Comments on: Financing Your Single Family Deals

By: tom krug

tom krug — Tue, 24 Nov 2009 22:30:26 +0000

I just finished on a short sale on my house in MI. it is now listed as paid in full less the full balance. my credit is 727 on one report. I went 120 late and shows it on my credit report. I spoke to one mortgage broker and he stated that since i was 120 days late and short sale that the banks are looking at it as a foreclosure and i would have to wait 3 yrs before purchasing – another lender told me if i said good on my credit for 1 yr i would be able to get conventional financing dependent on credit and that i did not go late on anything in that year timeframe.

any thoughts would be great.

By: Mortgage loan modification expert

Mortgage loan modification expert — Sat, 18 Jul 2009 18:57:35 +0000

I agree that careful planning is crucial for success. You have to set a goal, break them down into small pieces and go for it.
You have to see what your budget can allow you to invest.
If you invest in real estate you should calculate with other fees as well. How much money do you have to spend to remodel the kitchen for example? What if you need more than that?

Where can you get the financial support for doing it? Do you have cash available? Do you need financing?

What kind of financing?

There are several options available, but you have to evaluate your financial situation in order to make the best deal possible.

By: Oralia De Pau

Oralia De Pau — Wed, 17 Jun 2009 02:16:08 +0000

We lost our home on January of this year, we got foreclosed. I want to know if there will be a second chance for my family & I to get into another home in the future? I was just wondering. Thank you,

-Oralia De Pau

By: Christy

Christy — Thu, 28 May 2009 00:18:01 +0000

Hi,

My husband recently started a new business as a freight broker agent in an excellent industry – nationwide freight! We are a single income family. We own our home with a low 1st mortgage balance and we took out a 2nd mortgage (not the best rate, though) a few years ago for a kitchen remodle and home improvements -new roof, fence, deck, etc. Since we started the business last fall 08, with no overhead expenses or start-up costs, we have used our 2 credit cards as back-up to pay any bills when income flextuated during the beginning months and while we built the customer base/business.

We would now like to refinaince/consolitdate our mortgages/debt as the rates are very low and we could save almost $500 a month doing so. However, because we are new business owners with no fed. tax return with our only income –our business– we do not qualify. All else is perfect– the house will most likely appraise above and beyond what we need and our income-to-debt ratio (with the new loan est. payment) is under what underwriters consider within qualifying range. Our credit scores are 710-715.

How does it work when, say, a family or friend, would “carry the loan” or some other term I’m not familiar with, for us while we build up the needed requirements for this new business tax return issue to qualify on our own next year, or so? We simply need to get our expenses down and feel using the home during this time where lower interset rates is a opportune time to do so. We need creative ideas here.

thanks,
Christy