To borrow from Dominion Financial Services, you don’t need perfect credit, but you do need good credit. We’re more interested in what caused the blemishes to your credit score, than the actual FICO score itself. If your credit report shows any significant blemishes, such as a bankruptcy, foreclosure, short sale, liens, or judgments within the past 24 months – we may not be able to lend to you at this time.
We will fund 90% of the purchase price and 100% of the rehab. You’ll need money for the 10% down payment, closing costs, and cash to get the rehab started. Generally, if you have $30,000 or more in cash reserves – we can approve you for a Dominion Financial Services Investor Line of Credit. Let’s talk now.
No Deal Required:
To get your Dominion Financial Services Investor Line of Credit – you do not need a deal. In fact, we urge you to get approved now. As an approved borrower you can make offers with 100% confidence knowing that you have Dominion Financial Services in your back pocket, ready to fund the deal. Once approved, you’ll receive a free Proof of Funds every 60-days or when requested.
There are many ways to fund a deal – and every method has its tradeoffs. Funding a deal with a HELOC from another property is a great way to fund deals.
The downside is, real estate investing comes with some level of risk. If for whatever reason the deal sours, your primary residence could be on the line if you fail to make the payments. Let’s suppose that things don’t get quite that bad – at the very least, your good credit could be on the line if you fail to pay the HELOC payments on time.
Finally, let’s assume that you have a $100,000 line of credit on your personal residence. If you max out that line for the purposes of funding a deal – you can be assured that will have a very negative effect (all be it temporary) on your credit score. When the balance on a line of credit goes over 50% of the limit, your FICO score goes down.
We make it super simple to get approved for a Dominion Financial Investor Line of Credit. You’ll need 2 years of tax returns, a recent bank statement showing the capital, and a completed personal financial statement.
The bottom line on tax returns is not a qualifying factor on your loan as we are not looking to calculate a DTI ratio.
We’ll lend 90% of the purchase price and 100% of the rehab.
This is much more than most HML’s will lend, but it’s not quite 100%.
You’ll need to bring 10%, plus your closing costs, plus origination fees to the table. Closing costs vary across the county, so check with your local investor friendly title attorney for typical closing fee
Yes. Generally speaking, we are far more concerned with what is on the credit report than the credit score. We’ve worked with borrowers who had FICO scores as low as 600.
Here’s a general rule: if you’ve had a lien, judgment, bankruptcy, short sale, or foreclosure in the last 24 months, we may unable to fund your deal through our hedge fund partner. We still however may be able to fund the deal through our house account. Just know however that you’ll pay more for this money, and you will have to provide a pretty solid explanation of your situation.
We have not had particularly good luck working with brokers, but we are willing to try.
If you are the owner or leader of a Real Estate Investment Association (REIA), or Meet-up group, and you’d like to pitch our services to your members, we would gladly speak to you about compensating you for the referrals.
We primarily lend on single-family attached and detached houses.
We also underwrite many loans for landlords as well – so feel free to bring us your single-family and multi-family rentals. Remember, our loans are short-term, 6 – 12 months. That means you’ll need to prove that you have a bank lined up to re-fi our loan.
LTC and ARV are both factors when determining your loan amount, but we will not calculate your loan based solely off of the purchase price of the property.
If the house is your personal residence, the answer is “No.” If the house is an investment property, the answer is also more than likely, “No,” unless you have a significant amount of equity in that property or another investment property.
We will, however, assist you with a short sale on the property.