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Simon W | How can I buy a house with some of the equity included in the loan so i can have cash in pocket after closing? |
Want cash in pocket after closing on a house. For repairs and other necessities |
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Landlord
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You can not, your loan can not exceed the cost of the property.
After closing you can try and get a home equity loan. |
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frankie b
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No it cannot be done. Well not legally at least. |
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Kia Sister 1- DUCK
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You really can't do that legally. The only option you have is to get a Home Equity Line of Credit after you close. I don't think you can get one before closing unless, the entire amount is being used for the purchase. IE..80% first, 20% second to cover down payment. Those kinds of loans are hard to get these days- because lenders are under a lot of scrutiny since the foreclosure rate went up.
Be weary of anyone who promises you a loan that will put money in your pocket at closing. Most times those Loans are considered fraudulent and Loan Fraud carries 6 different Felonies with it, including Wire Fraud and Mail Fraud. Be very very cautious- even if the Lender tells you it is legal- it may not be.
Edit**
What Steve is describing sounds to me like what is referred to in the business as "Simoteneous Closings" That is one of the biggest forms of loan fraud.
I have heard of 201k loans- that are set up for homes that need serious repairs. I have never met a lender that has done them though, so I am not sure how feasible they are. To my knowledge they are about the only kind of loan like that, which are legal. |
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Steve W
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If you are not putting any money down on the house, then there is no equity. Even if you are purchasing the house well under market value, the lender will still view it as a 100% financing transaction. There are lenders who can "flip" your loan if you are purchasing under market value. This is a process in which you can refinance immediately after the purchase of the home based on the appraised value rather than the purchase price. This can be a bit costly as you are paying closing costs on 2 separate loans, but it would give you the cash you need to repair/upgrade the home. If you have any other questions regarding this, feel free to email me. |
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Enlightened Business Solutions
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Negotiate a price with the owner of the property and tell him that you want a note back from him for the equity in the property. If the owner is motivated in selling his house he will not have a problem doing this. Yes, it is legal.
Lets say you negotiate to buy the house for $100,000 dollars and the property is worth $150,000. If you have excellent or good credit you can get 95% of the value on a 100% loan. So you would get a loan for $142,500. What you do is talk with the owner to give you a promissory note payable to you for $42,500. If the owner insist on knowing what the money is for, you tell him it is for home improvements. Remember everything is negotiable.
Find yourself two mortgage brokers that will do your loan and apply for a loan with both of them at the same time and don't listen to anybody telling you that it will affect your credit doing two loans simultaneously it will be very fractional in your credit they just want you to believe that so you don't go shopping for other loans and then they stick it to you at the last minute when you go to close on the house. Sorry Mortgage Brokers but they know it's the truth. :-)
Also tell them both that you have applied for both loans and who ever gives you the better financing that's who you will do the loan with. You will see how motivated they get to getting your business.
Shop around for mortgage brokers before you get the loan and ask a lot of questions, it's your money. The other source for your loan is your local bank not a national bank, they can get you a more personalized loan.
Good Luck,
Rey |
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Hermoderus
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In any standard mortgage, you could simply reduce the amount of your down payment and retain the difference as cash. You seem to be inquiring about a negative equity loan however, in which the amount borrowed exceeds the value of the house. Such loans are inadvisable under any circumstances, and likely unattainable in the current climate. |
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unisberkensap
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There are many who have tried Rey's plan and are now sitting in prison. There are many more still being investigated.
http://www.mortgagefraudblog.com/index.php/weblog/permalink/seven_indicted_in_oklahoma_cash_back_at_closing_scheme/
http://www.flippingfrenzy.com/category/cash-back-at-closing/
The only way to do what you wish to do is apply for an FHA 203k, apply for a construction-perm loan, or find a Sub-prime or hard money lender that will lend on "completed value".
You can also wait until after you close and apply for a HELOC at your local bank. |
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SSB662
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It's a long explanation. As far as actual cash in pocket-that's difficult but can be done. I am surprised how many people responded with "you can't". or it "can't be done legally".
It very well can be done and legally. Why do people answer questions they don't know the answer to?
The RESPA act says that you as the buyer can not receive any money back at closing. However-any other individual you or the seller designates can. In other words, work out a deal with the seller whereby he pays the contractors you want to have the work done. This can be done through escrow. As long as the money does not go to you-you can have it paid out.
Another way is to set up an escrow account where the money is put into escrow when the property closes. The money is then paid out bythe escrow company to the contractors as work is completed.
These are just two ways that you can accomplish the goal of getting the work done with the equity at closing and short versions of the answer. Speak to a local investor or a savvy escrow company-they will be able to guide you.
There are other creative ways to get actual cash as well that don't break the law, however I won't list them here. They are to some degree secrets of savvy investors. |
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Expert Realtor
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You can't get cash back at a closing. No bank allows those transactions.
The only money you can get back is any earnest money that is leftover...because that isn't really cash back, it was money you had to start with that wasn't used in the transaction. |
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