Financing and Credit

CURRENT MARKET: The "Best Execution" conventional 30-year fixed mortgage rate is 4.875% after falling to 4.75% briefly last Wednesday (not universally, but in some cases).

For those looking to permanently buy down their rate to 4.75%, this quote carries higher closing costs but given the recent availability of 4.75% as a Best Execution rate, these costs may be lower than they previously were.

Ask your loan officer to run a breakeven analysis on any origination points they might require to cover permanent float down fees.

On FHA/VA 30 year fixed "Best Execution" is back to 4.75%. 15 year fixed conventional loans are best priced at 4.125%.

I have found some great deals on properties in the southern NH area. I can get these properties for about 50% of the FMV value after repairs so I know there are HML investors out there willing to jump on this. The problem is that I can not find any. I have looked at about 30 different ones through "links" in other forums and discussion boards but NONE of them check out. Not one of them is filed through the BBB.

Has anyone ever worked with a good HML in NH?

Can anyone recommend a legitimate HML in NH?

Thanks All,

James

Okay here is the problem that I am trying to resolve.I have a property that I can get below fma by about 25%. Here is the issue, its my first deal and want to do it without any of my own money or credit(because I dont have any) and dont want to mess it up. The seller owns the property that currently has good tenents that pay rent. The seller wants to get rid of the property and the tenents would like to stay when the next buyer purchases the property. The renters just relocated from vegas and their house is in a shirt sale out there so their credit is shot so they cant get a mortgage to buy the property they are currently renting.

When I click on the "classified ads" links to the left, I notice that there are a few people that are offering loans of $5,000 - $500,000 at 5% interest. Has anyone tried one of these out? Is this for real? Seems to good to be true.

I sent one of them an email and they replied asking for some basic information such as name, address, phone number, etc. The thing that is skeptical to me is that the company is from Trinidad & Tobago. I have seen stuff like this before where these people just want some information to pull a scam or use your identity.

Just thought everybody would like to see that people on the other side of the fence are being stupid and greedy.
It's been an extremely busy week in the world of hard money lending. More importantly, it's been nothing short of a frantic week for others. Some disturbing but expected news is starting to trickle through the newswire concerning several hard money lending firms, and there's nobody smiling as a result of what's been written. The reality that these firms and their investors are facing represents the darker side of private finance - an example of people in leadership positions behaving badly.

I am excited and very eager to get started. I have very poor credit because I am currently loosing my home. Can anyone offer advise/leads that helped to get started with very bad credit? Thanks for your time. Much Love and Blessings. B:)

This is from the March issue of NAR Magazine:

1. Wells Fargo Says Credit Score of 500 OK

I'm new to the real estate world and very dedicated and ready to get started the only problem is I am having trouble finding financial support to get the deals done. I live in the mid west where there are some great deals. I'm a little bit lost does anyone have any pointers that can help a new investor along the way. Any advice is greatly appreciated.

I have someone that would like to invest in a multifamily property to rent and possibly live in as well. He says that his credit is not good, but he has 20,000 cash to put into something. I would like to know what kind of options I have as far as making this into the most profitable deal for everyone and how I should approach it.

mrmallet

Hartford, ct

I am trying to do my first deal and my partner and I are trying to find Private or hard money to fund the deal but the problem is that we have no money to put down and the higher of out two credit scores is 654. So can anyone recommend what we should do or where we should go?

PLEASE ANYTHING WILL HELP!! please point us in the right direction!!!

Thank you,
Bryan