How Do I Help Someone Get A House?

I have a customer with a 110,000 pre-approved loan. He wants me to find him a house. If i get a property under contract and sell it to him will this work . How do I get around the FHA seasoning thing ,make money , and get this person a house to live in? confused

Comments(1)

  • mortgageman7th September, 2003

    I am a mortgage broker, and I don't think that sort of a deal will fly FHA. They adn mortgage lenders in general have rules designed to prevent you from making quick money.

    I think your best best may be buying an option from the seller and selling that option to the buyer. The buyer would have to have a compelling reason to pay you money, such as he is getting a good deal on the price.

    Example:

    Market value is $100,000
    You pay $100 to the seller for the option and right of first refusal to to buy his property for $85,000. You sell that option and right of first refusal to the buyer for $2,000.

    Now the buyer. can present the option to seller and buy the house for $85,000.

    You don't have to worry about seasoning issues, double closings, and mortgage loans and make a huge profit for a short time investment.

    Just a tought!

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