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Author Topic: 100% financing for NOO on the way out???  (Read 23850 times)

Offline Lendinghand

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Re:100% financing for NOO on the way out???
« Reply #15 on: January 25, 2006, 03:47:59 pm »
You seem somewhat confused.  You're not a banker.  You're a broker.

and you still need the proper licensing... if your name goes on the 1003...

the fact maybe that you work for a company whose structure is as a bank, but that is simply an illusion to the fact that you are actually brokering out your paper...

nontheless, you as an individual without the proper state licensing know that you are looping through laws to get around the requirements set by individual states...  

and this is exactly why state originating laws are getting more and more defined...

Are you not the loan officer / originator of the loan?  Are you not brokering to other banks?

and this is part of the very framework of why our residential mortgage industry is being attacked from individual states... they do not want people originating mortgage loans without the proper licensing... no matter how you cloud it.  

I don't make the laws.  the states do.  

either way... it's only a matter of time before you'll need to get the proper licensing to orginate...



Jason Vogler
Realtor - Ex Loan Guru
314-566-0919 direct

Offline Investment Loans

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Re:100% financing for NOO on the way out???
« Reply #16 on: January 25, 2006, 03:54:29 pm »
Enjoy the rest of your afternoon.

To Our Success!
Ben Carmona * Consultant * ALL STATES * www.BenCarmona.com * 314-914-6052
1-4 Unit Investment Properties
Hard Money Rehab Loans * 24hr/1 day double close funds * Portfolio/Commercial/Business Options * No Seasoning Refis

Offline kofigene

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Re:100% financing for NOO on the way out???
« Reply #17 on: January 25, 2006, 08:19:57 pm »
I am looking for lenders that will offer 100% loans. Currently, the best rate I'm getting is a 3 year ARM for 7.5%.  Credit score is 725...any suggestions for lenders I should call?

Offline MoneyLenderP

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Re:100% financing for NOO on the way out???
« Reply #18 on: January 25, 2006, 10:52:57 pm »
The individual does not have to be licensed. The company the individual works for must be license in any state in which you originate a loan.

There are some states that don't require licenses at all like SC and I believe there are a few others....
Patrick Pittius
Direct Lender
718-954-0128
www.LendingHabitat.com
* I can price up your loans with live time rates on the spot*

Offline Lendinghand

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Re:100% financing for NOO on the way out???
« Reply #19 on: January 25, 2006, 11:28:23 pm »
Most states will allow you to broker under the company you work for without individual licenses, however, some still require individual licenses.

http://www.thomas-law.com/mtgbrokers.html

to name one: North Carolina

http://www.nccob.org/NCCOB/Mortgage/Default.htm

furthermore, as an example:

with respects to Global Mortgage...  I do not see Ben here.

https://www.nccob.org/online/LicenseView.aspx?CID=2349

therefore, I must presume that Ben cannot do business in North Carolina.. and therefore he is not licensed in all 50 states...

I rest my case.

Get Licensed.

« Last Edit: January 25, 2006, 11:35:10 pm by Lendinghand »
Jason Vogler
Realtor - Ex Loan Guru
314-566-0919 direct

Offline hammertime

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Re:100% financing for NOO on the way out???
« Reply #20 on: January 26, 2006, 08:21:04 am »
I would like to know the answer to that one my self.  Ben you started this debate on another thread.  You made statements that you were asked to verify/prove and have yet to respond to anyone.

http://www.reiclub.com/forums/index.php?board=26;action=display;threadid=10772

When it comes to questioning ones credibility...I would expect you to be the last one throwing stones.


Buehler....Buehler.....

Offline 4EEM

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Re:100% financing for NOO on the way out???
« Reply #21 on: January 26, 2006, 08:22:01 am »
If you lock a rate today and don't go for the 3 year ARM....5 year ARM has better price.
Patrick S. Lawson
Highland Lending, Inc.
Phone  (407) 877-0093
Fax      (866) 476-1133

Offline mnkrouse

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Re:100% financing for NOO on the way out???
« Reply #22 on: January 26, 2006, 08:49:05 am »
Wow!I have been gone for a couple of days and it looks like nothing has changed.  

