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Chris&Kez

Buyers don't have a down payment?

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Hello again,

I have had a guy e mailing me who is So keen to make a start in RE I don't think he's slept in a month. :D

 

He's located a gazillion deals , but after I suggested he ask them to finance the down for him , he said he was having no luck, they all want to see the pretty stuff upfront ...of course. He has 'daggy credit' scores etc and needed the help to get off the fence and restore it.

 

He has hs eye on one particular property, an apartment building with good numbers....the same scenario of course didn't work again...so I put him in touch with my fav 'note girl' and from there we're gonna get him the $XK deposit which will be advanced to him for his down the day of close on promissory note, with repayments coming from rent credits etc, and $x per month afterwards from the pos. cash flow he gets to repay it.. I hope I explained this without too much confuzzlement, if your buyers are stuck for the downpayment, even though it's not alot at times, you might want get in touch with your fav note girl too & give this a whirl.

 

Or call us :D

 

Hope this helps somebody!

 

Kez

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Update,

I spoke with another gent on the phone saturday, same old thing, no down.

I got to thinking about it, e mailed my 'note ladies', and we've devised a plan which has been put to our investors whereby, a promissory note will be created for the full appraised amount of a home this guy wants to buy...having done this, we'll sell the said note, trying to get a high ltv , which might well work out,fingers crossed.......... as the home itself will then have a lien registered against it organised by 3rd party at the closing table for the person who cashes out the note for us.

So home buyer gets ALL the cash upfront,note buyer has a recorded lien on the house, and home buyer will only be paying X in interest with one payment prepaid, enough time to buy, pretty up, and resell the home before anything else is due.

 

Will keep y'all updated!

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I sure am glad I just stick with the simple Cooperative Assignments! These deals get awfully complicated on this board. KISS is the secret in this game I think!

 

Pete

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lol..sorry, didn't mean to confuse anyone, but using this method we have 3 deals on the table in the last 48 now, should get confirmation of #1 by tomorrow morning.

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Guest leeann
lol..sorry, didn't mean to confuse anyone, but using this method we have 3 deals on the table in the last 48 now, should get confirmation of #1 by tomorrow morning.

ok, so can you help us on this, have contract to purchase home, found out today that bank can't do 100% financing as we had hoped, contract price is $146,500, seller is paying 6% in closing costs, we will have $3500 when time to close July 19. I really do not want to lose this house. This home is beautiful, and definatly worth more that we are contracted at.

HELP, PLEASE....

we are good people, just hit a speedbump 7 years ago and never got credit cards after that, paid cash for everything.

HELP.

 

leeanninfla(at)aol dot com

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Hi Leeann,

 

Have you contacted your local broker?

 

Countrywide has no score loans at 100% as well as Webster Bank. Ask your local loan officer what they have.

 

You could also ask the sellers if they could carry part of the contract say 10-20% and/or help pay the closing costs if necessary.

 

The above after the lease option doesnt work.

 

Hope this helps.

 

Andrew Ikeda

Primary Residential Mortgage, Inc.

360-571-5464 office

360-909-3374 mobile

 

andikeda@netscape.net

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I'll make a note of that webster name too thanks Andrew :D

I do have a couple of people on my list who tell me they do 100% financing,some with 'not so hot' credit also please feel free to drop us a line Leeann I will reply asap.

chrismulherin@yahoo.com

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Guest leeann
Hi Leeann,

 

Have you contacted your local broker?

 

Countrywide has no score loans at 100% as well as Webster Bank. Ask your local loan officer what they have.

 

You could also ask the sellers if they could carry part of the contract say 10-20% and/or help pay the closing costs if necessary.

 

The above after the lease option doesnt work.

 

Hope this helps.

 

Andrew Ikeda

Primary Residential Mortgage, Inc.

360-571-5464 office

360-909-3374 mobile

 

andikeda@netscape.net

problem is no score with 2 bureaus and only one credit line that is 4 months old. UGH, now we have fremont who will do 80%, but have to get 20% another way.

seller will pay closing though.

 

 

leeanninfla@aol.com

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What is a "no score" loan?

Usually when someone talks about a "no score" loan it is a product for people with no credit score. But they will have alternative sources of credit. Like utility or cell phone bills.

 

You would be surprised at the number of people who have a good income but do not have a credit file. They are people who pay for everything with cash.

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Lacashman hit it right on. A 'no score' loan is a loan where no credit of FICO score is used. Most of these loans have mortgage insurance.

 

For the other 20% LTV, you might ask the seller to consider carrying that portion on a note. Offer him 8-8 1/2% interest and then you could try selling the note to a note buyer in order to cash the seller out. Then you will make payments to the note buyer in lieu of the seller.

 

Again, check with local mortgage brokers to see if there is any 100% financing in your area. I know Countrywide is big and should be available in your state.

 

Maybe you can find an investor in your area to work with and he could buy the house for you and you make payments to him? Just a thought.

 

Hope all works in your favor. Good luck.

 

Andrew

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