Yes, Imortgage will lend on this property. 1) On our conventional loans we do not have a flipping policy and here are not any investor overlays. 2) Imortgage, unlike other lenders, do not require you to have 6 months or any months of "rental ownership".
Kathryn.firstname.lastname@example.org We will lend in any city in California... more
Have you thought about Owner Financing, Lease with Option to Purchase, you could lock in a price with a Lease w/Option then find a lender with the time of the lease, lets say two years, plus part of the lease money goes into your downpayment. What I would do is find someone that is behind in payments and buy the property Subject-to and make up the back payments and plus a little to the homeowner to give them a fresh start. On a Subject-to deal the Loan stays in their name and it give you time to find a lender, there are ways to finance property but I can't say it here because it will open up everyones opinion about who thinks they know more. I say don't give up because the prize is the house it does not have be from a Realtor, you can buy right from the owner and close at a Title company for cheap.... more
FHA streamlines do not require a credit score. If your lender is forcing you to use a credit score or an appraisal you should get a second opinion. FHA streamlines do not require either one of these as long as you do not exceed your original loan amount and as long as you do not take any cash out.... more
Depends on the house. If appraisal doesn't call for a ton of conditions and you and your agent don't ask for inspections and clearances- it can be relatively simple. But it really depends on the house.
Your agent really needs to know how to represent you and the communication between you, your realtor and your lender have to be strong and consistent.... more
We all know that loan modification is a joke,,,, it does nothing to home owner, except lower the monthly payment by couple of hundred dollars... I know from all my clients who had done it. Some even paid a private company $3000 which is a total waste of money...
If you really want the house then go ahead and bite the bullet, if not, just go the short sale route...... more
It looks to me that you've done all that is requested from you. Once they get all the updated and current information, you should hear in just a few days. I would discuss your concerns with your lender and if you feel you are not getting the straight scoop, then I would consider checking with another lender. You might want to ask your agent who they recommend.... more