Purchasing Homes At Appraised Value
If I purchase a house as a primary residence for 30k and it was appraised for 60k, can I make a mortgage purchase for the appraised value of 60k, and use the remaining funds for rehab and my personal business?
YES,I would do an 80% loan to value($48K), thats 18K for rehab.
YES,I would do an 80% loan to value($48K), thats 18K for rehab.
Thank you, John
Aurora
are you a broker? there are a lot of companies that can do 100% financing on noo... let me know if you want some more information...
neutral
Are we talking about 100% LTV or are we talking about a bank that loans 100% of theur business to investors?!?
[addsig]
I am a Broker and was looking for 100% LTV for Investment client non o/o -thanks for the tip on Aurora
Nuetral-I would love to know who else handles 100 % ltv non owner MM
Greetings markmortgage,
As Neutral indicated, there are actually quite a few lenders that will do them. And some will even do them with stated income.
But as you might imagine, a lot of them just package the loan and re-sell it. So, take a close look at their programs and see who they are selling to, and just go directly to who is buying them – you’ll get better rates.
I do loans for investors all over the U.S., and sometimes these programs work great for their particular situation. Other times they don’t, and you would do your clients a service by steering them away from them. So, just have some other good options at the ready.
If you are a broker, you may want to register at these sites. There’s a lot of good information.
http://www.brokeroutpost.com/
http://www.weirdloans.com/
http://www.scotsmanguide.com/
http://www.lenderlab.com/
I hope this helps.
Thanks so much for all help/advise ( vguess99 mcole )
MM
this forum was such a lucky find! I appreciate all of your help! ;>
markmortgage
I think you have to have 60 posts to post a link.[ Edited by d_random on Date 10/21/2005 ]
gotcha-hopefully someone else here can provide him with those links. MM
Hello All-
100% financing of investment property is very much available. The key to this is finding a broker that understands these types of loans. There are many "gotchas" that go along with this type of financing, where even with a pre-approval from an AE, you will get caught up in underwriting with, # of properties owned, # of properties financed, rapid acquisition, negative cash flow on the subject property, 6 months in reserves, etc.
I work with 100s of investors and have a lot of experience with these loans...Its basically all I do, so if anyone has any specific questions about these types of loans, please feel free to contact me.
regards/neutral
Neutral...are you able to do financing in PA. I am trying to purchase a duplex 100% LTV. Property has a positive cash flow.
Im a rookie to investing.
Neutral...are you able to do financing in PA. I am trying to purchase a duplex 100% LTV. Property has a positive cash flow.
Im a rookie to investing.
I have only bought mortgages (trust deeds) in California so just know that foreclosure laws & procedures vary by state.
The difficulty to foreclose on someone varies by state. There are basically 2 most common types of foreclosure actions. In Florida it is a judicial . Which basically means you have to file a complaint through the court system. Also, FYI Florida allows the foreclosed party 5 months to redeem after the foreclosure sale.
I would have the current mortgagor sign & notarize an affidavit as to the payments received & delinquency.
Your only legal option to get the property if they reinstate & bring the loan current is to buy the property from them.
You will have to speak to an attorney in Florida that handles judicial foreclosure to get an idea on cost.
If you are looking to broker the note, there are sources of note buyers on papersource (google it) that might give you more information.
I hope this helps
Good Luck
sanjossee...FYI.. there is no redemption period in Florida for foreclosed properties.
[addsig]
Oops sorry for the redemption period error. I had the redemption period & process time mixed up. The foreclosure process in Florida takes 135 days & there is no redemption.
First look at the owner mortgage agreement. If these folks have not paid in 2 years a foreclosure here will be fairly straightforward.
Sounds like a good deal providing all heirs sign off.
If you do this deal or if you decide to pass, let me know. I am interested depending on circumstances