Financing and Credit

Here is a great website to get the FAQ's on this new program. http://blogs.wsj.com/developments/2010/09/06/the-fhas-short-refinance-pr...

It is designed to help borrowers who owe more than their home is worth and are current on their mortgage. Not all lenders have embraced this program yet, so the success of this is to still be seen.

The lender must agree to reduce the loan balance by at least 10% so that the new loan is no more than 97.75% of the home’s current value for it to qualify for the FHA refinance program.

Borrowers will have to pay transaction fees associated with refinancing. Because they’re getting an FHA-backed loan, they’ll also be paying mortgage insurance.

Does anybody know of any investor friendly lenders, specifically in the Northeast areas (NJ, NY, CT, PA)?

Wow, need to close escrow by Oct. 11th and my private lender just backed out. H E L P !!!!!

Any suggestions from you experienced DG'R's on where to find private or "good" hard money quickly?

ANY ideas would be greatly appreciated, determined to save the deal.

Thanks everyone, I appreciate you.

Kelly

Hard Money lenders want at least 10%. That can cut in to your profit if it is not a quick use with a speedy payback. We have been working on a deal, a short sale, and figured a return of a little over $700. a month after all costs. The property had rent returns of $2,345. We thought our private money lender would lend at 6% because of a previous deal. When we finally figured out the facts of the loan with our P.M.L. getting 6%, our private money lender asked for 10%. Taking out another 4% left us a profit of only $283. a month. For that much profit I think we should pass and put less money into a smaller purchase and a higher return. Unless of course we can find someone who is willing to make 6% on a fifty thousand dollar loan, for a longer term then one year.

Do you need a loan of any kind? We give out loans to all parts of the world, our offer is convenient with affordable repayment scheme. Interest rate is 4.5% annually with a maximum duration of 50 years. Apply now irrespective of your credit status. Contact us at [email protected] OR [email protected]

I hope this loan works out ok. I am working on purchasing a property in South Bend, this will be deal #2. The only other thing I need to get is the hazard insurance. I called state Farm, they said they can order the insurance under your company's name, but I am waiting for the lady to call me back. She had to talk to the underwriter to get all the paperwork done. Tomorrow I am supposed to put in the 200 for the bpo appraisal. I am so nervous because I never did anything like this before. I had to write a company resume and my exit strategy letter, which I have never done before, so I am praying everything goes well and the loan gets approved. Has anyone on here done that yet? Please tell me how it went for you the first time you had to do that. I have always gotten conventional financing.

Long time Reader first time poster. I purchased the SFL system and have dove into this 100%

I have found a 4 unit property that can cash flow 1500$ a month I'm looking to purchase.

Its listed at 200,000 property in Southern California and has 3 units with tenants already and 1 vacant unit

the tenants and rents are as follows

1b1b currently rented at $880 a month by long time renter
3b1b currently rented at $650 a month by long time renter
1b1b currently rented at $750 a month by long time renter
3b1b currently not rented

Mortgage on 200,000 prop with interest, PI and taxes would be around $1350

the current 3 occupied units already bring in $2280 a month!

Does any one know of a private moneylender? I'm looking for 100% financing ASAP!! I am looking for a private moneylender who can close fast, as little as two weeks.
I have putted my first REO deal under contract and I am looking for a private moneylender for a fix and flip. Please message me with details. Any advice would be appreciated.

Hi Everyone: 9-10-10

I am a new investor in the Los Angeles area and was wondering if anyone has knowledge or has used the following with good results:

1.) A Tranactional Funder;
2.) A Hard Money or Private Lender;
3.) Any Community Banks is So, California.

Thanks for your assistance in advance,

Laspen

I am applying for a loan from an hml, and one of the things I need to turn in is a bio, can someone please tell me what this is, and also what is the point of contact for the bpo inspection? Thanks for the help

1) Completed Application – (attached)

2) Completed Addendum – (attached)

3) Bio -

4) Proof of Funds -

5) Purchase Contract -

6) Title Commitment -

7) $200 BPO Deposit – (Wiring instructions attached)

Point of Contact for BPO inspection

9) Hazard Insurance -

10) Exit Strategy -