I am currently working with a client in St Louis, MO. They are a husband and wife who's credit took a dumps in the market and have been rebuilding it. Their mid scores are around the 575 range. She has long term employment in the property management field and he is a small business owner also in the property management field.
They have currently been paying $1,500 a month plus utilities in rent, but are now looking to buy a 2-4 unit building to live in one unit rent out the other units, decrease their living expense so they can pay more bills down.
Is there any private lenders or creative mortgage brokers out there that can get them financing for 2-3 years until they can refi to a conventional loan? They can come up with 3.5% down payment.