Posted by Ed Garcia on November 28, 1999 at 12:31:18:
Who say’s we don’t. I never stated that it wasn’t a useful tool. I stated that it is not
a particular loan I would focus on for the benefit of this forum.
Rene you pulled out of my statement what you saw as an oversight which is not true.
I agree with you that all types of financing are valuable. As a matter of fact, Paul
has a FHA loan that is 100% LTV that I don’t have, so he tells me.
But since you brought it up, lets talk about it. I’m focusing on 90% LTV for purchasing,
NOO(non owner occupied), and 100% for selling OO( owner occupied)
I feel that those two loans for this forum are a must.
Although, don’t be so fast to jump on FHA loans. We both know that we can play with
a deal as far as working the numbers. But as a rule, a FHA 97% LTV loan requires the
3% down and at least another 4% in closing. That’s 7% down any way you look at it.
If you did that same loan through First Franklin, you could do it at 100% LTV with the
seller paying up to 6% of the closing cost. Now that truly is 100% financing.
I think we can both agree that there is more than one way to skin a cat.
No Rene, I don’t turn my back on any loan. Being in the business as long as I have, I’m
well aware of having every loan you can in your arsenal.
The subject matter was, stealing off of this site. Not what loan programs are more valuable.