OfflineFinally after six months seasoning, I found this loan officer who said he can do the stated income refi loan for a REO we bought cash using equity and credit cards. It is difficult to have stated income loan now because we're self employed. After we got in escrow, signed the docs, the lender is Country wide, many of you may say, not country wide again... it is supposed to close in just three days, but it has been two weeks the bank still hasn't funded yet. The loan approval was done in Jan 2009! Everyday the loan officer said they're going to fund it today, or tomorrow, or next Monday... At the same time, we run of cash to pay bills. We never regret to buy this REO, because it was a really good deal and rental cashflows about $400 every monthly net, equity $90,000 after all the costs.
I started searching other loan officers now and have two working on this refi, it is going.
Just feel at the very bottom of my life now, I really don't want to borrow more from credit cards again. Anyone who wants to use the same strategy, be careful and should work on multiple channels.
Do you qualify for MHA/HARP? If so, it is a good way to push through a refi from what I have seen and can do 105%.
You can talk to people who are setup to work with investors here:
http://www.deangraziosi.com/financing-lending-for-investors
And learn more about it here and check eligibility:
http://makinghomeaffordable.gov/
They may be delaying your refi to run it though the program which gives the banks incentives/guarantees by the gov't.
Winny,Not the country be so wide too bleep you! Any conv. bank will play
patience right now in the melt-down of our lending practice!
I could give you an example of REI,Altough i will give you a (PROVERB).
I want to have a swimming pool...I do not want too;Pay for it,take care of
it and most of all the liability or it! So what do i do?
I talk to my neighbor that maybe a swimming pool would be the best thing
for them,There property will be so much more appealing thru buy/sell!
Nothing really is that eazy, But they bite and i now have my swimming pool
...FREE AND CLEAR!!!
The point is; If you try to do it by yourself...You can do it by yourself! OR
You can get other people to help you...do it by yourself!
Dgadmin, Brought up about...Your country will work for you!
I will take my country over country wide,"ANY DAY"
Thanks, Dgadmin!
Randy
2birds---1stone?
P.S.I know you are thinking swimming pools,But that is not my point.
I have been doing the cash out on re-fi and just have to say...keep plugging away! If the two you are talking with can't help you go to the next!!! It took me 25 morgage lenders who I INTERVIEWED TO WORK FOR ME...before I found someone who's great. Try going to a local bank that is a broker. The smaller ones tend to work harder for you. That's the point to remember they are working for YOU. So good luck with your cash out re-fi!!!
Best,
Angie
Challenges are only challenges if you view them that way. Try looking at them as OPPORTUNITIES instead and success will follow!!! "ME"
Appreciate very much all your great input and help. I am working on both. Talk with more mortgage brokers and find a partner to do it together, even it means giving up some equity or cash flow or something else, at least, we can get moving.
I guess if we partner with someone else who can qualify for loans easily to get several houses and have enough rental income, that will improve our income/debt ratio, we can start doing it ourselves.
Sounds like you're on the right track! Good luck!!! Angie:)
Challenges are only challenges if you view them that way. Try looking at them as OPPORTUNITIES instead and success will follow!!! "ME"
Just closed on a REO today with cash. Any known lenders that would do a cash out refi in the early stages of ownership?
Thx,
Bruce
Contact your local bank lenders and talk to as many as it takes for you to find "the one". If you want to for go the seasoning period you can do a commercial loan. Commercial can be done on any amount of units not just multi's. If you prefer a traditional 30 yr, fixed and can wait the 6 mo seasoning than that is another option.
I did my first one w/o seasoning (traditional) but right after 08 christmas Fannie/Freddie got all weird again and changed it once again. These things change all the time so make sure whoever you get to do your loans is willing to check on the new rules and regs for you weekly...Good luck. Angie
Challenges are only challenges if you view them that way. Try looking at them as OPPORTUNITIES instead and success will follow!!! "ME"
Thanks Angie,
I did consider commercial loan. Popped into my head from my education from Trump Institute. Was wondering if it was possible to get a loan since I'm unemployed/self-employed. Could use some working capital.
Hope all is going well with yourself and family.
Thanks,
Bruce
Dosen't cost anything to make some calls. I suggest you start writing a business proposal to submit to those that say they may be able to work around the "unemployment" issue. I am not a lender so I would just start making those calls and see what you come up with...best of luck to you:) Angie
Challenges are only challenges if you view them that way. Try looking at them as OPPORTUNITIES instead and success will follow!!! "ME"