Financing and Credit

Why is this not talked about much here? I think it would be great to have some input on this topic. I mean hearing find a friend with an IRA/401k is great but what if you don't have a friend or family member with one of those? In here all I have seen is very little mentioned about this. I have searched and found very little on it without paying a lot of money for it. I know this is what I want to do. I know owner financing is a wonderful thing. But what if you can't find it? What if your can't borrow it? What if your credit is shot, your debt to income ratio isn't good? Then what?

Hi Guys,
We have our team of a saavy real estate attorney, CPA, creative real estate agent, and ready-to-go Contractor all lined up.

We want to do some lease option buy and sell deals but feel we'll need to definitely add a good mortgage broker to help fund our deals and also to help potential buyers.

What questions should we be asking of potential mortgage brokers we would talk to in our area?

Any suggestions will be greatly appreciated!

Merlyn and Jean
Southeastern Indiana Properties

I am looking to get a proof of funds letter for $100,000. I have inquired on several companies and they charge a lot for it.. i.e. $2800 for $150,0000 for 60 days term...

Would anyone know of anyone who can offer a lower rate.. seriously this is almost highway robbery...

HOUSING: Veterans' loans shunned by sellers, real estate agents say.

North County Times - By ERIC WOLFF - January 24, 2010

In February 2009, U.S. Navy Lt. Larry Cowles and his wife, Gina, had a Veterans Affairs Administration-backed loan and a dream of buying a house.

They spent eight months dragging their four children to dozens of homes around North San Diego County, and they made 13 bids. None were accepted.

"We'd say, 'We're going VA.' They'd say, 'Oh. Good luck. We're not taking VA loans,'" Gina said. "They weren't supposed to, because that would be discriminatory. But occasionally they'd say, 'Don't even bother making a bid.'"

FHA is doing some more revamping that will be in effect in April after the expiration of the tax credit. Here are some of the upcoming changes:

1. Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending. Borrowers will have higher monthly payments to satisfy this requirement.

2. New borrowers will now be required to have a minimum FICO credit score of 580 to qualify for FHA's 3.5 percent down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10 percent. However, many lenders are requiring at least a 620 credit score now to qualify for a 3.5% down payment loan.

The possibility of securing a mortgage rate below 5% has greatly improved in recent weeks, in a positive sign for would-be home buyers.

Home mortgage rates fell for the sixth straight week, according to two key measures, with one of them pointing to a sub-5% rate for the 30-year fixed loan for the second week in a row.

Freddie Mac's weekly report said the 30-year rate slipped to 4.87% for the week ended Thursday, the lowest since May. According to the mortgage backer, last week's rates stood at 4.94%.

Mortgage tracker Bankrate.com said the average 30-year fixed loan slipped to 5.22% from 5.25% the previous week. The 15-year fixed rate also fell, Bankrate said, to 4.6% from 4.64% the week before.

I think I might have posted in the wrong forum (oops!) I'm new to this I just received by book a couple days ago. I have always been intrested in investing in RE but now that I am currently seperated in my marriage and losing my own home I'm more determined than ever. My husband stopped paying the mortgage a year ago (stupid mistake) and the sale date is set for Feb 17th. I believe all things are possible with FAITH. So, How do I get ahead with being in. Foreclosure myself? Can anyone direct me in this case? I was gona try and do a short sale but I think its too late. Any advice? I'd like to hear it.

Hi all,

Not sure the order to put this sooo...

I found a HUD property that I am interested in purchasing. It is actually a duplex that was first offered at $125,000 and has now been dropped to $112,000 since it has been been on the market for 30 days. I would like to offer about $105,000.

There are two other duplexs in the area on the market for $139,900 and are renting for $650 a side. These are 3 Bedroom - 2 2/12 with a 1 car garage, 1450 sq ft a side. The same as the one I am wanting. These sold for about $180,000 before the bubble.

I am wanting to buy this property and live on one side and rent the other. I went with a realtor to look at the place and it needs about $4000 in repairs, carpet, paint, and some other expenses.

What if you have bad credit but you inquire a busines credit line under your companies name would you get penalized because you have bad credit to start with. New to this your will help me clearify alot thank you. And also you would still be able to be labeled as the CEO of your company.

Seller Financing - I presented my offer to the owner, multi-family house, my offer is for 160K, owner owes 205,000 (k). Now waiting for owner to say what his bank will say for this deal. House is appraised for less than my offer. I am looking for suggestions should the bank tell him to reject the offfer. How can this deal work better - I was thinking on offering full asking price of 205K but under a land trust, or offer 190K (short-sale price) with out doing a short sale at all. Again, I looking for some input. Help!