Real Estate Investing Forums

Real Estate Investing => Financing, Hard Money Lenders, Private Money => Topic started by: JBJR on December 09, 2005, 02:27:04 pm

Title: REFI NOO Penna
Post by: JBJR on December 09, 2005, 02:27:04 pm
In Penna, triplex, need to cash out.  Mid FICO is 635.  Stated income of course.  quickest cheapest way to go?  
(I have played with three incompetent "mortgage brokers" who have lied cheated and practically stole and were never able to deliver,  so please no more of these people....)
Purchased  6/04  = 129K
Mortgage             = 115K
Current Value      = 229K
i looking to cash out about 40K either refi or equity loan.
Title: Re:REFI NOO Penna
Post by: Lendinghand on December 09, 2005, 02:54:37 pm
2-4 family 100% Financing available
Title: Re:REFI NOO Penna
Post by: 4EEM on December 09, 2005, 03:02:44 pm
I'm not licensed in PA, but I can refer you to a guy I work with in Pitt that can do this deal no problem....Unless there is something your not telling us.
Title: Re:REFI NOO Penna
Post by: Fortune Mortgage on January 17, 2006, 08:34:59 pm
That's a done deal, up to 90% cashout for sure. Hope its working out, 620 FICO is all you need for a stated income/stated asset deal. Shoot me an email if your jammed.
Title: Re:REFI NOO Penna
Post by: Mdhaas on January 18, 2006, 01:53:33 pm
Quote
Mortgage            = 115K
Current Value      = 229K
i looking to cash out about 40K either refi or equity loan.

I am assuming that this is a N/O/O.  So you are looking to refinance for 155K on a value of 229k that is a LTV of 68% and noone can get it done?

Is there something that you are not telling us?


Patrick where are you going to find 100% financing on a stated, N/O/O 1-4 unit with low 600 score?  That is not happening with a legitimate lender.

Brandon the same is true for a 90% scenario
Title: Re:REFI NOO Penna
Post by: christopher w on January 18, 2006, 02:13:47 pm
sub-prime or should I say non-prime all the way baby. On that subject...can anyone suggest a lender that will do a straight 100 %LTV second home stated income with a 661 FICO. I can do 80/20 all day long but they want a straight 100%. Homecomings will do it all day full doc but not stated.
Title: Re:REFI NOO Penna
Post by: Mdhaas on January 18, 2006, 02:25:00 pm
Have you tried the scotsmanguide?
Title: Re:REFI NOO Penna
Post by: christopher w on January 18, 2006, 03:29:53 pm
Yeah I checked the Scotsman Guide. Meritage will do it, but rate SUCKS.
Title: Re:REFI NOO Penna
Post by: Investment Loans on January 19, 2006, 01:11:31 am
I'll back Patrick up on this one.  

100% cash out is available on a 1-4 unit noo with your mid score.

These are not subprime deals and are with a legit lender!

You really should not be having that hard of time with a broker.  But I guess thats why you're here posting now.

Question,  you've been a member for almost 1 year now, how come you havent built a relationship with one of us brokers on this site?  It appears that most everyone is knowlegable with just about the same products.  Give or take a couple.

One more question. Back in August your were looking for ideas on funding rehabs.  Have you teamed up with a good hard money lender yet?

It really would be best if you give one of the mortgage consultants on the board a call.  I think it would solve all your financing concerns.
Title: Re:REFI NOO Penna
Post by: Mdhaas on January 19, 2006, 07:47:42 am
Quote
100% cash out is available on a 1-4 unit noo with your mid score.

These are not subprime deals and are with a legit lender!

Your sure, Stated income? 100% LTV, N/O/O, Cash out.  640 mid ,2-4 unit?


If so you may have found the Holy Grail!!
Title: Re:REFI NOO Penna
Post by: Investment Loans on January 19, 2006, 09:00:58 am
Stated income, stated income/stated assets, no ratio, and NINA!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Title: Re:REFI NOO Penna
Post by: hammertime on January 19, 2006, 10:07:11 am
Quote
Stated income, stated income/stated assets, no ratio, and NINA!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Quote
If so you may have found the Holy Grail!!

Ben

I have been looking for a lender that can do 100% LTV, N/O/O, 4 unit, Stated, Cash out.  640 mid

Who does this?
Title: Re:REFI NOO Penna
Post by: christopher w on January 19, 2006, 10:44:08 am
Ben,

C'mon man throw us a bone. Who does those loans? I could sell that all day long here in Texas.
Title: Re:REFI NOO Penna
Post by: 4EEM on January 19, 2006, 10:51:37 am
AEGIS will do it.....They are going to beat your client up on rate....but they will do it.
Title: Re:REFI NOO Penna
Post by: mnkrouse on January 19, 2006, 11:05:45 am
Patrick,

Thanks for response.

I just talked w/ my Aegis rep and he said that he does not have any programs available for those parameters.

Quote
I have been looking for a lender that can do 100% LTV, N/O/O, 4 unit, Stated, Cash out.  640 mid

Ben...you haven't answered the question yet
Title: Re:REFI NOO Penna
Post by: hammertime on January 19, 2006, 11:16:39 am
Ben, hook us up man.  I would hate to think that you were just stringing us along.

Patrick, I checked Aegis site and it would not allow those parameters.
Title: Re:REFI NOO Penna
Post by: mnkrouse on January 20, 2006, 08:47:35 am
BEN.........HELLO, HELLO, HELLO?

There are quite a few of us that are waiting for your response of great wisdom.