Ben is still spouting off about being the greatest thing since Toilet paper and continues to evade the questions asked of him.  Or if he does respond it is a redirect......much like my kid's do. ::)

Ben, I used to look forward to your responses as they provide beneficial information.  It seems like ever since MDhaas and others questioned you about the 100% financing issue on another post you have been avoiding/evading the question.  (You never did answer the question)

If you spoke in error then you spoke in error.  My goodness we all make mistakes.  But true professionals admit their mistakes and move on.

If you do in fact know of a lender then share the knowledge.  After all isn't that what this forum is for?  Helping others instead of just helping yourself? :-\
« Last Edit: January 26, 2006, 08:49:51 am by mnkrouse »

Offline Investment Loans

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Re:100% financing for NOO on the way out???
« Reply #23 on: January 26, 2006, 09:29:25 am »
Some info I do hold to my self.  Like I said check with your AEs and do some research.  I consider this board assistance for investors, not for mortgage brokers.  There's plenty of loan officer boards you can research to discuss programs.

This original post was someting I thought should be made note of.  Jason is an old friend that used to live here and we worked together, so my comments directed to him were in good spirits but we agree to disagree about the things he is not clear on yet.

I never indirectly answered the question on the other post, just never answered.  My only reply was to that of the original poster who corresponded with me off the board.

Anyway, I know there are a handful of others here that know that 100% cash out is available and could back me up on this but may choose not to for the same reasons I do.  

To Our Success!
Ben Carmona * Consultant * ALL STATES * www.BenCarmona.com * 314-914-6052
1-4 Unit Investment Properties
Hard Money Rehab Loans * 24hr/1 day double close funds * Portfolio/Commercial/Business Options * No Seasoning Refis

Offline hammertime

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Re:100% financing for NOO on the way out???
« Reply #24 on: January 26, 2006, 10:06:30 am »
 Now I can safely say that I have heard it all.

:ibs:

 :deal:
« Last Edit: February 06, 2006, 10:59:41 am by hammertime »

Offline Mdhaas

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Re:100% financing for NOO on the way out???
« Reply #25 on: January 26, 2006, 02:25:11 pm »
Ha! Ha!     ::)

Obviously, Ben has difficulty with the whole "pay it forward" concept.
« Last Edit: January 27, 2006, 01:00:37 pm by Mdhaas »
If at first you don't succeed.....................skydiving is not for you

Offline hammertime

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Re:100% financing for NOO on the way out???
« Reply #26 on: January 27, 2006, 11:00:00 am »
I do not know if the moderator's will allow this post.  I just had to get this off of my chest.

Quote
Obviously, Xxx has difficulty with the whole "pay it forward" concept

It would appear that you are right Mark!  It is sad to say, but based on the responses, it would appear that he is so uncomfortable with his ability to earn business that he throws bogus information out there just to get the phone to ring.  

You have to realize that there is a finite amount of people who read this site and if he told everyone his "secret" then he would lose those potential leads to others who are obviously, based on their posts, more concerned with assisting club members than building their personal lead base.

Although I have been a member for a brief period I like to read the past posts.  It is obvious that members such as yourself, 4EEM and ShaunG just to name a few of the many, are more than happy to give information.  I have never seen them come off as "catty" or selfish.  I thought that the purpose of this site was to freely promote information for the many members.  NOT doing it with the What's In It For Me attitude

It is to bad there are not more people in the world like that.

Sorry to vent.  It just makes me ill to see people act like they are better than you.

