Lender wants 6 months on Title before they will Finance - Posted by Eddie FL

Real Estate Investing
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Posted by Bill K. (AZ) on April 11, 2000 at 17:03:39:

Eddie,

I, too, have run into lenders with a similar requirement. However, a good mortgage broker will find another lender without such a requirement. You don’t need any recommendations. You need a mortgage broker who will work for YOU. They have access to many different lenders with many different criteria.

I hope this helps.

Bill K. (AZ)

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Lender wants 6 months on Title before they will Finance - Posted by Eddie FL

Posted by Eddie FL on April 11, 2000 at 15:46:08:

I have a L/O that I have had for almost 2 years now, this is a sandwich l/o. My t/b wants to buy now and went to a Mortgage broker I know and the broker tells me that the lender requires I be on the deed for at least 6 months. I am not on the deed but do have a contract. She did not remember that it was a sandwich lease and is now going to go through another lender that does not require I be on the deed. What is going on? Can anybody recommend a lender that will loan in FL. and not have the stipulation that I have to be on the title for 6 months? Any help greatly appreciated.

Thanks for the responses

Eddie FL

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Re: Lender wants 6 months on Title before they will Finance - Posted by JPiper

Posted by JPiper on April 11, 2000 at 18:34:34:

Eddie:

If I were you I’d give Ed Garcia a call. I believe he’s now doing business in Florida. If he’s good enough to take my daughter to, he’s good enough for your tenant/buyer.

This is a shameless plug for a very good mortgage broker.

JPiper

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This might help - Posted by mtgbrkfla

Posted by mtgbrkfla on April 11, 2000 at 18:17:32:

If your buyer qualifys for an “A paper” loan there is usually not a problem finding a Lender that allows less than 6 months on title (truth is they just don’t look).

However, if your buyer is a Subprime candidate it can get a little sticky. Subprime Lenders are terrified of “flips”. They have been burned so often they categorically refuse to do any deals that resemble a “flip”.

That’s bad for the honest investor.

I have some experience w/ flips and am a mortgage broker licensed on FLA. I might be able to help out.

Email me and I’ll see what I can do.

-Michael
mtgbrkfla@cs.com