Great information Fred! I'll keep that on file.
I can do loans for foreign nationals up to 70% (30% down). No credit or income check. Must be bought as an investment property and must be bought with a corporation or LLC (can be created in your country). I'm currently working with 3 australians, 2 Israeli's and 1 Canadian. Let me know how I can help?... more
There is a good chance you can find a hard money lender that will loan to 30% down. High fees, high rates, but will get the job done. Just google "hard money lender".... more
It is difficult, but not out of the question. You have to qualify for both mortgages without counting the rental income. You can't include the rental income on a property that does not have equity, and specially if you don't have a history (tax returns) of being a landlord.
I would love to help you and set you up with my preferred lender, and make a plan for you. Best of luck.
Hector R. Gastelum
Realty Executives Dillon
REALTOR #01382940
2240 Otay Lakes Rd. #306
Chula Vista, Ca 91913
hectorgastelum@yahoo.com
619-954-2225
125*142*10754
efax 619-270-2516... more
I have a lender that could do 10% loans for foreign nationals, but on properties higher than 350k. Good luck,
Hector R. Gastelum
Realty Executives Dillon
REALTOR #01382940
2240 Otay Lakes Rd. #306
Chula Vista, Ca 91913
hectorgastelum@yahoo.com
619-954-2225
125*142*10754
efax 619-270-2516... more
Hi Cadillacrazy,
I assume that you are referring to having your credit report run twice for the two scenarios may impact your chances of getting approved for a mortgage loan?
I have been involved in transactions where a buyer has had to deal with this type of situation. The buyer's lender asked for a letter of explanation regarding the multiple credit report checks as a condition of approving the loan. Since all the credit checks that were performed were associated with the buyers objective of obtaining financing for a purchase loan, this lender condition was satisfied.
Of course, there is no right answer as everything is case-by-case. This is a question that a loan officer can answer for you. If you haven't already consulted with a loan officer I'd be happy to put you in touch with some great loan officers that can answer specific questions about your situation.
I'd be happy to speak with you to discuss further.
Miguel G. del Barco
(925) 478-9545
Alian Pinel Realtors
mdelbarco@apr.com
DRE Lic # 01815815
Good luck with your home search.... more
I purchase and sell homes, and assist many people with getting approved in atimely manner as we can assist with removing the negative items from portentialbuyers credit report and adding tradelines (positive
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I purchase and sell homes, and assist many people with getting approved in atimely manner as we can assist with removing the negative items from portentialbuyers credit report and adding tradelines (positive
Read more
I purchase and sell homes, and assist many people with getting approved in a timely manner as we can assist with removing the negative items from portential buyers credit report and adding tradelines (positive
Read more
According to some experts, homes may not get much cheaper in South Jersey. This may be the last year to get a home priced at a lower, discounted rate. Since 2006 the sale price of homes has decreased
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While some potential homebuyers may be waiting for the housing market to improve before making the investment of purchasing a property, a new survey shows economists are becoming more optimistic regarding
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The Federal Reserve has released a video explaining how borrowers who feel they were financially hurt during the mortgage foreclosure process in 2009 and 2010 can apply for a free, independent foreclosure
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Jesse,
Based upon the information you presented, it would appear that you would qualify for the 130,000 Mortgage. As a lender in the Cleveland Area, I would be glad to answer any questions you might have and assist you with obtaining a PreApproval letter.
Based upon the income your presented, you may wish to Check out the Ohio Housing Finance Agencies Mortgage Credit Certificate Program. I have included a link to a calculator that will show the potential tax benefits of the program.... more
...or do you? We have heard it many times. I do not need to sell my current property to buy a the new one. But do you ?The current underwriting guidelines state that in order to offset the payment
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"Maybe a mortgage broker will come on site and answer this but most of the particpants are real estate agents. "
----
I did answer. The conforming limit in Contra Costa is $625,500. To purchase a 1.2 million property with 10% down will require a pledged asset (or similar) program since no one will provide mortgage insurance above conforming limits and would be required at 90% LTV.... more
Once you are ready to look for a new home, you'll need to start getting your finances in order. For most people, buying a house involves a double financial hit.First you have to assemble a pile of cash
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In order for you to qualify for two loans, you will need to qualify for the new mortgage with both the mortgage payment for the new home and the departing residence.
Even if the departing residence is going to be a 'rental', if you have no experience as a land lord (tax returns for proof), you will not be able to offset the additional mortgage payment with the proposed rents.
If you qualify for both payments, then no big deal.
If there is a way that you can pull together 10% for the new home, you could put 10% down payment and take out a 10% equity line.
Once you sell the Livermore property, you can pay off the new equity line and have a nice 80% first.
There are also 'Asset Pledge' loans that allow you pledge your stock portfolio without having to liquidate it. Again, you could sell the Livermore house and pay down the loan. Your payments will reflect the new balance on this sort of mortgage.... more
It sounds as though you want to keep the equity line active? Or subordinate the equity line to the new first.
If that is the case, the equity line lender should be willing to take the appraisal that the broker is providing. Although I have never ecountered a subordinating second lender requesting their own appraisal, I am certain that somewhere in the Equity Line Agreement that was originally signed there may be verbage that addresses the need for appraisal on the subordination.
I am currently processing both a HARP refi and a straight rate and term refi. The HARP loan does not even have an appraisal to offer the subordinating second.
The subordinating lender should be pleased that the fist loan is reducing payments. . They may reduce the line, but still unclear on why new appraisal.
Wells Fargo has their own appraisal department. If they are the lender perhaps that is why you are running into this problem.
Very odd. But then again, our industry has had some oddities of late!... more
I am not a lawyer and this is not legal advice, but it's not mortgage fraud unless it closes. If it's now properly disclosed as an investment property then no crime has been committed.
What you have is a case of an unethical loan officer that will do anything to get your business. You probably had offers from others that properly quoted it as an investment property but you went with the lowest. This is textbook bait and switch and a prime example of why the unethical still exist in our industry. They hook you with the notion that you will be able to save a few bucks then change it up when they think it's too late for you to switch. Closing with this lender will reward this behavior.
I don't lend in IN so it's not a pitch for your business, but I would definitely investigate other opportunities with more scrupulous lenders in your area.
Just my opinion.... more
The April New Home Sales report suggests that the market for newly-built homes is as strong as the market for existing ones. According to the U.S. Census Bureau, the number of new homes sold rose 3.3
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