Call my husband! Paolo Dentone @ Home Team Mortgage@ 972-467-7777! He's amazing & local! We've both been in this business for many years and would love to help you throughout the entire process!... more
Simple answer: Depends what fits best for short and long term goals as a family and financial planning.
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If you haven't done so, which I am sure you have, you may want to see what your by-laws state. You may also want to consult a real estate attorney as well as discuss the idea with the condo occupants/owners. Great idea to make improvements though, I wish you the best.... more
Hard money lenders charge exorbitant interest rates and a lot of fees. The loan is usually only for a short term. And there is usually a pretty high debt to income ratio, so that the borrower has a high stake in paying back the loan as well. These loans are used mostly by investors who are 'flipping' a home, renovating it quickly and reselilng at a profit. Investors consider the high interest rates and fees to be just a cost of doing business and, since it's a very short term loan, worth the cost in order to gain the profit at the end of the day. These lenders are not easy to find and rarely used by home owners.
If your credit score is 700, I would recommend you talk to a local mortgage banker, someone who specializes in writing mortgages, and find out if there isn't something you can do in the short term to either qualify to buy right now or in the near future. It sounds like that would be a much better option for you.... more
Sounds like a pretty big project for a first timer, but also sounds like a great find.
You have a couple of choices.
Make a little "wholesale" money, by putting the home under contract and flipping the contract to another investor. Wholesalers usually try to just make $1000 or $2000 in this situation. You probably only have a few days to flip it, so you can't get greedy with trying to make a lot more. Get in Get Out, make a little.
Second option is to buy it, rehab it, and resell it. You'll likely need a hard money loan to do this, but you stand to make more money. A lot more money, but also with more risk.
60-70K on rehab sounds very high to me. Any way to tighten your numbers? How confident are you on your before and after numbers?
Keller Williams Realty... more
You really need to talk with a lender. Call anyone of your choice and they should for free per-qual you. Be careful lenders make promises they can't keep. If they want any kind of fees upfront, use caution.
I would think that any down payment assistance program would originate at their tribe or reservation.
Have they looked there?
I have never seen a gov't program that qualifies on race..... that might not be legal.
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It is absolutely reasonable for you to check into financing. I have been working a few first time buyer's lately in worse shape than you. From where I stand you are looking fairly good.
Give me a call when you can to get started
Kevin D. Brown
Owner/ KDB Properties
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80% loan to value is required, in addition to 740 credit scores and full documented income for 2 years, in addition to rental schedules from your tax returns which we would need. If there is no rental income then we would order that analysis to be done with the appraisal.
APR's ranging from 4.184-4.875%, will there be fees to get these rates, most likely secondary marketing charges us for certain things when your loan doesnt fit the perfect mold, i then turn around and charge you those fees.
Now this is in a perfect world, which rarely happens.... more
What exactly is wrong with the pool? Depending on what's wrong with it, you may not be able to use a 203k to repair it. If you're sealing cracks or fixing something with the filtration system (subject to underwriter discretion), you may be ok but if there is concrete work to be done, you'll most likely get a turn down from an underwriter.
My company for instance will allow up to $1500 in pool repairs but that won't go very far depending on the shape of the pool whereas others prohibit any work on the pool at all. Each lender will have their own threshold on what level of risk they'll take (assuming they even do full 203ks).
It looks like you're looking for a direct response/communication, feel free to email or call if you have questions.... more
Have you considered leasing your Flordia home? Therefore mortgage payments other expenses are covered, no damage to your credit where you can push forward with purchase of a Dallas home?
Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor