Posted by james FL on June 30, 2003 at 20:50:41:
Absolutely… email me personally if you would like my help in prequalifying buyers. if someone has a 500FICO and a good rental history I can get them 80%
A faster way to move properties(mortgage brokers)? - Posted by Brian
Posted by Brian on June 30, 2003 at 18:05:49:
I’m currenlty in the process of rehabbing and selling two homes. Will holding a second mortgage for 20% help “would be buyers” qualify for the other 80%?
Re: A faster way to move properties… - Posted by Sean
Posted by Sean on July 01, 2003 at 12:00:42:
80% for owner occupied is pretty much a GIMME for a buyer with anything remotely resembling reasonable credit, and an income stream high enough to justify the payments.
However I would not go offering 20% 2nd mortgages before I even know what buyers have or can do. Adjust what you do to sell a property to what is needed to get a house sold.
FHA will go 97% of purchase price! Many lenders go 90-95% with reasonable credit, there are programs that will get a buyer 100% by creating 2 notes and 1st and 2nd… and you don’t have to hold any paper… .there are down payment assistance programs out there as well…
DOn’t just blindly offer 20% 2nd mortgage! Find a good solid buyer and find out what is needed to help them get into the house. Believe me if you offer 20% 2nd mortgage option, even if buyer has 20% in cash, they may just take the mortgage you are offering.