jimculler

I am in W. Florida, please contact me at jim@dynamicfinancialmortgage.com

Speedy, Tell me your situation. Call me if you wish. 660-429-3874. What state are you in? hi i to am looking for a hard money lender or private lender as i want to buy a property to resell but i live in northen ireland do you know of any one who could help thank you doris Hard money is easy Doris. Contact me at Jimmy@safetyharbormortgage.com and we will gather what is necessary.

Kevin, Thanks fpr information. If buying within the Corp. we still must personally back the loan. Does this affect my personal credit score even if in the low 700's? Craig, not if you are buying with a blanket loan. If you are purchasing or refinancing into a blanket loan, it is a loan that will not report to your credit file. That is why he was saying you should use it to free up the amount of mortgages on your credit. It opens up the possibilities of financing Fannie Mae again, since you will have less than 10 properties financed on your credit report. The blanket loan is closed in the name of your corporation, and you will personally guarantee the loan. It is required that these properties be income producing, and the DSCR (I can explain later) is what determines your qualifications moreso than the credit scores alone. In addition you will want to use this for properties that you do not intend to sell in the near future, as partial releases (selling one property at a time) can be complicated, and done on a case by case basis even with the best of lenders for this product. I hope this may have addressed some of your questions.

Are you a broker or the borrower? Just curious because you are posting a scenario much like a broker would do. If you are the borrower, email me at Jimmy@safetyharbormortgage.com

Ok, send an email to me. Jimmy@safetyharbormortgage.com I will discuss the details with you of what types of transactions you are doing, and what funding you will require.

So true! Lovebug season sucked last year for us really bad. And the Strawberry Festival rocks! Just reading this post makes me want to go swimming right now.

Beware of anyone who emails you from the uk that does not use correct grammar.

You're welcome. I will check the dates more often now. FYI, balance to limit ratios make up 30% of your credit scores. I have seen clients with deep and old active trade lines that have never missed a payment. Once these clients run up their cards, the scores almost always will dip below 700, which is big in todays market for rates and programs. I typically encourage these clients to request balance limit increases from their credit card companies, and if this doesent help then get new credit lines that they are instructed not to run up without paying off.

If you can afford the costs, the access to the MLS is extremely valuable. Its hard to find a good realtor. And even a good one will not monitor the MLS as closely as you will.

Chase just announced that they will not be doing stated income mortgages AT ALL. If other lenders were to follow suit, its going to be even worse than these people predict. Hopefully that will not happen, and the pool of buyers will not continue to dissipate. The adjustments to subprime were necessary, because we dont want them foreclosing all over the place constantly messing up our ccomparable sales. So many people should have never qualified in the first place. But Stated Income is the way of the self employed individual! If all lenders were to follow suit with Chase, then these individuals will be forced to get creative if they want to own anything; or become an employee somewhere for a couple of years. <-- yeah right.

The answer is it depends on your balance to limit ratio. If the HELOC is a 20k line and you owe 20k it is worse than a 12k cc debt on a 20k credit line. In other words, if the CC line is going to be well above and beyond the balance, it will be more beneficial for your credit report than the HELOC is if its maxed out. Also if you leave the HELOC open and have that credit available, your scores will increase even more because the credit is available and not being used. You will have to charge something at least once every 6 months in order to keep a trade line reporting as active. If a trade line goes inactive its not beneficial for your credit.

Yes you can refinance after 12 months in a lease option agreement. The most important piece that our underwriter wants to see is 12 months canceled checks for rent payments. This is to document that you have paid rent on time for the past year. They will not accept a verification from the landlord because he is the seller and its a conflict of interest. There are still lenders offering this refinance structure down to a 520 mid FICO score if you can document enough income for your ratios to be right.

One of the lenders I broker to goes to 75% ARV, and works as a credit line. They dont need a property to get the client ready for financing. Once you are approved up to a certain line amount (up to 1 million), then you can get the pre-approval letter to get your signed contracts. Or you can just get a pre-approval from any random mortgage broker that brokers hard money. Either way is fine I would guess.