Quote
I have been looking for a lender that can do 100% LTV, N/O/O, 4 unit, Stated, Cash out.  640 mid
Title: Re:REFI NOO Penna
Post by: JBJR on January 20, 2006, 11:19:02 am
Ben:

You can do this?
Title: Re:REFI NOO Penna
Post by: hammertime on January 20, 2006, 11:50:51 am
One must assume, and I hate to do that and I hope that I am wrong, that Ben was just trying to mislead fellow posters into believing that he could do something that he cannot.

I would like to see him defend himself.  However, he has been on and off line all day and has not responded yet.

We would all love to have the info that he says he has. C'mon Ben Hook us up!!!
Title: Re:REFI NOO Penna
Post by: hammertime on January 23, 2006, 08:57:59 am
I know that sometimes rate and program cards are hard to read.  I guess that Ben must have misread his.  He has responded to several other posts on this site since he made his statement, but, not to this one.

I thought that he would have at least been professional enough to admit error or back up his statement.    :-[
Title: Re:REFI NOO Penna
Post by: mnkrouse on January 23, 2006, 10:28:37 am
Christopher/Jack,

Did Ben ever contact you with the Lender?  I don't know what happened to him.  I am hoping that Hammertime is incorrect.

Quote
One must assume, and I hate to do that and I hope that I am wrong, that Ben was just trying to mislead fellow posters into believing that he could do something that he cannot.

I see that Ben has responded to several other posts over the weekend.  I just thought that maybe he responded to your inquiry.
Title: Re:REFI NOO Penna
Post by: Mdhaas on January 24, 2006, 09:58:10 am
Did any of you ever get a response?
Title: Re:REFI NOO Penna
Post by: JBJR on January 25, 2006, 07:53:27 am
Hey folks, thanks for all the imput.  I am still shopping this thing, hardest thing I ever did actually.

I got a response, he wants me to wait until February because if boderline credit scores.  I thought any underwriter worth his salt would take into consideration that the score would be affected by shopping the mortgage around?  I read that on this forum.  Am I correct or not?  
Title: Re:REFI NOO Penna
Post by: Investment Loans on January 25, 2006, 08:14:47 am
Alright boys, ya want a response.  Here it is, but your gonna need to spend time with you AEs to check their programs.  

Jack,

First, you only sent me page 1 of a credit report.  Couple things you need to know.  Most of the programs used for investors require a certain amount of tradelines.  Not only is there a number they are looking for but also how long these have been open.

Second, the report was from Dec.  The lenders pull their own credit when they receive the file.  So even if you sent me a report now with x score from Dec; the score could change the begining of February when creditors send in their tapes to the big 3.  They will use those scores to determine if you fit within their parameter.

Here's a great link for information about credit scores.
http://money.cnn.com/2005/03/16/pf/debt/creditscore/

Taken from the report
Myth: Shopping around for a loan hurts your score. When you apply for a loan or get pre-approved the creditor checks your credit report, which shows up as an inquiry to your credit. While it's true that too many inquiries to your credit will lower your score, you absolutely can shop around for a mortgage, home equity loan or car loan without worrying about damaging your credit, said Sjoblad. "As long as the same kind of inquiries are made within 14 days of each other, they count as one inquiry on your credit score," he said. Take note: This grace period doesn't apply to credit cards.

It's possible to pull you credit now to see if you have the required tradelines and shouldnt hurt to pull again the first full week of February.

I figured it would be best for you to make an educated decision since it is your credit.
Title: Re:REFI NOO Penna
Post by: hammertime on January 25, 2006, 09:49:31 am
Ben, glad to see your back.  I am a little confused though. ???

I am not sure what your most recent post on this thread had to do with the question(s) that were asked of you. :-\


Your sure, Stated income? 100% LTV, N/O/O, Cash out.  640 mid ,2-4 unit?


If so you may have found the Holy Grail!!

Title: Re:REFI NOO Penna
Post by: Jon on January 25, 2006, 03:01:21 pm
Definitely can do 100% refi's with stated income and credit as low as a 620.  It's not with Aegis, either.  Absolutely no credit score exceptions - must be a 620 or better.  But yes, I can do them.
Title: Re:REFI NOO Penna
Post by: ShaunG on January 25, 2006, 03:06:42 pm
On a 3-unit investment, stated, 620 mid?  Ok, enlighten us please?  I don't see why you all claim you can get these done, but you won't tell other brokers who are questioning your knowledge?  This thread just keeps getting better.   ::)
Title: Re:REFI NOO Penna
Post by: hammertime on January 25, 2006, 03:09:05 pm
I agree with you Shaun!  If these are truly National companies...like Ben keeps claiming...why can't someone just quit BS ing and spit it out! 8)

Title: Re:REFI NOO Penna
Post by: Jon on January 25, 2006, 03:32:22 pm
Lancaster Mortgage.  They do business in something like 40 states or so.  
Title: Re:REFI NOO Penna
Post by: hammertime on January 26, 2006, 08:15:57 am
Jon, does this Lancaster mortgage have a website or contact #?  Any info would be appreciated.
Title: Re:REFI NOO Penna
Post by: JAAMJK on January 27, 2006, 09:59:13 am
Hello,

I'm not expert at this but I would check the cost of the money   on the first money compared to the cost of the money if recast today.  It may be that the product you persently has is better recast but maybe not.  Maybe attaching the equity loan makes more sense.   It might be something that your own bank will entertain on the equity side.  If so, the cost of the Equity line versus the fees on recasting everything might be significantly cheaper.

Title: Re:REFI NOO Penna
Post by: ShaunG on January 27, 2006, 10:03:34 am
You won't find an equity line on a NOO with that credit especially on a row home.