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Author Topic: No Money Down  (Read 10286 times)

Offline NoMore925

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Re:No Money Down
« Reply #15 on: January 06, 2005, 07:43:43 pm »
Can someone please tell me what a

"2/28, 2 year soft prepay.."

is (from above)?

Offline Nocci01

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Re:No Money Down
« Reply #16 on: January 06, 2005, 10:07:07 pm »
2/28 - an ARM (adjustable rate mortgage) that is fixed for the first 2 years and then converts into an adjustable rate for the duration of the loan.  A soft prepay, whether 2 years or whatever the lender requires, is a prepayment penalty only if you refinance the loan...you can sell anytime during the loan.  A hard prepayment penalty, typically called a prepayment penalty, is one that has a period in which you cannot refinance, sell the property or payoff the loan until the specified term has matured.  If the loan is paid off in any way during the prepayment period, you will be penalized.

Offline Denny

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Re:No Money Down
« Reply #17 on: January 08, 2005, 02:09:47 am »
Just scored 100% financing on a condo in Las Vegas with Countrywide
Retail Division..The loan officer works directly for countrywide..not a loan broker.  The FICA score must be good and I got a rate quote of Prime plus 3%.  The best part it is a Low Doc loan.  Must show 6 months reserve in checking account during the 60 day escrow period.



Hi, what if i have 8 months reserve in my stockbroker account, does that count?

thanks

Offline Buckeyes

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Re:No Money Down
« Reply #18 on: January 08, 2005, 09:51:59 am »
Nocci,

Poor semantics on my part.  I did end up w/ good equity, but my deal was "no down payment", not "no money out of pocket".  I paid about 6K out of pocket, it was just all in closing costs to my ripoff mortgage company.  My problem is, I've paid (for two properties) about 20K out of pocket - 8-9K in closing costs, 4K down payment (on the 2nd property), and the rest in fix-up.  I now need to find no money out of pocket deals or a flip or two to put some $ back in my pocket or I'm at a standstill.  I don't have the money to keep paying this much out of pocket expense.

Any advice?

thanks,

Steve
Life shrinks or expands in proportion to ones courage.  - Anais Nin

King Capital ripped me off.  - Many people

Offline Nocci01

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Re:No Money Down
« Reply #19 on: January 08, 2005, 12:02:57 pm »
Steve (and anyone that wants what Steve is asking for),

Very true...a lot of times people say you can get no down payment.  It doesn't mean no money out of pocket unless the specify that.  Yes some brokers will say they can get you a better rate...but what is it really going to cost?  My first advice is to seek a broker, or a loan officer (sometimes brokers aren't willing to help or give the service that a loan officer could) that is honest and is easy to keep in touch with.  I do know how to get this kind of financing in Texas because it is my home state and I have the right connections.  What you're looking for is a loan that will finance your purchase price, repair costs and closing costs without hard money terms (higher rates, higher origination points, etc.).  Please contact me via email: [email protected]  I'd like to speak with you in person.

Offline pdacosta

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Re:No Money Down
« Reply #20 on: January 08, 2005, 01:54:05 pm »
I am a lender and I also buy property. I always have the buyer pay up to 6% of my closing cost. In most cases my true out of pocket cash is less then $1000.00 or so. Denny 100 % loan at prime +3 is high is that intrest only. With great credit your would qualify for a 70/30 NOO program. I have done two in Florida and one in Georgia.
All The Best
Paul J. Da Costa
Mortgage Lender 941-716-2597

Offline Denny

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Re:No Money Down
« Reply #21 on: January 08, 2005, 03:03:13 pm »
I am a lender and I also buy property. I always have the buyer pay up to 6% of my closing cost. In most cases my true out of pocket cash is less then $1000.00 or so. Denny 100 % loan at prime +3 is high is that intrest only. With great credit your would qualify for a 70/30 NOO program. I have done two in Florida and one in Georgia.


my fico is 601, i am not sure if that is good

Offline pdacosta

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Re:No Money Down
« Reply #22 on: January 09, 2005, 01:31:11 pm »
Need a fico above 700. But you should qualify for an 80/20 but will have a higher rate. Just keep looking. Work with a good lender or broker.
All The Best
Paul J. Da Costa
Mortgage Lender 941-716-2597

 




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