There is a wonderful program called NACA. The website is NACA.com . They provide no money down and no closing cost financing. They work with major lenders. They do not base their decision to lend based on your credit score.
It is a free, nationwide, educational and financial counselling program.
If you would like to sign up for it, let me know and I can assist you with the registration. 845-820-7166... more
No you don't need a job, however you do need documentable income and it has to be stable and continuing. Examples of non-job income would be pension,social security, permanent disability, spousal support that will continue
3 things you need in order to get a loan:
Assets (down payment)
Debra - replying to a question from 4 yrs. ago? Really? Also the lender is allowed to quote commission fees since she is not a licensed realtor. Same as me - I'm a retired realtor & legally I can quote commission fees online.... more
What you'd need is a 'foreign national loan', those do exist, and you should be able to find one. Unfortunately we do not do them so I cannot help you directly. They want a larger down payment than normal, and good credit, and be prepared to have a third-party translator translate any documents into English so the underwriter can understand them if they are in a foreign language. Good luck.... more
find an immigration lawyer who has clients who need to make investments in the USA in order to get their work visas and form a company to invest in real estate. Make them your LLC partners.Just my advice and opinion. I am not a professional or lawyer-disclaimer.... more
Cash out refi with 5 mortgages propertiesI have tried 3 unsuccessful times to do a cash out refi on one of my 5 homes. We get past the appraisal and then a week later I am told that it is a Fannie mae rule that they cannot do the
get owner financing and add a balloon on the owner mortgage. up your score by adding your name onto some credit cards as a signer with your friends and family who have high scores, pay down as many balances as you can with money for bills that don't get reported to credit raters, float some of your expenses by calling in free lunches and dinner with family and go on a fast.... more
There are some private lenders who will give you a loan. Usually your credit score needs to be close to what a mortgage broker would want. You can have a co-applicant with good credit. Usually they need a job with pay stubs. Speak to a good local mortgage person. A good realtor should be able to recommend someone. I have people that I can count on to work with people who have credit issues.... more
I think I figured out what you are trying to do. The first thing to note is that you don't have to pay off your FHA mortgage in order to rent your property. It is true that FHA mortgages are for primary residences only, but there is nothing that would stop you from renting it after purchase as long as the intent was to occupy. It's not fraud when circumstances change and you wish to rent an FHA backed mortgage and after 22 years, there is certainly nothing that would stop you.
You don't have to pay it off but if you still wish to do so, just contact the mortgage servicer listed on your statements and ask them for the payoff amount.... more
If your interest is already low, it may not make sense to refinance--without knowing any details, your current interest rate, etc., do consult with your lender and or any qualified loan officer(s) and then make your determination.... more
You may be able to find a seller to carry the note for you with a large down payment despite the foreclosure being on your record. Otherwise you will have to go with a hard money lender, which will mean a higher interest rate. I doubt a conventional lender will work with you because of what the foreclosure will do to your credit score. It could take 3 to 7 years after a foreclosure for you to qualify for a conventional loan.... more
No. You must refinance your current mortgage if you want an FHA 203(k) Rehabilitation loan. Basically, you are taking out a new mortgage that must be in first lien position when recorded. The only way to do that is to pay off your current mortgage.... more
Thanks All! I've decided to go with option 2. I'm still debating whether to put the rest of the money into the down payment, or keep it in the IRA for 'emergencies'. (Medical? Buying another house in the future? etc.) I'll keep considering my options... :)... more