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Hard Money Lenders All Locations : Nationwide Real Estate Advice

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Showing results for Hard Money Lenders [Clear search]
Sat Apr 6, 2013
Danielle Sharp answered:
The short sale lender will require that the property be listed (and for reasonable market value). Who will negotiate the short sale?
0 votes 5 answers Share Flag
Fri Apr 5, 2013
Gary and Karina Youngman answered:
Unfortunately - This is a very precarious position -

Just because you are under the contract - Is not a guarantee of acquisition.

There are many potential pitfalls in this type of transaction -

These should be examined on a case by case basis...
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0 votes 5 answers Share Flag
Thu Feb 5, 2015
Fred Yancy answered:
MORTGAGE LOANS FOR NON-US CITIZENS


We receive requests from people interested in buying a home in the United States who are not US citizens. The status of a person in the United States makes different loan programs available depending on the length of stay that the person is allowed to stay in the country.

We will try to describe these options from least difficult to most difficult.

PERMANENT RESIDENT ALIENS

These people are able to apply for a loan in exactly the same conditions as any US citizen. Loans to these customers are purchased automatically by Fannie Mae and Freddie Mac. The person must show us the ?green card? issued to him by the Immigration and Naturalization Service (INS). Sometimes the bank will ask for an authorization to contact the Social Security Administration ( SSA) to confirm the social security administration. These borrowers have access to all loan programs, first mortgages, second mortgages, home equity lines of credit and mortgage insurance. Borrowers must have a valid social security number.

H1B VISA HOLDERS

H1B visas are issued to international workers who come to the United States for a definite period of time. Usually between three and six years. Normally banks treat these applicants as permanent residents, in some cases they will ask to see a petition to extend the residency permit. Interest rates and conditions will be similar to those offered to US citizens. The SSA will have provided these applicants with social security numbers.



WORK PERMIT

Known as the Employment Authorization Document ( EAD) the work permit is given to students, fiancées of US citizens, foreign diplomats, special workers. Fewer banks are willing to provide a mortgage to these persons due to the short term they are allowed to stay in the country. Other banks state that they are only concerned that the person is in the US legally and will provide a mortgage under normal conditions.

FOREIGN NATIONALS

It has become very difficult to obtain mortgage financing for foreign nationals in the last year. Fannie Mae and Freddie Mac have removed those options from their offerings. Most national mortgage lenders that provided foreign national mortgages no longer offer them. Several banks in Florida still offer loans to foreign nationals who are buying property in that state. The borrower usually has to put 25% as down payment and provide proof of employment and credit in his native country. They must provide a tourist visa that allows them to visit the US and the home they buy in the US will be considered a second (vacation) home for them. It is unfortunate that this kind of financing is so restricted at this moment. Investments by foreigners at this time of a glut in the housing market and a weak dollar would open up many options to sell homes.



ITIN MORTGAGES

For many years the Internal Revenue Service ( IRS) has provided non US citizens with Individual Tax Identification Numbers (ITIN). These numbers are used by the IRS to track (and be able to tax) income from dividends, savings, commissions and other income generated in the US. The ITIN does not allow the person to live or even be in the United States, it is only a medium for tax control. Some companies however are using the ITIN to identify their customers in credit transactions and thus reporting them to the credit bureaus. A limited number of national banks offer mortgages to ITIN holders. Some banks will use the ITIN number when assigning customers checking, savings accounts and CDs. Some local and regional banks offer mortgage loans to customers with ITINs. These customers provide a history of employment, sometimes alternative credit documents ( utilities, insurance bills, retail accounts, cellular phone bills) and bank statements to qualify for a mortgage loan. At one time loans for these customers only required 3% down payment, now most programs require between 10% and 15% down payment.
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0 votes 9 answers Share Flag
Thu Jul 25, 2013
Kevin Sanderlin answered:
First step.... Talk to a lender!
Can't buy a home if you don't have the money.
You will probably get several references today from your question.
My preferred lender is Jon Shrum and can be reached on his cell at 714-614-3707
He can help you get pre qualified for a loan and get you on your way to buying a home.

