I was originally working a deal that offered seller financing. The loan amount is 123,000 and there was an option to transfer $40,000 mortgage into my name. After going back and forth we decided it was best to change the terms since I had trouble finding a lender willing to allow the 40,000 transfer and offer a loan for the remaining amount. I was getting a 90% loan and the seller was providing 10% seller financing. I just got a call from the seller who said they cannot offer any financing and now I am pretty much dead in the water coming up with 10% down. The seller will only transfer the current 40,000 mortgage to me and think I am dead in the water now. I really don’t want to have to cough up 10% down; my main question is that because this loan is a traditional loan through Wells Fargo am I pretty much stuck? Is there anything creative I can do here?
If your credit score is above 620 and you can document your income, you should be able to obtain 100% financing on this property. If you have to “state” your income, then you will need a 660 credit score.
I remember your post from back on 10/11. A lot of us responded to help with suggestions. I was a little concerned for you back then with the initial uncomfortableness you had with the loan officer and terms.
You need to have a consultation with a mortgage consultant who speacializes in investment portfolios. It is critical to know what your future investment goals are so that we can plan each loan accordingly. With so many guidelines varying from lender to ilendor you cant just let this be a crap shoot with just anyone.
Well, yes, that is true- some lenders will go to 620, stated income, for a 100% investment property- but you are talking about subprime, and the rates would not be as good.
Patrick, If you have a non-subprime lender who will do 100% investment, stated, down to a 620 fico, please share your knowledge because I would like to add that lender to my arsenal.