I will apologize for not answering your question upfront. But I would like to pitch in my 2 cents, again just my 2 cents, take it or leave it. unless it is absolutely your last resort, it is always best to not involve anyone else with your real estate investment. if you must, do 60/40 or some other ratio where one of you have THE final decision. I have seen lots of friendships and relationships gone bad due to partnership in business/real estate.
with this said, if you are still planning to do this, an account is not necessary but recommended. you can simply write up a written document stating details of financial agreement and have it notarized. notarization is cheap, your local bank or look up your yellow pages ( it should not cost you more than $25 to have your document notarized). each keep a copy for your own record for tax and legal purposes.
hope this helps... good luck in your venture.... more
Yes. I wouldn't call it a program, but there are ways for it to be done. Essentially, an investor would gain control over your home in one of two ways. Either by purchasing it outright or buy getting or buy you signing over the deed subject to the existing mortgage. It is my recommendation that you make sure the first is occuring, because in a "subject to" you are still responsible for the mortgage. Ultimately, If the investor doesn't make the mortgage payments there is not much you can do. In either case, if payments are behind they will be brought current by the investor.
Once the investor has control he/she could then lease the home to you with an option to buy. You could then have a purchasing interest in the home and repair your credit at the same time. We've done this many times with non homeowners on rentals and helped them become homeowners.
Hope that helps if you need more clarification let me know.... more
There are only a handful of lenders left that still actually do 100%. Non-owner is going to be extra tough but might not be impossible if seller is cooperative. Is it investment or a second home? If you need a referal send me a message i can give you a contact.... more
Yes, there is still 100% financing available. In fact, I am currently working with Home Buyers who are working with B of A and the Acorn Loan on a 100% financing. If you are interested in getting qualified for a home loan, I would be happy to disuss it with you and give you several referrals of qualified Lenders who can help you.... more
I would stick the most conventional loan you can find... (preferably 80%LTV) Many lenders will claim they require 50% loan to value on investment properties. Typically this is not the case, when you are well qualified. If your thinking quick flip then get the lowest rate on a 5/1 ARM you can find, but be VERY careful because in this market you may need to hold on to the property longer than you think.
Avoid the investor financing mistakes listed in the link below.... more