OfflineI am trying to purchase my first home. My father has agreed to sell me one of his investment homes. The house appraised for $580,000. He only owes $416,000. I have good credit. My only problem is that I need to do stated income, because I'm self employed. Stated income loans seem to be vanishing. How can I get a loan?
__________________
See if you can do this deal on a land contract where your dad puts up 20% of the down payment. Banks will be more likely to give you a mortgage if there risk has been diminished. Then you will pay your dad monthly payments on the 20%.
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!
I was under the impression that the equity in the home was good enough for a down payment?
The bank will loan you 80% of the value of the home or the purchase price WHICHEVER IS LESS.
Hard money lenders (also called asset based lenders) will base strictly on the purchase price but will only go to ~65% LTV.
You say you are self-employed. Do your recent tax returns show income to support this purchase price? If so then you do not need to go stated...
If you have the down payment of ten to twenty percent. If you put down ten percent, your father will have to take back a 10 percent second. You will make monthly mortgage payments to him just as you would with the bank. A title company can collect payments for him. Your father can also sell the note at or after closing.
You can also get a phone book and call all the mortgage brokers in it to see if any will do stated loans.
http://keystone-notebuyer.tripod.com
[email protected]
If your father choose to do seller financing and want to sell the note at closng. I need to be notified before closing so I will know if the note was drawn up correctly. Also you the ( buyer ) must have a min credit score of 630 which can change at any time due to the changing market. I prefer to work with a min credits core of 650. The max under laying motgage I can work with is 65 percent. Your case is higher than that. If you are still interested contact me and I will see if I can help.
[email protected] for a free report on how to sell your house in 2 weeks
houserus,
If I were interested in selling some of our properties to our tenants and I would supply the downpayment financing, would you be interested in purchasing the notes on a regular basis? I just started a company, Buyers Match LLC in Wisconsin, and that is generally what I would like to do. We have 7 SFRs now and there are so many REOs in our area, I intend to purchase as many as I can this year to use for that purpose. I notice you said the max underlying mortgage you can work with is 65%. Does that mean that you can only work with someone who has 35% equity in their home? All of our tenants have been VERY consistent in their rent payments. Would that count anything toward their creditworthiness? (I've owned rentals for 15 years but I'm just starting out in the area of "business", so I'm here to learn.)
Thank you,
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249