Kevin Sanderlin
Keller Williams Realty
Cell 714-588-7881
kevinsanderlin@gmail.com
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0 votes 22 answers Share Flag
Mon Jun 20, 2016
Myra Gouger answered:
Mostly the banks don't make mortgages on condos in Las Vegas. Most of the condos have litigation against them so none of the banks will make mortgages on them.
0 votes 15 answers Share Flag
Thu Jul 25, 2013
Daniel Di Matteo answered:
I'd be more than happy to help.

Daniel Di Matteo
619-512-0006
Daniel@DiMatteoGroup.com
0 votes 35 answers Share Flag
Wed May 15, 2013
stephen webber answered:
Hi Mike
I have used hard money hundreds of times. I find the lender/investors on the media that is most used in the area. Craigs List, the local news paper etc. What I have done many times is put the hard money lender in first position and seller carry in second. The smart lenders are concerned with their positon as much as the cash down. If they are lending less than 50% to value and property will sell if the ever foreclose.
Best of Luck, Stephen
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0 votes 10 answers Share Flag
Tue Sep 2, 2014
Steven Ornellas answered:
Hi Emiley,

I would advise you meet with at least three Realtors®; however, you should keep interviewing until you are satisfied you have found the right Realtor®; there's no reason to rush your decision.

Access each Realtor's® Trulia profile for those that interest you [ i.e. http://www.trulia.com/profile/SteveO ] and read a few Client testimonials; and don't be shy about asking for contact info of prior Clients!

Aside from the above, here are my “Top 4” bits of advice for new home buyers looking to assure a successful outcome:

1) Find a professional Realtor® to work with to protect you interests.
Simply put, your Realtor® will be able to answer initial key questions and guide you through the process. One of the key advantages of involving your Realtor® is access to seasoned Mortgage Broker/Bankers with a track record of getting the job done. You can check to make sure an Agent is a Realtor® by going here: http://www.realtor.org/rofindrealtor.nsf/pages/FS_FREALTOR?O…

The primary distinction of any Realtor® is they have a real estate license by taking required classes and passing a written test - but most importantly - they must also subscribe to the Code of Ethics published by the National Association of Realtors® (NAR). Typically, Realtors® are also members of state and local association of Realtors® and further agree to abide by the bylaws, rules and regulations of those associations.
The full Code of Ethics can be found at http://www.Realtor.org/mempolweb.nsf/pages/code

2) Obtain a "True Pre-Approval" (your most important step in my opinion).
You MAY need to improve your credit score, increase cash reserves, etc. before buying; however, at least you will have a roadmap to eventually purchasing if this is the case. Furthermore, this step can save you from wasting money on a purchase that does not close escrow!
http://www.Steven-Anthony.com/GettingStarted
&
"Retail Banks vs. Mortgage Broker/Bankers"
http://tinyurl.com/6qln6nd

3) Make sure you obtain access to your local AND regional Realtor® MLS data via an automated search your Realtor® should most certainly create for you; here's why:
MLS Data Accuracy – Where to search if you’re “without Realtor®”
http://tinyurl.com/ctr4d44

4) Avoid Dual Agency!
There are specific duties an Agent must provide. When one individual represents both Buyer and Seller conflict between two of the most important duties occur.
“Dual Agency: Why should I NOT use the listing Agent to buy a house?”
http://tinyurl.com/ajkjpuo

-Steve
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0 votes 34 answers Share Flag
Mon Oct 6, 2014
Walter 'Skip' Kersten answered:
IMO the reason to buy now is interest rates. They currently remain near historical lows. With the economy improving there is talk that the Fed will have to begin to raise rates some time in the future. It is best to lock in 30 year money now.
Good luck,
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0 votes 27 answers Share Flag
Fri Mar 13, 2015
Bill J Deligiannis answered:
Chicago Bridge Loans
773-245-6265

Renovo
312-243-3288

GMA Funding
855-864-2750
0 votes 8 answers Share Flag
Fri Apr 28, 2017
Thierry Abel answered:
We do Private Money Lending (hard money loans) in California, with No Pre-payment penalty periods (you can pay the loan off/refinance anytime).