I love this site and the information source that it provides for us future Trump wannabees :)
« Last Edit: January 27, 2006, 11:15:51 am by hammertime »

Offline the_rei_lender

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Re:100% financing for NOO on the way out???
« Reply #27 on: January 27, 2006, 01:24:11 pm »
I believe it is very important to find someone that is truthful, reliable, and very knowledgable about mortgages and stay with them. I have been using the same guy for years now.
« Last Edit: February 09, 2006, 07:07:36 am by kdhastedt »

Offline 4EEM

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Re:100% financing for NOO on the way out???
« Reply #28 on: January 27, 2006, 02:20:23 pm »

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REIClub  |  Real Estate Investing  |  Financing, Hard Money Lenders, Credit, Qualifying (Moderators: $Cash$, carlittle, ccolelewis, kdhastedt, johnmichael, NancyChadwick, reoconsultants, tedjr, WilsonTaylor)  |  Topic: new investor looking for lender previous next  
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   Author   Topic: new investor looking for lender  (Read 275 times)  
 
olie


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     new investor looking for lender
on: Fri. Jan 20, 2006, 11:01 AM    

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I have been researching real estate for a couple of years now.  I recently own a golf mgmt. co. and want to evolve into investing.  I have taken classes (JG Banks) and read literature and have a reliable RE agent sending me rehab properties.  I do comparables and discount analysis on the properties and have a few potential rehabs 30-40% below ARV.  I have a few pro.rehab specialist ready to go.  What I need is a lending source and some options.  Credit in the 730's.

property listed 92,000
ARV                145,000
loan desired      115,000  
 Report to moderator    
 
 
 
Mdhaas


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     Re:new investor looking for lender
Reply #1 on: Fri. Jan 20, 2006, 11:01 AM    

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Welcome Olie!  What area of the country are you in?  
 Report to moderator    

--------------------------------------------------------------------------------
Mark D. Haas
Sr. Loan Officer/Broker
Affordable Home Funding
Toll Free 877-723-4210
Taking Care of Customers......One at a Time.  
 
 
olie


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     Re:new investor looking for lender
Reply #2 on: Fri. Jan 20, 2006, 02:01 PM    

--------------------------------------------------------------------------------
Hello Mark.

Thank you for the reply. I currently reside in St. Louis, Missouri.

Please feel free to email if you would like to discuss further options.  
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Investment Loans


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      Re:new investor looking for lender - NEW
Reply #3 on: Sat. Jan 21, 2006, 05:01 PM    

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Hi Olie,

I live in St. Louis. actually Wentzville.

Nice to see so many people from St. Louis are here on the board.  Our market is hot right now.

You have several choices. There are conventional rebab loans and hard money rehab loans.

I am sending you an email with different programs available.

Have you been able to find an agent,appraiser, and insurance agent to work with yet.  If not please let me know and I can make several introductions.  
 Report to moderator    

--------------------------------------------------------------------------------
To Our Success! Ben Carmona
Mortgage Planning Consultant, Specializing in Planning, Developing, and Managing Investment Portfolios * Rehabs * Multi Units * No Seasoning Refis * Hard Money, Lending in Most States
www.BenCarmona.com
314-914-6052  
 
 
smokeybare


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    Re:new investor looking for lender - NEW
Reply #4 on: Wed. Jan 25, 2006, 08:01 PM    

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Ben,
Can you send that info Tennessee folk?

Much Success,
Mike  
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the_rei_lender


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     Re:new investor looking for lender - NEW
Reply #5 on: Wed. Jan 25, 2006, 09:01 PM    

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I know a man in South Carolina (Licensed in all 50 states) that works for a direct lender who deals exclusively with investors. I personally have done a lot of business with him and when it comes to financing investment properties he is the man.  He will do CASH OUT INVESTMENT PROPERTY, TRUE NO SEASONING, NO DOC  
 
 
 
 
 
 
 
Patrick S. Lawson
Highland Lending, Inc.
Phone  (407) 877-0093
Fax      (866) 476-1133

Offline rbaxter

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Re:100% financing for NOO on the way out???
« Reply #29 on: January 29, 2006, 11:40:45 am »
Not to deviate from the theme of thrashing each other, but I heard that Aurora Alt-A will still go to 95% NOO.  Have any of you heard differently?  
RJ Baxter
Branch Manager- Fairway Independent Mortgage Corp
http://www.rjbaxter.com/

 




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