Posted by Ed Garcia on March 20, 2001 at 10:20:28:
Rex,
It depends on what kind of loan you’re looking for. If you’re looking for a owner occupied loan then I can do 100% financing. If you’re looking for a none owner occupied loan, then I can do 90%. Rex, that’s real world nation wide. You can from time to time under the right circumstance, get an exception with a local portfolio lender and I teach that, but that’s the exception to the rule, not the rule.
Ed Garcia
100% financing lessons learned - Posted by john
Posted by john on March 12, 2001 at 17:08:34:
I recently placed a bid on a 6 unit apt building for 330000
I talked to a Mortgage rep who told me he could do a 100% loan. I sent him all the paper work on the property, and he told me he would be able to do it.
In the mean while I paid for the home inspection, the loan application fee, and the deposit on the contract.
I was unsure of the mortgage reps service, as the only way I could contact him was via answer machine, so I checked him out thru the better business burea and he I thought was ligitimate.
So I went through with the attorney review and the inspection and all the costs.
Until today monday when after several attempts to contact the rep with no result, hence just an answer machine.
The dead line for the commitment is march 15.
I have tried in vein to get or seek 100% financing and so far have been told that it doesn’t exsist.
Question does it? I have also tried to get the owner to do some of the finance , but he will not.
Can anyone help?
Re: 100% financing lessons learned - Posted by Ed Garcia
Posted by Ed Garcia on March 13, 2001 at 01:29:15:
John,
It sounds to me, like you’ve got a mortgage broker who doesn’t know what he’s doing. I think your mortgage broker was quoting you a program that is applicable to 1 to 4 units.
When financing 5 units or more, you’ve now ventured in to a smaller lending community.
I don’t see you putting the deal together with 100% financing based on what you’ve shared with us today.
March 15th, is here in 3 days. I don’t think that it’s going to happen. I would go back and see if I could restructure the deal. You haven’t told us any financial information about yourself, so I can’t advise you as what to do.
Ed Garcia
Re: 100% financing lessons learned - Posted by jim
Posted by jim on March 12, 2001 at 20:16:55:
You can get 100% financing on non comercial (less than 5 units) properties. Anything over that and the rules change. Good luck
Re: 100% financing lessons learned - Posted by rex
Posted by rex on March 20, 2001 at 10:02:44:
what is the name of a lending institution that will do the 100% loan???