Feel free to give me a call

Thierry Abel
Senior Loan Consultant
All California Mortgage
A Division of APMC
P: (415) 464-8261
C: (415) 378-7508
F: (415) 464-2367
E: tabel@allcalifornia.com
NMLS 304353 - DRE 01380701
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0 votes 5 answers Share Flag
Sun Apr 21, 2013
Jennifer Peterson answered:
According to housing inventory stats, a balanced market is 6 months of inventory. Average inventory levels in the Portland Metro area are much lower, which puts the market as a seller's market. However, it is still a great time for buyers since prices are still very low and interest rates are also low at the same time!

Mandy Lewis
www.PDXRockstars.com
503-522-5803
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0 votes 9 answers Share Flag
Sat Apr 20, 2013
Linda Mann answered:
Hi Jeff,

I can help you! I'm a Buyer's Agent and have worked with many people recovering from a short sale. There is a little bit of a trick to it, but it works and it sounds like you might ready!

Give me a call!

Linda Mann
REMAX All Star
727-422-0069, Mobile
lindamann1@live.com, Email
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0 votes 6 answers Share Flag
Sat Feb 18, 2017
Tony Grech answered:
Those scores are pretty good, but that is a serious derogatory credit item.

Physician loans are portfolio programs, so the lender is free to implement their own underwriting guidelines, but this also means they can probably make a judgment call on things.

If the rest of your credit otherwise is good and you can provide a good explanation then hopefully this will be OK.

If not then you may have to go FHA. It's 3.5% down and you'll probably have to wait until he starts working. But it's an option nonetheless.

If it doesnt work then try another lender who offers a physicians loan before you give up and go FHA.

Best of luck!
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0 votes 17 answers Share Flag
Mon Apr 1, 2013
Jesus Soto answered:
You came to the right place.
I can certainly help you and have a great powerpoint presentation to email you.
Your search starts in two parts.

Call/email/text me for more details so we can start you on your path to being a homeowner!
Congrats on starting your journey to becoming a homeowner!

Very Respectfully & Military Veteran,

Jesus Soto
210.843.6053
Exit Realty Partners II
email: jesus@930exit.com
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0 votes 12 answers Share Flag
Thu Apr 27, 2017
Emily Knell answered:
You could possibly get a loan from Wells Fargo. I know my own lender has a loan for you so long as you have a US Passport & of course, can prove your income.

I also may have a condo coming on the market soon in Downtown Long Beach, it will be a 1b 1ba in a good building, short walk or bike ride to the shops/restaurants on Pine Ave & down to Shoreline Village.

Shoot me an email directly to talk about this further, I don't look back on this same Trulia posting for answers after mine.

Emily S. Knell
EmilyKnell1@yahoo.com
562-430-3053 c
Realtor Since 1996
Realty ONE Group
Short Sale Listing Agent w/ 97% success rate
100% Success Rate in CA
Closing short sales within 300mi of my home!
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0 votes 9 answers Share Flag
Wed Jul 10, 2013
Brenda Sanford answered:
Hi Brenda,

Great name.

First thing you would need to do is talk to a lender.

Please call me and I will give you a couple names to talk to.

Always,
Brenda Sanford
Sun Canyon Realty

480-215-9863

www.brenda-sanford@hotmail.com
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0 votes 11 answers Share Flag
Sun Mar 31, 2013
Suzi King answered:
My advise would be to stop pulling your own credit and actually talk to a loan officer to see where you stand. There is more than just credit that goes into getting approved for a home. Sounds like you are off to a good start though. I live and sell a lot in Havertown so I would love to help you find your next home. Call or email me and I can get you in touch with a loan officer.

Suzi King
Keller Williams Real Estate
Media, PA
Office-610-565-1995
CELL-610-585-7730
Suziking@kw.com
Www.delcohomefinder.com
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0 votes 6 answers Share Flag
Wed Feb 4, 2015
T.E. & Naima Sumner answered:
The problem has to do with expectation of income going forward. You also need to have an expectation of staying in country for more than 3 years for some lenders and 5 years for most.

With promise of employment or being employable makes a huge difference.

So, it's not so much about the FICO scores as it is about future income and staying.

That being said, for buyers who have an ITIN there are a couple of sources of loans.
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0 votes 8 answers Share Flag
Wed Apr 3, 2013
John Juarez answered:
Docusign electronic signatures save tons of time for me.
0 votes 7 answers Share Flag
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