 I am calling up 100 sellers a day? |
| and only seem to be getting about one to two lease to purchase contracts that they want to consider. The l2p course says i should be getting at least 40-50% to accept them. Is there possibly ... |
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 Is $15 000 enough for a down payment on say a $210 000 home? testing waters...? |
| Im not exactly knowledgable on home buying yet (im 22) but I've got some money saved up now and I want to buy a house as soon as possible. is $15 000 enough for a down payment? If not, what ... |
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 Preapproved for a home loan question??? |
| My husband and I have been preapproved for a home loan and they just asked for out checking statements for the last 2 months but we have spent so much money in the last few months there is not ... |
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 My landlord wants us to be away from the flat for 4 hours? |
| My landlord has given us 24 hours notice, by text message, that he wants us away from the house for 4 hours as he has a mortgage assesser round. We have just renewed our contract and its a new home, ... |
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 Can I deny my landlord rent due to conditions in my apartment? |
| I live in a townhouse apartment. On the main level there is a bathroom, which sits directly below an upstairs bathroom. The tenants last year had a leak upstairs which they failed to report, so in ... |
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 Should I refinance my house in this situation? |
| We bought the house a year ago and the APR is currently 6.75 (30 year, fixed). We owe around $172000 (not counting the home equity line, 21K). I was just looking at Quicken loans and saw tone of ... |
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 How low can I go when making an offer on a home? |
| The house is in Georgetown, Indiana listed by a realtor. I'm not going through the listing agent though. I've got a buyers agent I've been working with. It's a new construction ... |
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| Do I have to have an inspection done on my brand new condo? |
| My offer was accepted on a brand new condo... my real estate agent said I needed to get a home inspection within the next ten days, supposedly it's mandatory???! but wouldn't the condo'... |
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 We're having issues with or landlord and mold? help please!!? |
| OK, here goes. Last year or so, we had a leak in the bathroom from the tub not draining properly, carpet in the kids room got soaked and we ripped out the padding, floated the carpet to dry it. Then ... |
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 When "flipping" a house what are the tax consequences? |
| What can be written off and how does it affect personal income tax. Also is capital gains involved?... |
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 What do you think about REALTORS? |
| What has been your experience? The reason I'm posting this question is that I have seen some people on here speaking in not so kind words when it comes to Realtors. Some of it comes from so-... |
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 Homeowners: How much do you make, and what does your house cost? |
Please, renters and apartment owners, I am not requesting your answers at this time. I still love you, though. :-)
My husband and I will be making a NET income of $57,000 next year and we ... |
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 Is 7.625 a decent rate? Historically? |
I've been offered a mortgage for a 30 year fixed rate of 7.625 on a conforming level2 fannie mae loan with 20% down. Fico score is at 616.Looking at 120k home.
(Midwestern homes are still ... |
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 What do you think? |
| My friend, Emily, and her family are moving (somewhere else in the same town) and they are selling their house. My family are looking for a house and we are concidering on buying Emily's house. ... |
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 Mortgages & Bad Credit? |
| My fiance and I are not married yet, but are thinking of buying a house. We both have pretty bad credit. When I google "bad credit mortgages in Pittsburgh PA" a hundred links come up and I ... |
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hosten2003 | I am trying to purchase a fixer-upper home with 100% financing. Can anyone suggest a flexible lender? |
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Searchlight Crusade
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If you're going to be living in it and have a credit score of at least 580 and can prove you make enough to afford the loan, lots of lenders. If your credit score is at least 640, you don;t even have to prove you make enough. But for 100% financing, the going to live in it requirement is absolute. Nobody - and I mean nobody - does 100% loans for investment property. I've looked. 95% is as high as anyone goes. |
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Indiaâ„¢
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try yahoo classifieds or the realistate ads in the paper |
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kthor
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Will you be flipping the home or will this be primary ? |
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girlwhoknowsitstrue
|
This is an extremely risky loan for any lender - basically, you want all of their money, so you have no "skin in the game", which means if anything doesn't work out, you can walk and be out nothing, and the bank gets a non-salable property that will be foreclosed and cost them thousands to get rid of (if they can).
If you can come up with some money, it will be easier, even HUD requires some down payment. You might check with a church, they might be willing to help you. |
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Price is what you pay for value.
 |
Lender will give you money for sure. Probably charge you a higher interests rate and extra insurance on the loan for not having the down payment.
Would you consider delaying your plan? As housing market continues to slump, it might save you 10% simply by waiting for a few months. Another way to look at it, you can increase profit by 10% when you are ready to sell it.
http://money.cnn.com/2006/09/08/real_estate/caught_in_the_bubble/index.htm?postversion=2006090814
http://money.cnn.com/2006/09/05/real_estate/Ofheo_home_prices/index.htm?postversion=2006090514
As housing market continues to slump, if you don't plan to delay your plan, please interview several and pick a good realtor or agent.
Bad ones will talk you into buying the largest property at your credit limit. Good ones will find you a good deal (Sellers are offering discount and incentives now).
Try to stay away from Adjustable Mortgage, because 30 year fix mortgage rate is very low right now. There is no reason to use Adjustable loans except fatter commission for loan agents.
Interests only loans are not good iether. Mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn't add to the equity to your house. It simply disappear as your pay it. If you want to use interests only loans, might as well rent, especially during market downturn, because housing price won't appreciate.
Finally, for tax benefits, talk to your CPA or tax accountant. Do not consult finance with realtors or agents. They get commissions when you sign the check!
Good luck!
Good article when you want to put in bid, negotiation.
http://biz.yahoo.com/brn/060909/19463.html |
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Orlando57
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fanny mae or hew or hud ask the loan manager at the local banks they want to handle your loans so they help folks get ready to buy and can find local and federal plans to help you |
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Kelsey H
 |
Actually, if you are purchasing this property as an investment property, there ARE lenders who will provide 100% financing. You do have to have exemplary credit, preferably over 700 but 680 would do. West Suburban Bank in Illinois is a lender my company deals with that does provide this program. However, you do need to be careful that the property itself would pass an appraisal review. Typically, lenders don't want to accept an appraisal that is pending repairs. The house has to be liveable...no boarded up windows or other hazardous issues a "fixer-upper" may encompass. |
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Siva
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Definitely, I recommend you to call National Lending Corporation. What state are you from? NLC is licensed over 44 states. You can call them at 414-702-1537 or you can apply online at www.mynlc.com and remember to put the agent # 62776 when applying. They are great people. They have over hundreds and hundreds of lenders that have a lot of programs. 100% financing is one of their many great programs that they offer. |
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north79004487
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Go to ebay, type in the state you are interested in as the search criteria and then select real estate as the category. Most states have at least one house that is a fixer upper in a less than desireable section of a city. Normally, you can buy such houses for a few thousand dollars. If you can't save up a few thousand dollars, you probably shouldn't even be considering purchasing a house of any kind. |
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