Comments for Real Investor Match

Comment on Financing Non Owner Occupied Investment Properties? by Suzy_305

Suzy_305 — Sat, 03 Apr 2010 14:16:01 +0000

You have not listed enough info to answer your question properly. Do you already own the home & you’re trying to refi or is this a purchase? What ltv (loan to value) are you looking for? What is your score? I have a few lenders that will give 90% financing on an investment prop. but they require atleast a 720 score & will not do a stated deal so you’ll have to do it as a full doc loan. Greenpoint & Indymac are great lenders but these are A paper banks and are SUPER picky.

You can also try a Hard equity lender. They will give you up to 65% but you’ll be paying as high as an 18% rate. They will not check your income, assets, etc. They only look at the value of the home.

Good luck!

Comment on Financing Non Owner Occupied Investment Properties? by marxistharpist

marxistharpist — Sat, 03 Apr 2010 13:46:54 +0000

The problem you are going to run into is not so much that it is NOO. The problem is it’s under repair. I have tried to do this twice in the past month as a mortgage broker and I could find investment property financing up to about 95%, but the second a bank hears it’s under construction, they don’t want to touch it. It’s too risky, because the house isn’t finished and it will not produce income. Now you might be able to pull it off, saying that the financing is to repair the buildings and you need the money to increase the value of the home.

Comment on Financing Non Owner Occupied Investment Properties? by mazziatplay

mazziatplay — Sat, 03 Apr 2010 13:40:46 +0000

First Horizon Home Loans on their One-Time close product.

Comment on Financing Non Owner Occupied Investment Properties? by ZinaRae

ZinaRae — Sat, 03 Apr 2010 12:41:12 +0000

A year ago I could have given you a phonebook full of companies, even individuals, but not today. NOO is hard to fund right now, and it will depend on your credit as to who may take a chance on you. Sorry…there is no “pat answer”.

Comment on Looking to buy investment property – any lender reccommednations? by profissor Bogy B

profissor Bogy B — Sat, 03 Apr 2010 10:53:21 +0000

I’m afraid all you’re assumings are not very true, you may need to do a little more homework and collect more accurate data.
You will may be left with brokers to deal with, which you are already don’t accept. Sorry.

Comment on Looking to buy investment property – any lender reccommednations? by William B

William B — Sat, 03 Apr 2010 09:57:46 +0000

Needing an 800+ credit score to receive 90% investment property loans is not true. Since you do have the excellent credit, it will help. I am a professional full-time real estate investor and receive 90% financing all day long for myself and my investors. Contact me by email via my website at http://www.nationwideproperty investments.com for my lender’s contact info. Keeping cash for multiple purchases is a great strategy so long as you do not over-extend yourself which is the #1 cause for investors to lose their shirt. I have other creative financing strategies which enable 100% financing so do not hesitate to contact me.

Comment on Looking to buy investment property – any lender reccommednations? by TPMG

TPMG — Sat, 03 Apr 2010 09:05:06 +0000

A few points to address here:

“Well, just so happens my credit score is in the mid-high 800’s”
Wrong! 850 is the highest and no one has ever had that!

“That means I am eligible for 5% or 10% down investor loans at decent interest rate ”
Wrong! It’s virtually impossible to get 90% investor financing even with an 800 plus Fico.

” I heard Chase does.”
Wrong!

“No brokers please”
Then who do you expect to tell you who does these loans but the very people that know all the lenders? Do you think the Dominoes guy knows?

Good luck!

Edit:
Dear misinformed, those are not the scores that you will get when you try and apply for a mortgage. Next time pay for your FICO score instead of getting ripped off.

Dear misinformed, you still are not going to get 95% investor financing.

Dear Misinformed, you are still not going to get an informed answer from anyone other than a broker!

Dear misonformed, since you know so much contact the person that answered below me, they have 100% financing for you!

Please educate yourself before you look sillier!
http://www.myfico.com/Downloads/Files/myFICO_UYFS_Booklet.pdf
Read it and pay attention!

