Financing and Credit

Acquisition

An acquisition loan is used to acquire property using the loan proceeds. Can be improved lot(s) to completed and operating property. $300,000 to $50,000,000.

Acquisition & Development

Loans to both acquire and develop real property to an improved state. Voucher control is set up to disperse loan proceeds with interest only paid on funds distributed. Loan to value is determined as to the improved value. $300,000 to $50,000,000.

Apartments

Asset Based

Loans for any purpose whereby collateral is put up for security. $300,000 to $10,000,000

When doing a back to back closing using a funding compnay like Coastal Funding your end buyer will not be able to use an FHA loan because of the title seasoning. They require 90 days of title seasoning to fund a purchase. Also anything back by Fannie and Freddie will require seasoning. The best financing solution will be to use a local credit union or bank that hold there loans in house and do not have to follow the rules set by Fannie and Freddie. The first question to ask is if they will finance a property with no title seasoning. Once you find a good one you can use them over and over.

Looking for funding to buy 2 family homes to rehab to help people under section 8 housing. Anybody know if there are any grant programs for vets? Thank's Mike

Does anyone have any good advice on how I could go about suggesting to a buyer that's awaiting to be pre-approved for a home loan on how they could look at alternative methods of getting the cash they need to buy the home with? I'm thinking maybe like bypassing the banks if necessary and other lending agencies and borrowing from their 401K or some other alternate source without having to wait for any approvals?

In many of the hard money sites I have visited they require a certain basement price on a property to provide a loan. Say 60,000 to make the loan.

I have an opportunity to pick up several properties in my area for under 40,000 and as low as 10,000.

THE QUESTION IS:
Will hard money lenders make a loan for several purchase prices added together to meet the minimum requirement to secure a loan??????

PLEASE SHARE ANY INFORMATION YOU ALL MAY HAVE TO THIS SITUATION!!!!!!!!!!!!!

I am very curious to the answer here, didn't want to wait the weekend to find out next week by phone calls.

I was wondering if Dean does any joint ventures with his Academy Students? I am aware that there are many sites out there where the owners help their students to get started by funding their first deal and splitting the profits.

I appreciate any input you can give me.

I've been trying to get back on my feet since my 30yr marriage ended and currently working as a bird-dog, since I'm unable to get approved for a mortgage.

Most banks want a pre-approval letter when making an offer on a property.

There are a million websites out there that will run a report for you, with a free trail, then other fees, etc., etc. Where do all of you go to get an accurate credit report from all 3 depts. Do you have a bank run yours for you?

Jeremy

O.K. I think I have a problem I have been laid off for about 3 months now, I rent my house since that is all I could do after getting out of the army and I do not have anyone to invest with me. Can I still get into this market.

Refinancing Do's & Don'ts
By Carol Vinzant, AOL Real Estate April 06, 2009

The lowest mortgage rates in our lifetimes are inspiring a huge volume of new mortgages. The Mortgage Banker's Association, a national organization representing the real estate finance industry -- expects to see nearly $3 trillion in business this year. But it's not only new buyers that are tempted to apply for home loans. Nearly 80% of recent loans went to current homeowners refinancing.

Many of us that consider doing a lease option may hold off because using a lease option may mean we have to receive payments for months before a tenant is "ready" to buy. Which means we have to wait for our large sum of money.

How do we get them to purchase quicker? Help them get their credit up. They only need to be as high as an FHA loan. This would mean a credit score of 600-620. For many buyer this in not a large jump and they may be just out of range of being able to do this.