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Getting a $28,500 Mortgage APPROVED??!

Posted on: Sun, 04/05/2009 - 22:07
Getting a $28,500 Mortgage APPROVED??!

Hello DG Family!

I am wondering what are the possibilities of me getting a mortgage approved for a house selling for $28,500 in New Jersey with an approximate market value of $250,000 after some repairs and improvements.

It's a 3 family home and I plan to live in it and rent the other two units so I can have monthly positive cash-flow..

I am going to have about $10,000 saved up in the bank by the time I decide to purchase this home or similar one. Maybe having this money would make the lending agency approve the loan faster.

Thank You!

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Posted on: Sun, 04/05/2009 - 23:52 #1
Cash on hand

I do not know about what you see, Although! Seasoned money opens
alot of doors, When it comes down to ...Owning your own property

Randy


Posted on: Mon, 04/06/2009 - 00:03 #2
Thanks for your reply! But

Thanks for your reply!

But what do you mean by "Seasoned money".. I'm new in this field..


Posted on: Mon, 04/06/2009 - 01:00 #3
I believe he is saying that

I believe he is saying that having 10,000 in the bank by the time you are going to buy one is going to open a few different doors for you... And seasoned would mean that it has been in your bank account for at 90 days I believe. You need to let your money become seasoned before you use it for a downpayment or things like this. You can not get the money gifted to you and use it the next day!

I hope i explained this correctly!!


Posted on: Mon, 04/06/2009 - 01:01 #4
Seasoned money!!!!!!!!!

Hey,

Seasoned money or Seasoned Funds means money that has been in your bank account for more than 30, 60, 90 or more days.

Later

Pete

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REFUSE TO LOSE!!!!!!!!!!!!!!!!


Posted on: Mon, 04/06/2009 - 01:11 #5
Thanks a lot for all your

Thanks a lot for all your responses..I really appreciate that..

As you may know I am in the Army National Guard and the money I'm talking about is my bonus which I'm going to make it work for me and multiply it several times.

I'm still 17 years old, so I'm just waiting to turn 18 to start my investing career...


Posted on: Tue, 04/07/2009 - 19:37 #6
I would think you'd have a

I would think you'd have a pretty easy time getting that mortgage - especially with $10,000 down. Even though you have to wait for your birthday, I would call up a mortgage broker or go talk to a local bank lender and let them know what's going on. How long until your birthday? If it's close, I would go ahead and make the offer on the property, get it locked up so no one else runs away with it! It sounds like a great, great deal.

One type of loan that you might look into would be an FHA loan - they don't need much down, can loan on a tri-plex as long as you're going to live in one of the units, etc. But, if you're talking about that much built-in equity, and nearly 30% down, I think you would have TONS of lenders begging to help you, even with little to no credit history.

Another option would be to have someone with a little credit history go on the loan with you, at least for a few months, if the lenders require that. Then, spend the next 6 months building up your credit, and refinance and take the other person's name off it. If you do this, though, spend a little money and get a lawyer to write up contracts so that the other person can't claim that they're co-owners with you and demand you "buy them out" or something.

Good luck, and keep us posted. It sounds like a great deal!

Tracey