Financing and Credit

I had looked at a home built in 2001 and it is set for handicap/wheelchair access, and has an elevator in the home for w/c. The man passed away, daughters live out of state. I can't do much for them as the comps in the area are around $180-208k. Her dad passed away in January, and had enough money to make the $1400 payments through May. Daughters can't afford the payments, and it is now two months behind. It is with Bank Of America.
There is a lot of stuff left in the house, including two electric wheel chairs. Has an electric bill over $800, but they are working that out with the utility.
They will pay me to clean the house, and I can sell whatever from the house. But would like to sell somethings to help the girls make the payments.

Hey DG family,

Anybody know of any contacts/leads for local Pittsburgh, PA banks that have favorable cash-out refi loan programs for investors that own single family homes? I'm beginning to start a search and figured that putting my feelers out to y'all couldn't hurt.

Please post a reply or PM me if you know of any.

Thanks, everybody

Loans with Little Down?

PETER G. MILLER – Las Vegas Review

QUESTION:
My broker says now is the time to buy real estate because prices are low, mortgage rates are down, and it will soon be difficult to finance a property with less than 20 percent down. Why will it become hard to get loans with little down?

ANSWER:
There's been considerable confusion about this, so let's try to straighten it out.

I'm new at REI and am getting my finances organized.
I realized that I have 2 credit cards that will come in very handy. One from Lowe's and one from Home Depot.
Got them a few years ago, when I needed to fix up a commercial property I bought.
Both stores have a 6 months NO INTEREST on purchases over 300.00. They offered a 12months a little while ago and now I received an 18months NO INTEREST.
I wanted to share this, because that could be a nice savings, if you don't complete the sale within the 1st month. They may be easy to get, since they're very high interest. But someone starting out with not so good credit could get one to build their FICA score, while using it with NO interest. Just a thought.

Hi,
I am interested in buying rental properties cheap, then renting them out for cash flow. I have enough cash to buy 1 or two properties but refinancing to pull the cash out is a problem as I am only employed parttime and was laid off about a year ago. Does anyone have any sugestions for me, I am looking for direction.

Thanks, Joe

I have no money accept in my 401k. If the fair market value of the home is $50,000 and is habitable should I borrow $4000 from my 401k for the down payment? The bank will approve me of a loan for $20,000 for the purchase of the home. Is $20,000 too much for me to pay?

"The Federal Reserve Board on Tuesday requested public comment on a proposed rule under Regulation Z that would require creditors to determine a consumer's ability to repay a mortgage before making the loan and would establish minimum mortgage underwriting standards."

http://www.federalreserve.gov/newsevents/press/bcreg/20110419a.htm

Basically, if a person cannot qualify for conventional financing, you won't be able to seller finance them. Seems like another "we have to pass it to see what's in it." But one has to wonder if...
A) They are really that stupid, or
B) They are deliberately trying to tank the whole thing.

Hey All, If you are considering a Rollover IRA for purchasing Real Estate. Please be warned about using Mountain West IRA, sometimes known as Entrust IRA, They are located as follows 10096 W. Fairview Ave. Boise, Idaho 83704 can . They also have an office in Salt Lake City, Utah. They are having major problems with staff and have spoiled a great property purchase for our business. They have been less than honest with us and are very slow in processing for our businesses. Just a Heads up about Entrust, Mountain West IRA in Boise Idaho. Have a Great Day!!!!! Keep the Faith!!

New Realities For Hard Money Borrowers

Unless you have been hiding in a cave without Wi-Fi, you have probably noticed that the rules of the lending game have changed. Just 2 ½ years ago, any borrower with a pulse that could find a property to purchase for 70% of the After Repaired Value (ARV) including the cost of repairs. They could easily find financing with a Hard Money Lender (HML). Money was pretty easy to find.

As all of us well know that is no longer the case.

HMLs are now looking at the strength of the borrower as well as the viability of the deal. Why has this come to pass? What does it mean to borrower? And how will this impact the market? Let’s find out.

How To Do A Lease Option Assignments

Where I work in the suburbs of Cleveland, we are blessed to have good high income due to the Cleveland Hospitals. As such, there are many nice houses with no work needed in at least 30 zip codes. They range in $150K to $200K +.

FHA has changed the rules in January 2010 for home mortgages. 580 FICO and below are going to need at least 10% down.

So here is what I do every day in my Lease Purchase business.