Financing and Credit

I have heard about investors leveraging their 401k plan to finance a short term deal without getting penalized. How would I go about doing this, does anybody know of such strategy?

I am buying some properties in Indiana. I'm using a private lender for the transaction and plan to refi. I have called 20 banks trying to find one that doesn't season their loans. Everyone I've talked to has the 6 month seasoning requirement. If they don't have that, they will only refi on the purchase price not the appraisal. I am desperate because I need to close this deal soon. Can someone give me any tips or know of a bank that will work with me?

Thank you for your help everyone!

Hi
I'm looking for a bank to refinance a hard money loan at 30 year fixed 5-6% conventional loan in Philadelphia. It has to have no seasoning requirements for cash out refinance and lend to people from NYC.

Please let me know any suggestions.

Thank You

Hello everyone, first time posting or asking a question so be easy on me. Here's what i'm up against, i'm hoping that there are some ny state investors reading this but i'll take suggestions or answers from anybody. Here's where i'm at, i've got a really great real estate agent who i've been able to get on board with what i'm trying to do (assign contracts) but when i sit down with mortgage brokers (4 of them) and real estate attorney's there both telling me its not possible to assign contracts anymore unless the buyer is a cash buyer. Their reason for this is because the lenders that the brokers use are fannie and freddie and both these institutions dont allow money to be paid to a third party and they will not lend them money if the home is being assigned.

I see posts here all the time with questions about and how to find transactional funding! People say they find it for up front fees on each deal and 2 to 5 points. Don't do it. I will refer you to a real transactional funder that supplies unlimited proof of fund letters, all you want, whenever you want! I use this guy myself. I have had banks call him to check HIS bank on my proof of funds!
If you want to get set up with this guy, just PM me and I will let you know what to do.
This is NOT hard money or private money it is ONLY Transactional funding.

Michael Mangham
MD Home Acquisitions LLC

http://www.mdhomeacquisitions.com Seller site
http://www.mdhacq.com Seller site
http://mdhomea.com Seller site

Feel free to share your real estate experience with everyone:

RJB
****
Free Real Estate Leads

Just watched Talmadge's presentation on the Edge 2010 videos! AWESOME information! I unfortunately got a defective disk and it cut off when he was talking about mortgages vs notes so I have some questions and am hoping someone can fill in the blanks.

First, how can a note be put against a house in first position when the owner already has a mortgage against it? I would think now because the house is being used as collateral, and the seller's mortgage has already used the house as collateral. I hope someone can help me understand that! (updated to clarify question)

Many of the members either have or have experienced bad credit. My husband recently shortsold a property in his name and in spite of a credit score in 700's he will not qualify for a mortgage for 24 mths. A mortgage broker (who cannot be reached)mentioned to us that there is formula for getting the S.S. expunged from your credit. It has something to do with the lien holders response to a carefully worded letter. Does anyone have any experience with this strategy?

When you apply for mortgage financing, you must provide the following documentation to the lender before your loan is granted:
• Name and address of landlord(s) for the past two years (if eligible).
• Proof of all income from the past 24 months (tax returns, pay stubs).
• Previous two years' W-2 forms.
• Copy of most recent year-to-date pay stub for all applicants.
• Proof of all deposit accounts, checking, savings, money market, IRA and brokerage accounts.
• Three months most recent statements for deposit accounts, stocks, bonds, etc.
• If you chose to include income from child support/alimony, copies of court records or cancelled checks showing receipt of payments.

People often ask about down payment options. What can I use for my down payment? How much do I have to come up with for my down payment?
One of the components a lender uses to help determine what loan amount to approve is your down payment. A down payment not only serves as a commitment on a borrowers behalf to make good on a loan, but acts as a lenders guarantee to minimize risk in case a borrower defaults on a loan. The more of your own cash that you can put down for a loan, the easier it is to qualify for a higher loan amount or a lower mortgage payment.
Alternative sources of funding