Comment on what demographic characteristics would you think are likely to describe heavy users of the following? by Biz Advisor

Biz Advisor — Sat, 03 Apr 2010 05:53:34 +0000

a) 30 to 40 year olds, male
b) youth: 4 to 16 year olds
c) 60 years old plus, male
d) 16 to 60 year olds, male and female

Comment on what demographic characteristics would you think are likely to describe heavy users of the following? by mistress d

mistress d — Sat, 03 Apr 2010 05:15:34 +0000

a. uppermiddle income family or single male, with basic college education or above, in there early thirties
b. two income family with children-highschool or basic college education, single males, high-college education middle income or lower.
c. got me on that one
d. crosses all demographic

Comment on If I purchase a home in all cash would I get a mortgage or home equity loan? by engr.ehis

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Comment on If I purchase a home in all cash would I get a mortgage or home equity loan? by LuckyMom

LuckyMom — Sat, 03 Apr 2010 01:11:41 +0000

iIt would be considered a completely bad move. But if you insist would probably be a first. it doesn’t really matter the end result is the same. Even if there is no debt on the home if you have a loan on your home that you live in then it will effect the chances of getting it all together. Some companies aren’t doing investment properties at all. Others are being very skeptical.

Comment on If I purchase a home in all cash would I get a mortgage or home equity loan? by Greenfin

Greenfin — Sat, 03 Apr 2010 00:22:48 +0000

I think its home equity loan not the mortgage.

Comment on can a person take out a 2nd mortgage on their home to purchase an investment property? by chris

chris — Sat, 03 Apr 2010 00:21:15 +0000

absolutely.

Comment on If I purchase a home in all cash would I get a mortgage or home equity loan? by loanmasterone

loanmasterone — Fri, 02 Apr 2010 23:57:42 +0000

If you purchased the house with all cash and shortly thereafter refinanced the property it would be a first mortgage.

The mortgage are determined as to which mortgage is recorded first no matter what they are called.

Why would you purchase an investment property with all cash, and shortly refinance it. Qualify for and get the mortgage, keep the cash for other things. The only way this make sense to an investor is that time prevents you from getting a loan.

There are tax benefits to obtaining a mortgage loan. You should check with your tax consultant prior to making this transaction.

Most investors would not purchase a property and pay all cash with their own money for an investment property, it goes against the grain of being an investor. Being an investor you should try and get into a property with as little as possible and still make a profit so as the tenants rent can cover the mortgage monthly payment, taxes and insurance as well as a little left for maintenance. Investors would not tie their money up this way.

The next thing is that if you get mortgage loan as a non owner occupied home the interest rate is higher.

I hope this has been of some use to you, good luck.

“FIGHT ON”

Comment on Who can help me get an investment loan with a 587 credit score? by of a demon in my view

of a demon in my view — Fri, 02 Apr 2010 23:50:58 +0000

I’m not sure exactly, but this site has a lot of answers listed for common questions: http://www.productsupplycenter.com/web248051/ It’s helped me raise my credit score so much (I’m now in the high 700s) in the past few months.

Comment on can a person take out a 2nd mortgage on their home to purchase an investment property? by derek

derek — Fri, 02 Apr 2010 23:49:37 +0000

Yes.

Comment on If I purchase a home in all cash would I get a mortgage or home equity loan? by stanley24242

stanley24242 — Fri, 02 Apr 2010 23:44:51 +0000

Why, if you had the cash, would you pay cash for the home and then take out a HELOC???

Why not just take a normal loan to buy the home, and invest the rest of the money????

Comment on If I purchase a home in all cash would I get a mortgage or home equity loan? by estielmo

estielmo — Fri, 02 Apr 2010 23:40:05 +0000

What you plan and what the banks will do are totally different. Use the cheaper option.

Comment on Does my property qualify for the NACA home saver program? by Princess ♥

Princess ♥ — Fri, 02 Apr 2010 23:31:40 +0000

Hi Melissa, I been through the NACA program and let me advise you. Stay away from them. They promise so much, collect all your information and your fee, and they don’t even do anything. My counselor said that I should have mine completed within a week. And it’s been almost a year and no news. I called, emailed, and faxed, and no response. It just isn’t right. During the process, I found out that a lot of the referrals are done by NACA employee’s families and friends, as well as those whose in the process and feel the need to refer because it’s this loyalty thing that they mention during the workshop.

To answer your question, you can always sign up for their free workshop. But don’t believe that they are going to help you because it’s a scam.

Comment on Does my property qualify for the NACA home saver program? by Us Loan Auditors

Us Loan Auditors — Fri, 02 Apr 2010 23:24:28 +0000

It’s hard to say. There are so many different factors involved. It depends on the lender and weather or not they’re willing to modify the non owner occupied property. The bank only takes into account who’s on the loan so it is considered a non owner occupied property to the bank.

From my experience, it is highly unlikely the bank is willing to modify a loan on a NNO property. Then again, it does depend on the lender.

Comment on If I purchase a home in all cash would I get a mortgage or home equity loan? by junebug

junebug — Fri, 02 Apr 2010 23:22:20 +0000

It would be a Home Equity Loan..A Mortgage is just considered for purchasing a home and since you are paying cash, there will be no mortgage. Why not just put some of your money down and finance the rest as a second mortgage? You can at least have some tax savings at that point.

