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Author Topic: 100% financing  (Read 16128 times)

Offline MsClosedLoans

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Re: 100% financing
« Reply #15 on: June 04, 2007, 02:11:06 pm »
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« Last Edit: June 06, 2007, 10:39:29 am by MsClosedLoans »
Preferred Choice Mortgage
"Mortgage Consultant/ Loan Officer"
Office:    (703) 659-0991
[email protected]

Offline REI4ROI

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Re: 100% financing
« Reply #16 on: June 04, 2007, 02:18:46 pm »
Like I said---Rip Van Winkle...
RE Investment Advisor
Weichert Realtors
[email protected]

Offline MsClosedLoans

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Re: 100% financing
« Reply #17 on: June 04, 2007, 02:21:32 pm »
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« Last Edit: June 06, 2007, 10:40:11 am by MsClosedLoans »
Preferred Choice Mortgage
"Mortgage Consultant/ Loan Officer"
Office:    (703) 659-0991
[email protected]

Offline hammertime

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Re: 100% financing
« Reply #18 on: June 04, 2007, 03:27:16 pm »
I would like to be optimistic in that there are still programs available.  However, based off of my experience and input from a number of major lenders, I would have to say that this is just an attempt by MsClosedLoans to increase call volume. 

There are a number of seasoned mortgage veterans on this site, Mdhaas,  EZLoanz and Investment Loans, jus to name a few.  I would tend to believe that if they have never heard of it and are saying that it is bunk, it probably is.

If it looks like a duck...........

Offline MsClosedLoans

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Re: 100% financing
« Reply #19 on: June 04, 2007, 03:47:21 pm »
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« Last Edit: June 06, 2007, 10:40:35 am by MsClosedLoans »
Preferred Choice Mortgage
"Mortgage Consultant/ Loan Officer"
Office:    (703) 659-0991
[email protected]

Offline REI4ROI

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Re: 100% financing
« Reply #20 on: June 04, 2007, 05:11:41 pm »
I don't need to look, I already now...

No disrepect intended, but there are only a handful of investors that will even entertain high LTV NOO financing these days---there aint no mystery in this game anymore...

For example, I know for a 620 FICO, you are capped at 90 going FULL DOC and capped at 70 if your score is > 520.

I know that going stated, investors are capped at 85 with a 640 FICO and 70 with a 560 FICO...

Or that going NO Ratio will allow up to 85 with a 680 FICO---640 will get you a 80---620 will get you 75.

I also know that there isn't a 100 CLTV NOO program that allow for anything near a 620---If I'm wrong, I'll send you all my leads that fit into that bucket for freezies...

I trust that you run both a honest and ethical business, I just suggest that you might be a tad confused on the guidelines...if not, make a million because you certainly deserve it (but it sounds more like a red herring then a golden goose to me...)

Regards,

Scott Miller

 
RE Investment Advisor
Weichert Realtors
[email protected]

Offline MsClosedLoans

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Re: 100% financing
« Reply #21 on: June 04, 2007, 05:29:02 pm »
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« Last Edit: June 06, 2007, 10:40:46 am by MsClosedLoans »
Preferred Choice Mortgage
"Mortgage Consultant/ Loan Officer"
Office:    (703) 659-0991
[email protected]

Offline REI4ROI

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Re: 100% financing
« Reply #22 on: June 04, 2007, 05:39:56 pm »
I didn't call you a liar---this is what I said, " I trust that you run both a honest and ethical business, I just suggest that you might be a tad confused on the guidelines..."

As I said in my parting comments, I hope I'm wrong and you make a million...

I'll leave it at that...

