This program is suppose to help borrowers who are looking to buy their first home or refinance a mortgage but dont qualify conventionally. The loan is qualified using the investors credit and then the property is put in trust with the borrower listed 1st on the trust. After the 1st year or 2 the borrower must then refinance or sell property because the trust will expire within 2-5 years. The program is No Credit, No income only verify employement. Only exspense up front for the borrower is the appraisal, $500 app fee (which is refundable if the loan is not approved) earnest deposit and 2 month principal /int/ taxes and insurance. The program gives 99% gaurantee that it will be approved or the app fee is refunded.
Anyone ever heard of this program or used it?
I spoke with the President of one of these comanies and went over everything in detail. It’s basically like using a credit partner, aka…straw buyer. Your asking somebody else to purchase a property for you because you cant qualify. With all costs it comes out to like 10-15 points. I opted to not use this program with my conventional clients. Just run the intent/structure by the lender/underwriter handling the transaction for the “approved investor”. More than likely they will tell you they dont want to be a party to something like that. Sure the company will tell you that you dont have to tell anyone but I disagree. As a mortgage professional I’ve learned that we’re responsible to the lender to dilvulge any material facts which affect their underwriting decision.
In the commercial sector, this may work a little better. Many commercial lenders may not have an issue with the structure. Not sure if the actual buyers would be willing to pay such high costs though.
:cool just a more heads up this looks and sounds like a company working with a compny called OFI and they have aweb page but you can not get on it less you pay 300 bucks and join there group called OFI consultans and you go around tell sellers you can get them cashed out right away no matter what ???
I have a friend who payed the money and he has tryed to get a few people through the program and no one has been approved for one reason or another // and the buyer has to put up a credit report fee and 500 bucks but they say if not approved you get a refund well no one has yet
:argue :argue :argue :argue :argue :argue :banghead :banghead
I am an OFI Consultant and have been for the past 2 years. I’ve had much success using the processes they offer to earn substantial real estate profits. The above poster is making reference to the No Credit Check program that is only one financing vehicle OFI makes available to it’s consultants. As far as the $299 fee to join, I looked at other companies who offer the same type of service but charge upwards of $1500 to get in.
Just an FYI regarding the person who requested the $500 refund, be advised that we have only had one person request a refund on the No Credit Check Program. The request was denied due to fraud on the potential buyers part. Not only did the buyer fabricate his income but supplied a personal reference that only knew him for 1 week! This buyer was trying to get 100% financing on a 350K home. His actual income would only qualify him for a 130K purchase! When the processing company actually performs their job correctly they earn their processing fee. In this case they performed perfectly and have every right to deny this applicant a refund. Be it a lesson for other applicants that think fraudulent applications are acceptable. They’re not and won’t be tolerated. Anyone that would like to contact us regarding this is more than welcome. We’ve been fairly working with our consultants since 1996 and nothing has changed. Our clean record speaks for itself.
Any of you are more than welcome to go to our website, www.rapidflipusa.com and check out the services that are offered to investors.
:cool OKAY this is good was only saying what i had been told and was told it was the same magix was with this company as well
WE all need to get all the information we can about all the many deals going on out there as there are some that are not above board //// but it sounds as if OFI is one of the good guys
SO if any thing was thought other wise by my post sorry was not the intent :bobble