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Financing in Covina : Real Estate Advice

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  • Home Buying25
  • Home Selling1
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Activity 2
Mon Sep 10, 2012
Rob Weber answered:
A few things there, you can still do these loans today as of when I write this but the credit guidelines are always changing so you'll want to seek an experienced Renovation Specialist.

As an investor, your options are very limited, you can still do this (purchase+rehab or refinance+rehab) but you should expect to put down 20-25% and have superior credit (720+). There's another option that doesn't require quite so high of a credit score but it's only available on Fannie Mae owned properties, those properties can be viewed at Homepath.com. "Homepath Renovation" eligible properties where a borrower wants to use a Homepath Renovation loan (there's no PMI on these which is why they're so popular) can only be closed via a lender who's on the HomePath Renovation "lender list".

If you'd like assistance obtaining a property like this, I'd be happy to help you, my contact info is in my profile.

As for one of the other posts, USDA loans are for owner occupied loans ONLY, they're not applicable to investment transactions. That post just looked like a copy/paste with lots of key words for a search engine
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Sun Sep 9, 2012
. answered:
Deep River....very impressed. OUTSTANDING! Great answer.

Always try to eliminate the potential liability for the deficiency. BUT here are a couple of things that may add and enhance (just things I know having spent many decades on the street and subprime markets.)

REVERSE REPURCHASE AND SHORT SALE

1) Request a normal payoff demand.
2) Calculate your closing settlements proceeds
3) Determine the net proceeds to the beneficiary being paid off.
4) Hire an Attorney to Settle the Transaction,
5) Have the attorney issue a new demand to Refi lender for payoff

The beneficiary is teh attorney under an assignment by the bank to be paid. proceeds are wired to the lawyers trust account to settle as the assigned beneficiary. The actual short pay amount is settled with no lender refiance need for inquirey or involvment. If the lender questions the title information showing the higher pay off balance, provide them through counsel the assignment information.

Now for those of you that cannot stand it Mommmmmm! He cant do that! Mommmmm!

THE PARTY ADVANCING THE FUNDS TO PAYOFF TEH EXISTING LENDER CANNOT HOLD UP THE SALE UNDER ANY CIRCUMSTANCES WHEREBY THEY ARE DISPUTING A FULLY DISCLOSED (TITLE) TRANSFER OF AN ASSET USING LEGAL ASSIGNMENT WHEREBY VALAUBLE CONSIDERATION IS APPLICABLE TO THE SHORT FALL BUT ACTUALLY A SUBSEQUNET EVENT!

WWW.BORROWERHOTLINE.COM








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