Financing and Credit

Have a couple of REO properties under contract but investors has contacted me and are no longer lending money. I need to get money quickly to close the properties before the end of the year or I will lose out on these great deals. Don't have time to go through a typical lender. Any suggestions?

Have a couple of REO properties under contract but investors has contacted me and are no longer lending money. I need to get money quickly to close the properties before the end of the year or I will lose out on these great deals. Don't have time to go through a typical lender. Any suggestions?

I need hard money lenders in brevard co. Florida

I originally sent this to jimmybtx but I figure I should ask the community what your feedback are:

I am wondering if you can help me with something. I have a property where the owner is willing to carry-back 20% of the financing (2nd lien) and I am trying to get a 80% LTV from a bank but I hit a roadblock in that most lenders would not allow this as they see it as no money down deal from me. How would you go about structuring this so that the bank will see this favorably, or alternatively, do you know of a lender who will do this type of loan? I have gone through the small credit unions, and community banks but they don't seem to be willing to do this. Any suggestions?

A deal I was buying fell through when it was determined that it would need alot more work than originally anticipated. There was an exit clause in the PA that stated that earnest could be returned if there were substantial problems that weren't originally caught. To make a long story short, I have been requesting the return of earnest (even disputed through my bank) and the receiving end has not responded. This was a foreclosure and the agent that I worked with claims that she keeps contacting them, but they wont respond.

One would think that there is a statue of limitation on these types of issues...Does anyone know of anything?

A deal I was buying fell through when it was determined that it would need alot more work than originally anticipated. There was an exit clause in the PA that stated that earnest could be returned if there were substantial problems that weren't originally caught. To make a long story short, I have been requesting the return of earnest (even disputed through my bank) and the receiving end has not responded. This was a foreclosure and the agent that I worked with claims that she keeps contacting them, but they wont respond.

One would think that there is a statue of limitation on these types of issues...Does anyone know of anything?

In an effort to help foreclosed homeowners secure a new mortgage, Fannie Mae has shortened the waiting period from 4 years to 2 years for borrowers with a 20 percent down payment. Borrowers with a 10 percent down payment will still be required to wait 4 years, unless they can prove that the foreclosure was due to an extenuating circumstance such as death, divorce or job loss.

Borrowers who can offer documented proof of the circumstances that led to their home foreclosure may be approved for a mortgage in 2 years with only a 10 percent down payment.

Another option for foreclosed homeowners is FHA loans.

I have been researching REO's to buy as rental properties in Virginia and Maryland for several months now, and now I'm ready and mostly able to pull the trigger on five at once.

My problem now is that private lenders usually want the prices higher than $100,000 per property. I can get each property at between $25,000 and $75,000 (some on the same street oddly, but I also have another dozen to choose from), which are all between 45-55% LTV. The total for outlay for 5 purchases, closing costs, and rehab for rental condition would be under $300k. At this sum the payments would be about $2,500, and the rental revenue $4,000. Minus costs it will clear about $100 a property until refinance.

How does the SAFE act affect mom and pop private money lenders? Can they still loan even tho they are not certified or does the loan have to go thru a certified mortgage originator?

Hi guys im pretty new to the real estate world and i had some question pertaining to the whole no money down procedures. What are the advantages and disadvantages and most of all what are the requirements for qualifiying for it, would i have to pay more interest on the loan. All you info will be very helpful so thanks in advance....