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Financing in Woodstock : Real Estate Advice

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  • Local Info14
  • Home Buying36
  • Home Selling8
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Activity 3
Thu Jun 15, 2017
Jesu49 answered:
Yes. They can insist on the issue being fixed and proof thereof before granting a loan. Why would a bank pay for a house with a faulty foundation or a gas leak? The owner would abandon the property and the bank would be stuck holding a worthless property. ... more
0 votes 29 answers Share Flag
Mon May 28, 2012
answered:
If you buy the house as an investment property, you can use his current job to qualify for a loan. Rate's not as good and does require 20% down but it's doable. After one year, you can refinance it as a primary residence. You will have 60 days to pay the mortgage. Do this by closing early in the month and paying interest only at the closing. Waive escrows to soften the monthly payment. So, close July 1. Pay 31 days of interest at closing and first payment due september 1.
Other option is buy it as investment with 30% down using an LLC and I won't ask you to prove income. Rates are single digit. No pre-pay penalty, interest only loan. You must report 2012 as an investment property to the IRS.
... more
0 votes 6 answers Share Flag
Thu Sep 16, 2010
Desari Jabbar answered:
Answer the phone or at least return telephone calls or emails. Don't disappear when things get tough and you find out the applicant won't qualify for the property and you can't close the loan. ... more
1 vote 4 answers Share Flag
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