 I don't have any credit. Is it still possible to get a loan to buy a house? |
| I work full time and have been at the same job for 8 years. My husband also works full time. We both have good jobs that pay well. Our problem is that we don't have any credit at all. We don&... |
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 Buying a property ? England answers only please.? |
How does a 20 year old purchase a property, that costs £200,000 ?
Since she is only young can she get a mortgage and pay it off, during her life ?
Thanks, best answer gets 10 points.
<... |
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 Should we shop at around at diffrent banks for mortgage rates? |
| My husband and I are first time home buyer's. We didn't kow if it was better or worse to let several banks run pre-approvals. I wasn't sure if it would hurt our credit for a bunch of ... |
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 CAN THEY DO THAT ????? ? |
| I moved into a place owned by a housing association in February this year. at first while decorating there was alot of noise because there was no carpets down and the man that lived below me could ... |
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| Where do I file complaint against my landlord who won't fix the holes and leaks in my bathroom ceiling? |
| For the past 5 months I've complained to my landlord about a leak in the bathroom ceiling. He came in with a friend of his and torn down half of the bathroom ceiling found out that pipes were ... |
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 If i short-sale my house for $200K and i owe $425K on my mortgage do i still have to pay the difference? |
| My mortgage is $325k 1st loan & $107k heloc. Do i still have to pay the difference to my lender? Can they go after me even if i qualify for debt forgiveness?... |
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 When would you start packing? |
| We close on our house in 21 days and I am wondering if we should start packing now. "We" is my husband, my son, my baby daughter and myself. We haven't gotten any boxes or begun ... |
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 I got preapproved for a mortgage but how do I acutally know if I got the loan? |
| I talked to the person and they have all my info..and ran a credit check...all the stuff how do I actually know if I got the loan or not??... |
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 When is the best time to buy a house? |
| I live in Los Angeles and I want to buy a house, but it seems like the house prices are dropping. Is it best to buy a house when the prices are rising or lowering?... |
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 I can no longer afford paying my house, what its going to happend if I just stop making the payments? |
| I always been on time with all my payments and my credit is very good, if I just stop making the paymets on my house, whats going to happend, will I get in trouble? what kind of trouble? or the bank ... |
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 I am looking for someone to make my mortgage payment next month? |
| also...I need someone to help me pay my property tax...man...It's a lot...nearly 6,000...If no one helps me, I would be sad. Please dont make me sad. Christmas is coming and I want to get my ... |
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 Can landlord sue for this even after losing the house to foreclosure? |
| 3.5 years ago i rented a place. after 6 months we broke the lease and moved out due to a broken relationship. I gave the landlord 2 months notice and paid the rent thru the time we lived there. There ... |
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 Landlord didnt fix heater right now keeps asking if we want to buy the house? |
| My landlord is a do it yourselfer and replaced our heaters with 110's on a 220 circuit. It never heats up very well now and I keep telling them I am paying more for electricity but am always ... |
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| Which makes more sense? Splitting rent by people or rooms? |
There will be 3 adults and 2 kids in a 4 bedroom house. Each adult will have a room and the kids will share one. Is it fairer to split the rent by 3 for each person or by 4 for each bedroom?
A... |
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 Housing Bills - whats the average?? |
Will be getting a flat next month - after the rent costs etc etc what is the rough average that everyone spends on BILLS
(electric, gas, water)
I do realise i live in rip off Britain
<... |
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 I have listed a home with a real estate agent in Washington. Can I sell it for sale by owner? |
| I have listed through an agent. But someone has contacted me to sell the property to them and save on commission. Is this possible? Will I have to wait until the listing ends,..to sell it?... |
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 Buying a house and earnest money question? |
| My co-worker just told me that tomorrow she is suppose to close at 10 am but had a walk through today and there were four things not fixed yet that the current owner of the house was suppose to fix. ... |
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 For those of you that are experienced real estate investors.? |
| Is there anything you know now that you wish you knew when you started out. Please share your stories and any advice for a beginner.... |
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 Is going into foreclosure as bad as bankruptcy? |
| We are considering going into foreclosure as a last end resort, however we don't want to kill our credit scores forever, so I wonder can anyone tell me,Is going into foreclosure as bad as ... |
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tonip1963 | Mortgage/loan confusion....? |
Here's my situation... I am self-employed and have been for almost 3 years. I have the past 2 years tax returns... which don't total much in profit at all. I am looking to shift my business into real estate investment and need to get a loan. I am looking for 100-105% financing... I would finance the update/repairs and then flip it. I have excellent credit (680 low 714 high).
Here are my questions:
1. Will a lender consider the potential income from the flip, if you present figures?
2. Will they consider my boyfriend's off-the book income (if he gets a letter from his employer)?
3. What can I do to help me get a loan? |
 |
 
bianca
|
you should not have the problem to get 100%- 105% loan with your credit score.
lender will not penalize you for selling the property after couple of mth.(you need time to fix the house and sell after)
banks don't consider any potencial income- they only consider what you make in the past 2 years.
if your boyfriend have of the book income, that's why lenders create no income verification programs- you can't proof your income,but we belive you, because paying taxes is between you and ancle sam.
no income verification programs come with higher interest rate and plus 100% financing mortgage will make them even higher, but if you will find good flip and you sure, that you will sell quicly - rate is not important that much, because you will keep this mortgage for very short time.
calculate your total investment money, like how much money you need to fix the house and add 20% (those are cost you don't have idea you will have to pay before you start remodel and you going to do this for the first time) and of course calculate 6mth of mortgage payment ( hope you will sell this house in less time then 6 mth, but today market...) if you have enough money to cover all the expenses- you ready for your flip. trust me i did 3 flips in my life .better to be safe ,then sorry.
if you don't sell this house, after remodel -you can refinance the house- the value of the house will be diferent after you fixed and you will get better rate and maybe you can rent out this house and wait for better market.
i don't know what state are you from, but there are also remodel mortgages and you can borrow the money from the bank to fix the house and of course lender will consider the value of the house before remodel and after, but you need to talk with your local loan officer, and see what options are available to you and will work for you, unless you are from IL and I can help you. |
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Jack
 |
The "off-the-book" income will raise red flags with any potential lender.
Not only does it suggest job instability but it also reveals an underlying tax liability which could jeopardize their position down the road.
Buying and selling real estate is a business and as is the case with all businesses, equity in the project is a number 1 priority....usually a minimum of 25%. |
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Bulldog
 |
Instead of guessing use this free resource to find out.
http://goaddr.com/8jk
There is nothing wrong in trying! That way your mind is at rest and you know your options. |
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BoyB
|
Dealing in potential would be bad business for a bank in my opinion, so I would say no to #1.... now if you were to present that to a private person who wants to invest in you, then that might work. |
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jcorreahq
|
I can get your loan done! I am a mortgage broker whp works with over 100 lenders nationwide and many that have programs that fit your specific situation.. Please contact me at your earliest convenience, I would love to go over everything with you! Jcorreahq@yahoo.com or you can call me direct at (813) 655-9826 Joseph Correa/Consumer Lending Resources |
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bbme5419
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I'm thinking 100-105 is a first time buyer option,in which you would have to assume the residence...
I don't think they will consider the flip..Don't think they will consider his off the books income but may consider it yours,you could call it rent..
Stop by the bank and sit down and talk to a loan officer,don't let them run your credit til your sure you found the rite bank,you can shop around..Don't do any of the online morgage finder things,more pain than its worth and could pull your score down..
Most people that do real estate start off with some cash in their pocket and the bank may require a chunk of it upfront.. |
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Kevin B
 |
First, you need to speak to a mortgage broker. Banks will not help you much in this circumstance. Brokers have access to many more flexible plans and can look into private financing (hard money) for you.
Second, check out my mortgage blog to learn about the mortgage process: http://explaintome.blogspot.com
Now,
1. No for the reasons already given.
2. No, but there is a different way to use this income.
3. The best advice I can give you is to open up a checking account with your boyfriend if you haven't already done so. If you take 12 months (sometimes 6) of your bank statements to your mortgage broker, he will add your deposits up and use it as your yearly income. You'll have no deductions or depreciation eating into your yearly income this way and you'll never have to show him your taxes. More and more lenders are using bank statements as full documentation so that it won't hurt your interest rate compared to stated or no documentation programs.
For a traditional Non-Owner Occupied Purchase you would need at least 10% down. There are some "creative" financing alternatives that can lend the extra 10% in a second mortgage.
There is also one lender I know of that will refinance the day after you buy the property and will use the appraised value of the home after improvements are made to qualify you. If your total borrowing amount is less than 65% of the after-improvements value (usually your final sale price) then you can use this unique program.
These types of programs are only available through mortgage brokers so find yourself a good mortgage broker. They can include all your fees into the interest rate of the loan, and like a previous answerer said, what do you care how high the interest rate is if you don't plan to keep the house.
If you are in PA, then send me an email at Proj1423@yahoo.com.
If not, open your phone book and keep visiting brokers till you find one you're comfortable with. As an investor it's good to use one broker continuously. He'll shower you with perks and cost reductions. |
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rlanicek
 |
1. Unfortunately, no. A conventional lender will only give value to the collateral based on its current condition. (You'll need a conventional loan for 100% financing. There are hard-money lenders who will finance based on After Repair Value (ARV) but the typical LTV is 70%.)
2. They will consider your boyfriend's income only if it can be verified, or they can use stated-income if he's been in the same line of work for at least two years.
3. I can!
Rick Lanicek
http://www.primelendingonline.com |
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linkus86
|
#1 Ha ha ha ... NO
#2 Ha ha ha ... NO
#3 Your good credit will help you immensely. HUD has a special loan program for rehab houses and there are other government programs for first time buyers that include down payment assistance and/or grants (the grants might not be an option because they are actually forgivable loans spread over 5-10 years that you never pay on). If you need help finding the first time buyer government programs, email me where you live and I will help.
Your low income will pretty much determine the amount you can borrow, but I am sure you will be able to find 97-100% financing after talking to a lender. If you need some working capital for rehab maybe your Realtor can write the contract in a way to have the seller concede some cash at closing (assuming the appraisal can cover the difference). Did you ever think about getting a partner (who has money)? |
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