I was just checking has any one else run in to this
1 ) the loan broker says unless you have a bank account with the downpayment in it i can not get you a loan at all?
And if you have did you find a way around this or just not get the loan ?
As i ran in to this where the broker said if you do not have a bank account with the downpayment in it i can not help you
I had a family member who was going to be giving me the down if i could get the rest of the funds in place on a deal
But this broker said that unless this money was in my a bank account that could be proven then there was no way he could get funding
I told him at the close the seller would have there money as this was going to be payed to the seller and there would be proof of it being done
As well with the loan and the down with a small profit to the seller the old loan would be payed off and there by giving the loan giver a clear title and a first lein
And he still said there is no way none at all
So i would like to have if there is one a answer to this question
As well if any ones knows of a person or loan place that would work with this type of deal
From what you are saying it looks as if you will be using a gift from a family member for the down payment on this house.
Unfortunately you cannot use gift funds on a conventional NOO purchase. as for the rest of your questions I really can’t figure out what you are asking.
And this was to be a property i was going to move in to
So it would not have been a noo
As far as the rest i was just wondering if any one had found a way around haveing to prove they had the down other then showing bank account information
As what if you do not have a bank account in your name are you cut off from getting funding ?
So if this is a owner living in deal how is this changing as to the family member giftting the downpayment ?
If it is to be owner-occupied then a gift letter will suffice. Your family member will give you a cashiers check at closing. That is commonplace. Your broker may be confused about what your intentions are. You do not need a bank account to get a loan.
I am sure my broker did not know his /her job as i made everything transperant from the start
He/she said that i had to have a bank account and be able to prove i had the down payment by showing the family member had placed the funds in the said /my account
He /she said that haveing a bank account all so proved i had assets of some kind
And with out i could not get any loan hard money or other wise
i thought a lot of what was said was a bit strange
AS i thought a hard money person did not care if i had a bank account
But only as to the deal and some what to my credit correct ?
If a person had a low fico under the 600 s it would be harder but still
It would not require a bank account correct ?
However just a really good deal with a good down and good equity correct ?
And as a last note here this was a commercial deal that was and is cash-flowing
I was not aware that this was a commercial deal. You said it was owner-occupied. I cannot speak for commercial loans if a bank account is required or not. You also did not say that it was a hard money loan. In the future you might want to make your questions more clear and give more details.
This just sounds like a regular purchase with some storage buildings on the property NOT a commercial deal. I would suggest changing brokers as this may be a bit more complicated than your normal broker is used to. What is the sales price?
This deal sounds like a no brainer. You are at a 65% LTV. Is your credit score over 600? And can you document your income? The payment will be like 4K per month.
A private money loan should work, but as I asked above… Can you afford the payment? If this is owner occupied as you stated above your payment on a low interest private loan will be over 4K per month NOT including taxes and insurance.
I am not understanding something here if the payment is a bit over 4 ,000. 0
And i have income of a bit over 5,000.0 how is it i can not afford the home ?
And this is just my income as i have my wifes income as well it is not much but it is there as well and it is a about 35,000.00 a year
And i could allso keep rentting out the bldgs the sellers are now this would add more monthly income
If this is to be a private loan then why is there a look to see if i can afford the home or not as the private loan will still have a 1 st on the property right ?
And there for if for some unknown reason i do not make the payment they get a property worth more then there loan amount correct?