Need Help With Personal Deal
What is the best way to try to structure a deal for myself where I want to buy a multi to live in but I am not working and I have no money at all to work with. I also have a garden style condo to sell that has no equity as I just refied a few months ago. Can this be done or am I dreaming? Please help!! Thank you.
Yes, it can be done, but the credit score (FICO) is very important. If you are buying at wholesale you can increase the price so the seller and pay closing costs and give you a repair allowance or decorating allowance. If your scores are strong enough, you can state your income and assets
Yes your above 620, you could get 100% financing has OOC (owner occupied) talk with your mortgage broker , but you can Stated Income and Stated Asset off your score alone and its okay if its through a MLS
So you are saying that I can get 100% No Doc loan? That is good news. Now I feel better about this becoming a reality. Thank you!
Did understand wrong, was the 100% financing on the sale of the condo or purchase of the multi-family?
This is pretty interesting question.
I think unless you have more then one mortgage most likely you have some equity left as normally most landers do not finance 100 %.
Secondly in case of buying at wholesale price, the owner may be willing to finance a second mortgage for a little better price.
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On 2005-06-08 12:30, ashwin wrote:
This is pretty interesting question.
I think unless you have more then one mortgage most likely you have some equity left as normally most landers do not finance 100 %.
Secondly in case of buying at wholesale price, the owner may be willing to finance a second mortgage for a little better price.
Most of the loans we do are at 100% to Investors.
They are done all the time. There is usually a trade off. At 100% the rate may not be as good compared to 20% down. Then there is always being creative and getting to a nothing down deal.
Robert
[addsig]
Hey Dirtman. The info you just gave out is incorrect my friend. You can absolutely get a 100% no doc deal on a single family. I do these type of deals all the time. What you cant get is a 100% no doc on a multi-family.
Hey Dirtman. The info you just gave out is incorrect my friend. You can absolutely get a 100% no doc deal on a single family. I do these type of deals all the time. What you cant get is a 100% no doc on a multi-family.
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I am in need of 100% on an owner occupied multi. So from what most of you are saying here, I cannot do this and need to discontinue my search and stay where I am.
Yes u can get a 100% financing on a mutli unit if its owner occupied, but like onidas found out they are going to want season funds and reserves. Onidas I going to talk with my processor and see what lenders do a 100 w/o season reserves.