Buying New Construction
I guess this is the right forum for this. Has anyone here purchased a new construction home while using there own mortgage broker instead of the builders and having them pay the closing costs? Builders in Tampa have always offered to pay closing costs and sometimes even give upgrades if the buyer used their mortgage company. What I want to know is now that the market has dropped off, do you think a builder will still pay for your closing costs if you insisted on using your own mortgage broker. It seems to me that a seller (even if a builder) would do whatever it takes to sell house. I know they dont have to pay the closing costs but if a buyer was going to walk away because they wont pay the closing costs and let them use their own broker you would think they would do what they had to in order to sell the house. Please comment if you have any experience with this.
Estatexchange,
A real-estate agent I was working with told me he just sold a new construction home in North Atlanta and his commission as purchasing agent was 6% about twice what is normal. So watch out for that. Discounts should be coming, but make sure you get them and not the re-salesman. or the mortgage company. Some builders like their own mortgage companies because the have good working relationships, the builder knows what the fees are and don’t run into last minute problems and expenses.
I am the mortgage broker and have a friend of mine who is looking for a house and wants me to do his mortgage. He has found a new construction that he likes but the builder is giving him all the incentives to use the builders mortgage company.
We charged about $40 for a rapid rescore for one of my clients at an old brokerage I used to work for. We requested it because their score was at 619, and we needed a 620. Unless you need to clear it up to qualify into another credit score tier.
$500 sounds a fast one.
Typically it costs about $30-$40 per borrower, per item, per credit bureau, plus the cost of pulling a new credit report.
So, if there are a couple of items showing up on all three bureaus, the cost can add up in a hurry.
But this service is most likely something your mortgage broker has to pay for, as they probably use an outside company to do it.
Spoken like a true loan officer.
Suppose that even with the 75% rule, your properties give a small positive cash flow. Does that help you get beyond the 10 mortgage limit?
No.
Hey everyone. I now have lenders that are OK with 10+ properties on your credit. Your DTI is still a factor like all loans but I can do them if the numbers work.
These are conventional loans, not hard money.
Email or call me if you need assistance. Hope this helps you keep buying in this market as prices are good.
Thanks
Its a scam, you should google Amcorp Capital.
Big Scam.
http://www.mass.gov/?pageID=pressreleases&agId=Eoca&prModName=ocapressrelease&prFile=07_04_19_paydayalert.xml
Have you considered trying someone like Prosper?
http://www.prosper.com/
Thanks for the feedback, I quickly realized this company was not on the up and up when I was asked to send money to someone via western union