Bad credit score, application fees, short loan-to-value (LTV) ratio, slow-closing time and being a foreign national are some of the problems that hold many investors back from acquiring a loan to invest in a property.
Fortunately, with hard money lenders you shouldn’t worry about that. If the deal is worthwhile, you’ll get a loan tailored to your needs since most lenders don’t focus on the borrower’s personal qualifying requirements but on the equity in the property.
A lot of real estate investors look for in-market or off-market property deals and then get in touch with a hard money lender that can fund it. They find an advantage in the quick closing time that takes just days, the few requirements and the freedom of not being bound to a mortgage for many years.
Delray Beach is always a good choice to invest in. It’s in Palm Beach County with a population of 69,451 residents. It’s one of the best cities to invest in real estate.
The city provides assistance if you can’t obtain a mortgage loan, through the Delray Beach First-Time Homeownership Program.
Some benefits this program offers are:
- 30 years fixed mortgage rate
- Second mortgage for 15 years for loan amounts less than $35,000 and 30 years for loan amounts of $35,000 or more
- Below market interest rates
- Up to just 1.5% loan origination fees
They also have a Housing Rehabilitation Program that addresses building and code violations, interior and exterior building, retrofit of special items for those with special needs, electrical and plumbing problems as well as health and safety issues.
The median home value in Delray Beach is $309,246 and the average rent per month is around $2,131. The most recent job growth rate the city had was 1.35% and a per capita income of $43,136.
Places Delray Beach Is Known for
- Currie Commons Park
- Del Ida Park
- Delray Municipal Beach
- Delray Oaks Natural Area
- Delray Swim and Tennis Club Pool
Hard money lenders in Delray Beach are more than qualified to help you with reliable funding for your property investment. Contact one of them from the list below.