OfflineEveryone knows how Dean emphasizes the importance
of putting together a great team ... well because of an amazing mortgage broker Jill & I found from a real
estate agent's lead, we have just signed 2 sales contracts on two properties with buyers that I normally would have thought were just a waste off time.
As many of you know Jill & I have done about 55
rehabs on properties right here in our town, & the biggest problem we encounter is having retail end-buyers come in & want the property, but can't get a mortgage.
But with the help of this mortgage broker, we have
Buyer #1 who had a short sale 3 years ago & has NO MONEY qualify for 100% financing.
Buyer #2 had a bankruptcy about 3.5 years ago & has also qualified to buy our free & clear property that we
did a lease-option on 2 years ago.
They are licensed only in the state of Florida, but handle a variety of loan types.
* VA - 100% Financing available to vets.
* USDA - 100% Financing to individuals for purchases only with-in a certain geographical area & income bracket, with hardly any mortgae insurance.
* USDA Rehab - Same as above with the ability to roll in costs for repairs.
* FHA-203B-Standard - 96.5% Financing available for purchasing homes & manufactured homes. Down to a 530
credit score. Restrictions apply on credit scores below 580.
* FHA-203K Same as above with the ability to finance repairs up to $ 35,000.
* Home Path - Fannie Mae - 3% Down. No Appraisal. Great for home buyers or investors. Restrictions apply to the property, must meet certain criteria.
* The Harp Program - New program started Nov. 15, 2011. FHFA has made changes to this program.
* The SHIP Program - Certain geographical areas.
* Conventional Financing - 90% with mortgage insurance.
* Conventional Financing - 80% with no mortgage insurance.
* Manufactured Homes - Double Wides only; 15 years or newer.
* Commercial Loans
* Investor Loans
* Hard Money Loans - High interest & low LTV ratios.
With all these options & more; it should allow just about all people to be in the real estate market!
Just Signed 2 Sales Contracts due to an Amazing Mortgage Broker
Posted on: Thu, 05/03/2012 - 19:34
Just Signed 2 Sales Contracts due to an Amazing Mortgage Broker
__________________
-
- by gceriani
- Login to post comments
If there are any fellow DG followers that would like the information on this Florida mortgage broker, please PM me for the details.
Congrats to you both on making it in the REI business. God Bless.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.
Gary & Jill congrats on your deal!! Keep up the great work and everything is much easier with the perfect team in place.
Please keep us updated on your deals
Thank you
Raymond
Thank you Sandra
You did a pretty good job advertising for your mortgage broker with that post, LOL. But honestly, you expected those buyers to get shot down? The one was 3 years out of a short sale. They must've got it paid off, but to get financed without a nickel, okay, that might look impressive. The other one? A closed BK over 2 years old? They can get financed by almost anyone. Maybe they've been shot down in the past, or you've had better buyers get shot down before, but I just don't see the extra difficulty in approving them.
At least you brought up the importance of having a terrific mortgage broker on your team. With all the newbies here trying to figure out assignments without reading Dean's books, or debating the brokers and realtors ridiculous attitudes toward REI's, we all need a refresher about what's really important. A good mortgage broker is worth more than ANY 10 real estate agents, I don't care how well they work for you. Congrats on the double shot!
Paul: "I must not fear. Fear is the mind-killer. Fear is the little-death that brings total obliteration. I will face my fear. I will permit it to pass over me and through me. And when my fear is gone I will turn and face fear's path, and only I will remain."
Duke Leto: "I'll miss the sea, but a person needs new experiences. They jar something deep inside, allowing him to grow. Without change something sleeps inside us, and seldom awakens. The sleeper must awaken." - "Dune."
Thanks Ray, a truely good team is not easy to find.
I sent you a PM with the mortgage broker's info.
Thanks David !
High, I'm new hear and just read your post. I am interested in finding out the name of the mortgage broker you mentioned in your post. I will shoot you a private message for this info. I am not that familiar with the rules for posting but is there a reason that information such as a recommended mortgage brokers cannot be posted in the forums?
This mortgage broker is licensed only in Florida, but to be honest I'm very disappointed with their service. Wasted a lot time on one deal because they said this buyer was qualified for USDA, then after doing a contract, I'm told that when they totaled the credit scores from all 3 credit reporting agencies, they are 12 points too low. So I tried to be creative & suggest a FHA loan since only a 580 credit score is required ... after re-doing the contract, wasting another two weeks waiting for "underwriters" approval, I'm
told since they had a short sale they don't qualify with FHA for 4 more months
because there is a 3 year waiting period after a short sale; since this is their job they should have known & told me this from the beginning! I would not recommend them.