OfflineCheck out eFanieMae.com
they have recently come out with new guidelines for several different mortgages. I was trying to help some of my low income buyers qualify so I could find them a house in my area in Ca. The MyCommunityMortgage (MCM) offers 97% Max LTV (including financed MI) and can be combined with a Community Seconds for CLTV of 105%. FICO has to be 640 or higher for 1-2 units or 680 for 3-4 units. The median income in LA county is 65,100 according to HUD. So low income is lower than this. We are going to the bank tomorrow. I'll tell you what happens.
jrgnsn
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jrgnsn
I am working on two deals currently and each counter offer by Fanniemae (FNMA) is now written to have the buyer(s) pay all closing costs. My Sioux City, IA agent says this is a change in Fanniemae (FNMA) practices!
So I lowered my offer by 3K to compensate!
Regards,
Rohn Everson
DeJor Properties, LLC
If I make 75,000 per year and I have a fico of 740 as well as have a mortgage out for 150,000, how much could I borrow from the bank in order to buy three or four properties but as soon as I get them fix them then flip them in 6 months to a year??? How flexable is the bank or the mortgage brokers if I have a plan, lets say either have people lined up to rent out one or have someone lined up in 6 months who will buy the fixed...I guess I'm saying what is the best strategy to use to take on 3 to 4 mortgages at a time with the intent of getting off my hands either renting or flipping without putting any money down and without paying any money for the 6 months?