Financing and Credit

Anyone know a sub-prime Lender / private financing lender with reasonable terms?

I got a couple of deals on the line.
Any advise will help thanks DG fam.

We have some investor clients all over the country and one of them sent me some interesting information.

I was surprised to see that California home sales hit record 30.9% all CASH buyers during January 2011. Orange County wasn't far behind at 27.4% all cash buyers.

People disagree about reasons for this all CASH buying of properties. It's probably a combination of good availability of lower cost properties, tighter credit these days, investor interest, foreclosure bargains, trustee sales, and positive belief in real estate as value.

During the past ten years, the percentage of CA homes sold for all CASH averaged 13.9% of the market (10.9% in Orange County).

Hello,
I have 2 properties in IN I'm trying to close by 3/7. I was working on getting the money from a no season refi that went south, so I'm restarting the process.

I need unseasoned money in Kansas. Does anyone know of a source? One property is a mixed-use building with 4 apartments and a cafe. 100% leased. Want to borrow $100K.

The other is a 2 bed house that I own free and clear. I don't want FHA financing on it and have been told that it doesn't qualify for conventional financing. It's a very low balance, only need $20K.

Thanks - Cher

For investors that have no idea what your credit scores are right now, here is a quirky way to get them FREE.

Go to www.nextadvisor.com and then click on the "credit monitoring" area of the page.

Once there, click on the "identity guard" option which will give you a 30 day window to see your scores and credit reports.

Make sure that you cancel your service before the 30 day period expires.

If you try to go directly to "identity guard" directly, the FREE period only lasts for 14 days. That is why I have given you this workaround for a longer period.

Getting information like this can help you correct any problems that you may not know existed. Also, it also allows you to know the probability of you getting any type of credit granted in the future.

A frightening statistic and fact. Of all of the homeowners who are at least 60 days late on their mortgage, over 70% are NOT currently in some kind of work out with their mortgage company. That means seven out of every ten delinquent borrower are NOT even trying to do a short sale, loan modification, repayment plan, forbearance or deed in lieu of foreclosure. Nothing. As if avoiding the problem completely will make it go away.

Unfortunately, doing nothing has worked in their favor for the last two years. But this mentality will have to stop soon as the banks make headway on their problems.

Their is an opportunity here for the people that can see it; but always make sure you have an exit plan.

Home sales see a rise.

-- Sales of existing homes recorded modest gains in January, the third straight month of month-over-month increases.

According to the National Association of Realtors, homes sold at an annual rate of 5.36 million in January, up 2.7% from December and 5.3% higher than January 2010 sales. At the same time, the median home price fell 3% to $158,000, compared to a year earlier.

It was the first time in seven months that the monthly sales total was higher than the year before.

"The up trend in home sales is consistent with improvements in the economy and jobs," said Lawrence Yun, NAR's chief economist.

The report was slightly stronger than expected. A consensus of experts surveyed by Briefing.com had expected sales to hit 5.23 million.

The long-awaited report on the future of housing finance has been released by the Obama Administration.

The Administration's intention to wind down Fannie and Freddie on a responsible timeline tells us this reform/winding down process will take many years and much debate. 5 to 7 years according to Treasury Secretary Tim Geithner. There's nothing wrong with that though. Slow and steady works as long as lenders have funding liquidity in the process. The main goal is to get housing finance reform done right....the first time, this market can only take so much more stress, rewriting regs repeatedly would be detrimental to the overall housing recovery process.

FHA TAKES STEPS TO BOLSTER CAPITAL RESERVES New premium structure for 30- and 15-year loans will help private capital return WASHINGTON – As part of ongoing efforts to strengthen the Federal Housing Administration’s (FHA) capital reserves, FHA Commissioner David H. Stevens today announced a new premium structure for FHA-insured mortgage loans increasing its annual mortgage insurance premium (MIP) by a quarter of a percentage point (.25) on all 30- and 15-year loans...

I need financing ASAP for a home I have under contract.

Very desirable area,home needs minor upgrades.Good potential profit.