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Author Topic: looking for a good morgage consultant in Houston or AZ  (Read 3970 times)

Offline Denny

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looking for a good morgage consultant in Houston or AZ
« on: January 08, 2005, 01:53:12 am »
Hi All,

Here is my situation.
I have about $10k in stock broker account which can be cashed.
I own about $3500 on my credit card out of $10k credit limit.
My current fico is 601 but will up soon.
I make about $1360 a month working parttime.

I am thinking no doc loan? Since my income is low.

i really want to buy an investment, do i have any options???  :(
« Last Edit: February 28, 2005, 08:40:26 pm by tedjr »

Offline Loaner

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Re:looking for a good morgage consultant in Houston or AZ
« Reply #1 on: February 26, 2005, 06:53:18 pm »
Probably will need 20% down on no doc, best option is to try to go stated, nicknamed the "liar" loan.  For example, On paper 3,000 a month is "stated" and the lender doesn't veify income, just employment or if self employed 2 years business license.  There are lender's that will give you 95%ltv (5% down) stated with 600 or higher.  

Chris
« Last Edit: February 28, 2005, 08:40:41 pm by tedjr »

Offline EZmoney

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Re:looking for a good morgage consultant in Houston or AZ
« Reply #2 on: February 27, 2005, 12:12:04 pm »
With your income you have to be careful in selecting your income producing investment properties. I assume you are looking to buy and hold (versus quickly flip). If you are going to quickly flip each one--then our concerns may be different.

You need a loan program that will "wash" the rental income (or percentage of it) directly against the PITI.  Then your smaller income will not be affected by you purchases.   I just helped a waitess by a 4 family and 2 family in the past 30 days (she now has 2 more 2 families in the process). She income was only $1600/month. Now her positive cash flow will add almost another $1000/mo. (her score was 634).

Jeff
« Last Edit: February 28, 2005, 08:41:02 pm by tedjr »
Do your homework on each deal. Understand your market and your own financial strength and weaknesses. I have been doing R.E. finance/ mortgages/r.e. partnership syndications. for 25+yrs. email me your real deals.
 A few good people hunger to make money by sharing their experience--network together.

Offline Loaner

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Re:looking for a good morgage consultant in Houston or AZ
« Reply #3 on: February 28, 2005, 12:47:59 pm »
Do you know what your credit score is?
« Last Edit: February 28, 2005, 08:41:20 pm by tedjr »

Offline silver

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Re:looking for a good morgage consultant in Houston or AZ
« Reply #4 on: March 26, 2005, 05:14:11 pm »
I will say go for stated income instead of no doc. you will get a better rate. your income is not verified.  if you can put down 5% that helps
construction, residential and commercial, nationwide. prime to subprime,500 FICO score accepted
[email protected]
[email protected]
713 974 0748
ask for udo

Offline richmortgagebroker

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Re:looking for a good morgage consultant in Houston or AZ
« Reply #5 on: March 28, 2005, 08:50:54 pm »
Do you know what your credit score is?

He did say it is 601. Are you really reading the questions?

You would able to get at stated investment property as high as 95%CLTV which means that you can do a 90%ltv with 5% seller carry back you could also get a  90/100%cltv if the seller is willing to carry or offer you a grant. Which I would say do this more than put money down. LEVERAGE your money not spend it on DOWN PAYMENTS. I would only use your 10k for quick rehab work and then either sell the house or refi cashout if you want to hold.

The Name of the Game of investing is using very little of your own money

You do not have to have a high score you just need to work with loan brokers that specialize in investment loans and they will beable to get you to the money that you need and want to make when buying and selling your homes
« Last Edit: March 31, 2005, 10:32:09 pm by richmortgagebroker »
Craig and Laura Richins
National Loan Brokers
866-582- 4451 EXT 6743  Office
www.loans2investors.brokersme.com

Offline Lendinghand

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Re:looking for a good morgage consultant in Houston or AZ
« Reply #6 on: March 31, 2005, 09:09:20 pm »
ƒ¶   no doc 660 w/ no VOE gets you in many lenders doors
ƒ¶   no doc 620  95%LTV gets you in a few
Jason Vogler
Realtor - Ex Loan Guru
314-566-0919 direct

Offline richmortgagebroker

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Re:looking for a good morgage consultant in Houston or AZ
« Reply #7 on: March 31, 2005, 10:36:50 pm »
Exactly Jason,

ONLY A FEW LENDERS DO 620 NO DOC

Investors need to go to brokers that can think out of the box and keep the investor investing reguardless that small limitation.

 we have access to TRILLIONS :-* right Jason.



« Last Edit: April 01, 2005, 12:27:14 am by richmortgagebroker »
Craig and Laura Richins
National Loan Brokers
866-582- 4451 EXT 6743  Office
www.loans2investors.brokersme.com

Offline Lendinghand

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Re:looking for a good morgage consultant in Houston or AZ
« Reply #8 on: March 31, 2005, 11:26:59 pm »
the amount of loans doesn't determine whether they can get those parametters.  It only takes one lender to allow unlimted properties owned.  Why would it matter if that lender has accepted 620?

Do you think it is better to have 100 lenders accept 680 and tell investors that that's the norm?

Who are you to make the norm?

Unlimited properties owned.  One lender.

Who's John?

Paying attention to detail closes more loans.

Speculating and generalizing closes more doors.

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

Offline richmortgagebroker

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Re:looking for a good morgage consultant in Houston or AZ
« Reply #9 on: April 01, 2005, 12:33:07 am »
I dont know who john is do you ?  ;D

Again I agree with you

brokers need to open more doors for these investor and I think  we are doing just that

There is unlimited amount of loan programs that we are touching only the tip of the iceberg.

Maybe we should start new posts  just on various products available to investors?
Craig and Laura Richins
National Loan Brokers
866-582- 4451 EXT 6743  Office
www.loans2investors.brokersme.com

 




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