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Financing in Roswell : Real Estate Advice

  • All193
  • Local Info25
  • Home Buying64
  • Home Selling10
  • Market Conditions6

Activity 9
Fri Jan 30, 2015
Rick Musto answered:
Best thing to do is talk with a good mortgage broker. Not sure what bank you talked with but I have done deals like with this my investors and having a good mortgage broker opens up many possibilites to you as they have mutliple sources of funding. The large banks don't like this kind of stuff generally...not a cookie cutter deal for them! Good luck.

Rick Musto, Managing Broker
Buckhead Home Realty
770-480-7699
rmusto@buckheadhomerealty.com
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Tue Aug 14, 2012
answered:
Asset based companies are far and few between. Companies like ING, BB&T and Quicken changed to traditional lending after the stock market crashed in 2008. It's not so much the risk of losing the collateral funds rather the public relations damage of taking Mr. Smith's retirement funds for defaulting on the loan.couple that with Obama's financial reform bill and transparency and forget about it.
So, you may have to turn to private equity money (hard money) with soft rates. There are lenders who will allow you to collateralize stock funds for a mortgage loan. You have to use the company to buy it (or the trust). Fees are about 5-8%, rates between 5% to 9% interest only. Amortization up to 30 years with 5 year balloon. No pre-pay penalty. Minimum 30% down (conventional is 20% to 25%). No income check, personal credit check offers better rate, however non-recourse loans won't report against your social security number. To get started, we'll need to get you application started. There is an up front fee which is refunded at closing. We'll also teach you other ways to buy property (different programs).
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Wed Apr 24, 2013
Annette Levinson answered:
Mr. Jim,
Even if all of your investments were tax free, you still have to show them on your tax return. If you have average $5,000 a month from your investments for the last 2 years, then they can be used as income. ... more
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Sun Jun 5, 2011
Laura Feghali answered:
Hello Steve,
You may qualify for an FHA loan which currently only requires a minimum 3.5% down payment. I suggest that you contact a few mortgage lenders/Brokers in your area to find out what your options are. Do contact more than one as lender fees vary and some Mortgage Brokers have more lending options in their portfolios than others.
Good luck!

Laura Feghali
Prudential Connecticut Realty
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0 votes 9 answers Share Flag
Mon Mar 28, 2011
answered:
We are finding in our area that it is still easier to purchase a pre-existing property. We are doing a lot of 203K loans because of all the damage from the snow we got this year.
0 votes 3 answers Share Flag
Mon Mar 28, 2011
Dan Tabit answered:
Priest,
If you paid off some debts, you may find that once the reporting agencies get this news, your scores will go up. If you are in a hurry, talk to a lender about RapidRescore, I've used it a few times to legitimately update the reports and document a higher score than when we started.
The higher your scores, the more options you'll have and better rates will be available. Talk to some local lenders about your situation and see if one can help.
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Tue Oct 5, 2010
Michael Hammond answered:
Was your wife involved in the Chapter7, Snoopy?

Michael Hammond
SellsRealty@gmail.com
404-538-5499

http://www.SellsRealty.org
0 votes 12 answers Share Flag
Wed Mar 31, 2010
Tim Honeycutt answered:
Thu Jun 18, 2009
David McEachern answered:
The house is priced to sell it sounds like. Honestly one has to go look at the house and make the determination of the condition. Many times when houses are priced to this amount of discount they are snapped up quickly. I have had it happened 3 times in the past two months. Sometimes a deal can be made and other times there may be 3 offers waiting.

As for time to do a short sale one can be done in any time manner. Really comes down to how fast the mortgage company can process the sale. I have seen it run from 3 weeks to 45 days.

It depends how quick you need a house but I would give at least 30 days on a short sale option at a minimum.

I would be glad to show the property to you if you like.

Thanks,

David McEachern
Keller Williams Chattahoochee North
404-406-0638
... more
0 votes 8 answers Share Flag
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