I have a credit partner that has a mid score of 716, i have a property under contract at $60k. I’m looking for a SISA program that can closing by the end of the month. If you can seriously help me at
how come I can’t ask for help on this forum? If you think you can help me out I will give you all the details. On this board I have found some helpful people and others have been a waste of time just trying to get an application instead of really trying to help people.
Jamie,
Just a little feed back for you.
First, any good broker on this site is going to want some type of information completed by you before determining what can be done…call it an application, worksheet, fact sheet…whatever. You want the help, be prepared to go through the motions that the professional on the other end lays out.
Two, what exactly do you mean by credit partner? Are you both going to be applying together? Is he going to be applying alone but split the deal with you? Do you guys have a LLC together or some type of business set up? Becareful how you set up a “credit partner”. If this isnt done the right way you may be looking at another term called “straw buyer”, which is illegal.
Three, If you’ve found helpful people on this board already then why are you reaching out again? Why not take the iniative and be proactive to contact those same people?
What makes you think you can’t ask for help?
Here’s what you can’t do that you did (please read the Forum Rules that are clearly posted as the first thread in all of the individual Forums):
(1) Don’t make “contact me” posts
(2) Don’t include your contact information in the body of your messages.
Keith
Moderator
Thank for the clearification of the post. I guess I’m just a little frastrasted with some of the false promises. And I have fallen to a lot of false ads on this board. Learning the hard way. I have post on this forum a lot in the last couple of months and I have gotten some good information and I have gotten some bad information.
Investment Loans, honestly if you took an application for everyone who says they can do a loan for you, your credit would be shot because of all the inquiries. I know personal there is a ton that goes into purchasing a house but with the 1000s of programs out there its not that hard to shoot a situation out there and get some feedback on who can do it or not.
I’m not asking for something that hasn’t been done already.
So for anyone who is looking for help on a forum of this type be prepared with the details of your deals.
min fico req
min loan amount
stated or full doc or lite docs
location-nationwide or local
HML or Conventional
Credit partners or Biz partners
Cash Reserves
If you have this basic information a “good” lender should be able to at least tell you if they can or can’t do your deal or lead in the right direction to who can.
Let’s face it people we’re not in the 90’s anymore, rates are moving up and deals are hard to come by for Brokers and so Brokers are showing that with some of their “empty promises”
Jamie,
Thanks for the reply. I thought I should comment here for the readers that a great consultant will truly need more information than what you listed. Those are the basics but without asking the additional right questions upfront the expected lender may not offer that loan. If I’m not mistaken, your employed with Wells Fargo, correct? So let’s say that a client comes to you and you get just the basics and quote a rate of 7% (just throwing that out there). Now, 1 week later after you’ve locked the rate, taken up your clients time through application, collected documentation…you come to find out that the cash reserves he’s had in the bank have only been there for 1 week. Oops! You then realize that the program and rate you thought was available no longer is because the assets aren’t seasoned. Back to the drawing board…“empty promises” just like you noted.
Sorry but that’s not how a professional should handle business. There’s some key questions that are essential for loan placement.
- how long reserves have been in the bank (if being verified - not require on a SISA)
Also, for other readers, remember that stated assets does not mean that you can just make up a figure to put on the application. If you have $2k in the bank and need $10k to qualify and put that on the application…that’s considered loan fraud. The stated asset program is for someone that truly has that balance in their account but doesnt want to prove, cant prove it, or doesnt have the seasoning requirements*** - how about a 2 years of continuous employment - surely a mortgage broker shouldnt couldnt tell a client the deal is doable without knowing this.
- how long has the seller been on title. dont want to run into one of those lender that requires seller on title 3-6 months now do you.
- how many properties purchased in the last 6 months, 24 months, how many properties total.
This was just a few more of several that have to be addressed upfront and a reason behind why you’ve been offered “emptied promises” in the past
Jamie, I can understand your frustration with having a credit report pulled for each application. However the credit does not always need to be pulled by each person. If you’ve had one source pull it in the past 30 days, just give that report to the other consultant for a quick review. Remember too that the fico score is not the only thing that lenders look at. In addition to the fico, lenders each have different requirements for the # of accounts you have active and opened during a period of time.
There was a time several years back when I personally didnt pull a client’s report upfront on their request. He claimed to have a score of 700 which should have been high enough. So he went out and got into contract then we found out a week later that his score was still in the 700s but he closed all of his accounts excpet for 1. So that lender I originally intened to take him to was no longer available and we spent additional time looking for a lender while his property closed late.
That was when I decided clients have to do business the way I’ve set it up for them or I wont take them on. Yeah, I lose some business initially but the amount of headaches and problems we run into is so minimal. Each professional has their own way of doing business because of past experience and knowledge in the industry. Ulitmately, you should just select a couple to work with so that dont have to take an application from everyong who says they can do a loan for you; just trust in the few and if they can or cant.
You never did expand on the question about your “credit partner”. Please tell us how this deal will work out between you and them. You guys have an established business together on paper?
Just trying to make sure you get things done the right way.
this is so true why is it the public thinks loan people are mind readers?? Or better yet wantting to steal there deal or something ?? I just do not understand this at all you can not get things done with out information !!
I think it must be all the scamers out there whom have made everyone just the way they are ???