Regards,

Scott Miller

You are entitled to your own opinion but please do take my advise & look it up... it's there it's just a matter of looking for it... I did & I found it. Sorry if it's so hard to believe especially in this market, but it is out there just like 100% Pay Option Arms (in certain states). Really, it's just a matter of taking the initiative to look and the determination to not stop looking until it's found. Like I said before... please double check before you talk down to someone and call someone a liar. No disrespect intended.
« Last Edit: June 04, 2007, 06:08:35 pm by EZLoanz »
RE Investment Advisor
Weichert Realtors
[email protected]

Offline Investment Loans

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    • www.BenCarmona.com
Re: 100% financing
« Reply #23 on: June 06, 2007, 07:57:58 pm »
Dianne,

I'm sure that Jeff Wallace your broker/owner of Preferred Choice Mortgage had much to do with the deletion of your past comments on this thread.  I would have rather seen you acknowledge that you may have been incorrect with your understanding of the loan products.  Deleting them just doesn't give you much credibilty but maybe this was ordered from the hgher ranks.

I personally dont want to see you leave the forum but hope that you can become and active member that is able to contribute and learn as we all do.

Just curious where you may have been off a bit on the loan program? 
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 djm1029

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Re: 100% financing
« Reply #24 on: June 07, 2007, 11:41:03 am »
Yes, the programs are out there. It's hard to say where without all the information on the scenario but there are still lenders that will do it.
Dean Miserandino
National Mortgage Consultant
877-749-0800 x331
440-714-6015

Offline Investment Loans

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Re: 100% financing
« Reply #25 on: June 07, 2007, 12:10:05 pm »
DJM,

You're a bit late on the thread so I understand that you may not be aware what you're acknowledging.  The issue was whether 100% financing on investments with a 620 full doc or 680 stated was still available.  As many of us who specialize in invesment loans know, this was not possible.  See below the quote from Dianne

Quote
100% Non Owner Occupied Loans - 1-4 unit

Full Doc Loan = Minimum Fico Score is a 620 score.
[2 year work history documented by W'2s or tax returns, bank statements, and paystubs, and debt to income ratio that calculates that the property is affordable to you. Will also include 75% of rental income on properties already owned]

Stated Income = Minimum Fico Score is a 680 score. 12 Month's of Bank Statements also equal a Full Doc Loan

Minimum 3 trade lines. 24 month credit history required.
No mortgage or rent lates allowed in past 12 months.
Allows 2% seller concession allowed towards closing costs.
Loan amounts up to 1 Million USD. [jumbo loans also available]
3 to 6 months reserves may be required (principle, interest, taxes, and insurance)
- This can be in any of the following forms - Cash, Savings or checking accounts, Roth IRA, stock or bond, investment account, 401K

If you are self employed and need a stated loan,

-100% on shorter term loans. [interest only and ARMS]
-95% CLTV (interest only) - 680 credit score
-90% Cashout Refinance (current appraised value
  regardless of seasoning) 620 credit score.
- Subprime Investor Program for scores under 620 to 100%

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 christopher w

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Re: 100% financing
« Reply #26 on: June 07, 2007, 12:12:26 pm »
Ben,

How did you know her boss?
Christopher W
C-214.923.5781

Offline Investment Loans

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Re: 100% financing
« Reply #27 on: June 07, 2007, 12:17:35 pm »
I introduced myself out of concern to the forum and also for his company.  Just Googled the company name/location and found the licensing info. 
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 christopher w

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Re: 100% financing
« Reply #28 on: June 07, 2007, 12:19:35 pm »
That is awesome. Great job. I am sure she looked like this  :shocked when he called her into his office and let her have it.
Christopher W
C-214.923.5781

Offline Investment Loans

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Re: 100% financing
« Reply #29 on: June 07, 2007, 12:27:29 pm »
Well, I hope it didnt go like that.  She seemed genuine in her  misunderstanding of the product.  My intentions would never be to hurt someone's business but it needed to be addressed.  As Scott said in his post, and I reiderated to him about myself as well, all my 100% financing options that fit those parameters would have been referred over to them.

If there would have been options out there like that, I'd rather see someone get the benefit of getting them done than to tell the client no.

It appears though that the information was incorrect as no one has contacted me about taking on the leads that I could refer them.
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

 




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