hours. Therein lies the most significant benefit of working with private money lenders: speed of implementation. The slightly higher interest rate is well worth the cost of admission if it means an investor can secure funding in as little time as possible. Not surprisingly, most investors will find that the speed at which they can make an offer is more important than the interest rate it comes with. On the other hand, traditional banks may take as long as 30 to 45 days to close on a loan or just long enough to let a deal slip through your fingers.

Most private money lenders will require a bit of an insurance policy or, more specifically, a promissory note and a mortgage or trust deed on the subject property. Some private lenders will even want borrowers to take it further and guarantee the loan with their assets, but everything is negotiable.

2. Hard Money Lenders

In their simplest form, hard money lenders are lending companies that offer specialized short-term real estate-backed loans. Unlike their private money counterparts, they are affiliated with a company specializing in lending. However, Arizona hard money lenders typically offer shorter loan terms to avoid confusion with traditional lending institutions. Transactional lenders will offer loans up to 15 and 30 years, but Phoenix hard money lenders tend to stick with a six-month to two-year window.

Besides their affiliation with an actual company, hard money lenders will operate much like private money lenders. Not only are their lending guidelines much looser than traditional institutions, but their rates are also slightly higher. Hard money lenders in Arizona usually ask for about 11 to 15 percent and about five points (additional upfront percentage fees based on the loan amount). However, it is worth noting that there are no universal Arizona hard money lender guidelines; each will be complete with a different set of criteria.

According to New England Home Buyers experts, "You can fund all home repairs using hard money lenders. Unlike traditional bank loans, hard money borrowing is not contingent on your creditworthiness. However, fees and interest rates for hard money loans are frequently higher. Note that interest rates might range from 8% to 15%, and points can range from one to five".

It is also important to note that most Arizona hard money lenders will usually only loan a percentage of the purchase price — typically around 70 percent, to be exact. That will require most investors to look elsewhere if they don't want to spend any money out of their pockets, perhaps a private lender.

What Is The 70% Rule In House Fix and Flip Lender?

Home flippers have a straightforward business model: they buy a house for a low price, renovate it, and then resell it for a more fantastic price. The purpose of a flipper is to buy low and sell high to maximize their earnings. When flippers are looking at real estate listings, the 70 percent rule can come in handy. Essentially, it states that investors should pay no more than 70% of a property's after-repair value minus the cost of the repairs required to refurbish it.

A property's after-repair value, or ARV, is the amount a home could sell for after being renovated by a fix and flipper. When purchasing a home to flip, investors must estimate how much the property will sell for after it has been renovated. They can then multiply that figure by 70% and deduct it from the estimated renovation cost. The result is the most that flippers should be willing to pay for that home or property. The formula for the 70% rule is:

After-repair value (ARV) ✕ .70 − Estimated repair costs = Maximum buying price

The critical thing to remember is that the 70% rule is merely a guideline. Before purchasing a house, you should research market conditions, consult with real estate professionals to acquire a more realistic resale estimate, and meet with contractors to determine how much repairs will cost and which upgrades are required.

How To Find Arizona Hard Money Lenders

Hard money lenders are located nationwide; you need to know how to find them. The easiest way to find them is by searching online for Arizona or Phoenix hard money lenders in your area. You will find results for companies with hard money loans that you can contact here. Attending real estate investor meetings is a great way to network with Arizona hard money lenders looking to work with potential borrowers. You can also reach out to other real estate professionals in your network who have experience working with these lenders or know of a contact you can contact.

Matt Prosory RI/MLO/Broker

NCO Enterprises LLC
Dba Setabay Private Hard Money
26731 N 90th Drive
Peoria AZ 85383
Telephone: 623-582-4444
NMLS 2062278 NMLS 1118493
 

Equal Housing Opportunity. This is not a Good Faith Estimate nor a Guarantee to lend and should not be considered as such. Costs, rates, estimates, and terms can only be determined after completing an application. Actual payments will vary based on your situation and current rates. APR for loans ranges from 7.99 - 29.5% and is based on Credit Score, Down Payment, LTV, and Income. Mortgage rates could change daily. For more accurate and personalized results, please call 623 582 4444 to talk to a licensed mortgage expert. Terms and conditions of all loan programs are subject to change without notice. NCO Enterprises LLC Dba Setabay Private Hard Money 26731 N 90th Drive Peoria AZ 85383 Telephone: 623-582-4444 NMLS 2062278 NMLS 1118493 This email is for the exclusive use of the intended recipients and may contain privileged and confidential information. If you are not an intended recipient, please notify the sender, delete the email from your computer, and do not copy or disclose it to anyone else. Your receipt of this message is not intended to waive any applicable privilege. Neither this email nor any attachments establish a client relationship, constitute an electronic signature, or provide consent to contract electronically unless expressed by Matt Prosory RI/CEO, in this email or an attachment. To the extent, this message includes any tax or legal advice. This message is not intended or written by the sender to be used, and cannot be used, for legal or tax purposes or advice. This email is an advertisement.