Comment on Who can help me get an investment loan with a 587 credit score? by Jim

Jim — Fri, 02 Apr 2010 23:12:32 +0000

creditreport.fateback.com – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.

Comment on can a person take out a 2nd mortgage on their home to purchase an investment property? by Bryrose

Bryrose — Fri, 02 Apr 2010 23:12:03 +0000

You can take a home equity loan on your current property. The amount allowable depends on the state you live in. On home equity loans you are not restricted as to how you use the money. There are also other options I am sure, but you would be best served to speak with a loan counselor for specific information.

Comment on Who can help me get an investment loan with a 587 credit score? by Meredeezy

Meredeezy — Fri, 02 Apr 2010 22:30:33 +0000

Ok, you’re looking at a virtually impossible situation at this point in time. General minimum qualifying credit scores these days are 620+. Secondly, investment properties pose a much bigger risk to lenders, thus they are going to scrutinize your qualifying factors that much more, it’s going to cost more and your ltv max will be much lower. Meaning you will need to put at least 20-25% down. Lastly, Texas is a whole different ball game when it comes to lending because it’s an extra risk thanks to old-time laws based upon preventing Texans from betting their deed in a game of hold-em.

If I were you I would do one of these things: Do credit repair and get your score up, save enough money for 20% down at least, or go to a private investor to lend you the money, but expect a high rate. Never stop reaching for the stars!

Comment on Who can help me get an investment loan with a 587 credit score? by sr9174

sr9174 — Fri, 02 Apr 2010 21:49:23 +0000

It will be almost impossible for you to get a loan of any kind, much less one for an investment property with 587 credit. 587 is very poor credit (subprime) and you really should consider repairing it before going out and taking out a loan. Even if you manage to find a loan, the interest rate will be so high that it probably won’t be worth it.

Comment on Where is the best place to go for a real estate investment loan in FL? by too expensive!

too expensive! — Fri, 02 Apr 2010 18:59:12 +0000

Good time to buy?

In most area of the U.S., housing price stopped going up as inventory continues to build up. It is normal to see a correction as a boom that lasted for several years.

If you are investing new money in to real estate, this may not be a good time as the potential return on investment is small compare to the high risk of lower home price.

If you are doing a side way move, meaning you are selling one to buy another one, then it is acceptable.

Nothing is absolute, but housing market is very likely undergoing a correction and this is only the beginning. Some say this would be a soft landing (0 to 10%). Some say a big crashing is coming (10 to 20%).

http://money.cnn.com/2006/08/24/news/economy/newhomes/index.htm
http://money.cnn.com/2006/08/23/news/economy/homesales/index.htm

Comment on Where is the best place to go for a real estate investment loan in FL? by jcorreahq

jcorreahq — Fri, 02 Apr 2010 18:15:49 +0000

I can help you out, I am a mortgage broker in FL and have access to over 100 lenders and work with all types of credit. I have several programs that fit your needs. Please feel free to contact me, Jcorreahq@yahoo.com I can look into your situation and get you a loan that meets your need and quickly. I look forward to hearing from you! ~Joseph

Comment on What’s the most reasonable form of investment, real estate or stocks? by Doctor Deth

Doctor Deth — Fri, 02 Apr 2010 18:04:13 +0000

what do you mean real estate is more reliable? – it take a lot more money to buy it – and prices CAN go down as evidenced in recent years – and there may be times where you have no rent coming in between tenants, periodic repair issues – mostly plumbing, etc. no fast or big profits in real estate anymore- definitely a long-term investment

Comment on What’s the most reasonable form of investment, real estate or stocks? by Barbera

Barbera — Fri, 02 Apr 2010 17:51:39 +0000

The most reasonable form of investment is real estate, the value of the property goes on increasing.I purchased a vacation home from http://www.buyvacationcondos.com/ they are really worth the money.

Comment on What’s the most reasonable form of investment, real estate or stocks? by Tyler

Tyler — Fri, 02 Apr 2010 17:37:25 +0000

Depends on how conservative you are with your investments… By the way your completely wrong about the thousands of dollars a day, let me use this example… During the 1920’s a famous investment banker saw an opportunity to advertise the glamours and wonderful returns of the stock markets to get everyone to invest. On doing so he created such a demand that everyday after for 10 years the Djind only went up. Though the bubble burst and everyone lost alot of money except for him, Ironically lol. Moral, no one lost money questioning the intelligence of investors.