Posted by SteveA (FL) on October 25, 2005 at 06:25:44:
I sort of do have to sell now. I had 2 partners (family) that helped me get started with this house and they’d like to go ahead and cash out. I also need the funds for other projects.
Thanks.
Helping tenant get a mortgage - Posted by SteveA (FL)
Posted by SteveA (FL) on October 24, 2005 at 05:52:28:
I have a rental that my tenant wants to buy and I want to sell to. He said he’s having trouble getting approved because he recently changed jobs and has a few bad marks on his credit report. Sale price is $215K. He said he has $20K to put down.
How do I hook him up with a lender? Second issue is he’s in Iraq. I don’t want to hold the loan. Need the funds for other projects.
Thanks.
Re: Helping tenant get a mortgage - Posted by Barry (FL)
Posted by Barry (FL) on October 25, 2005 at 06:45:24:
take no spam out of my email addy and email me off board. I’ll refer you to a great boker.
Re: Helping tenant get a mortgage - Posted by Jorge Carrejo
Posted by Jorge Carrejo on October 24, 2005 at 23:33:43:
What state are you in? And how long has he been renting from you?
jorge carrejo
www.eznewloan.com
Re: Helping tenant get a mortgage - Posted by Brian (UT)
Posted by Brian (UT) on October 24, 2005 at 13:05:41:
Steve
I assume that because you say he changed jobs and is in Iraq he working as or for a contractor and not in the military.
If you don’t have to sell now, why not lease option this guy until his credit improves and he can get a decent loan and pay you a better price, you will benefit and so will he.
Brian
Re: Helping tenant get a mortgage - Posted by Patrick S. Lawson
Posted by Patrick S. Lawson on October 24, 2005 at 07:44:18:
I’m assuming he was trying to get a VA loan? He may have to go “sub-prime”. Sub-prime lenders will not care about the consumer credit issues as much as ability to repay the loan. If you are willing to do some seller financing…maybe as much as 10% the tenant should have no problem getting a loan for the remainder.
Sub-prime rates are kind of high (7-8% range). In two years the buyer will more than likely re-finanance. If you can’t wait that long to become completly liquid then you can sell the note. If you hold that note for atleast 6 months you could expect the face value to be discounted as little as 10%.
Florida - 12 months (nt) - Posted by SteveA (FL)
Posted by SteveA (FL) on October 25, 2005 at 06:24:23:
