First Timer needs info on Investment Home - Posted by Kirby

Posted by Jon H. on March 12, 2002 at 24:03:10:

I would talk to a big bank that is on both sides of the border because I believe Mortgage brokers are lic’ by the state and must be licensed in that state they fund the loan. I think a lot of internet lenders are lic’ in many states.
They should tell you what your credit score is. Credit score is a number that they use for real estate loans that gives you a numeric score 800-500 that takes in to account many factors.
I believe it is much harder to get a loan on a house you do not live in and you will pay a higher rate on that loan. Banks consider rental houses a higher risk then owner ocupied homes.
Could you live in the house for a month, comute to work and then rent it out? Banks will tell you if buy a house as owner ocupied and never move in that’s fraud. I have never herd of anyone charged though! But the key word in a fraud case is “intent” so if you lived there even one day you could claim you had every intent to live there but it just did not work.
Knowing your ability to get a loan today, is only part of it, maybe in a year or two you could get a better rate or could get that loan then.
If you take a high interest rate loan, watch out for prepayments (I saw one for 12,000 if you did not keep the loan for 10 years). You might be able to refinance next year because your credit problems are behind you and save money.
If a bank will not finance, consider lease opt w/sub lease ability in contract, owner contract, option to purchace at later date…I wish you best of luck

First Timer needs info on Investment Home - Posted by Kirby

Posted by Kirby on March 08, 2002 at 23:32:27:

Situation:

38 year old single female - I make about 5000 per month gross, been at job 5+ years. Debts - under 10,000, payments about 1000 per month.
Past two years credit good, previous to this about 5 or 6 collections - all under 500.00 all paid. No current inquiries on account.

I live in Oregon and want to buy a house (non-primary residence) in Wsahington. First time homebuyer. Is this possible? Do I need a mortgage broker in Washington?

Thanks for all responses.

K

Where do I start?