Posted by MtgBrkFLA on December 13, 1999 at 20:49:44:
Don’t give up. Look for a well versed mortgage broker in your area. Typically a lender will want to see 5% of your own money in the deal, however there are Lenders who are wiling to do 100% CLTV deals. Note CLTV= combined loan to value.
Good Luck !
Need better understanding of Mortgages - Posted by Scott -CT
Posted by Scott -CT on December 13, 1999 at 15:15:22:
I have two properties that I can buy from the same seller. He is willing to accept holding a second on each property for 20% of the selling price. I have been looking for a mortgage company that will give me a loan for the remaining 80% ($184K and $91K)I am willing to put a little in $2,500 per property. So far three companies have shot me down. I understand that they want to see more of my money in the deal but I thought a 80% LTV was very acceptable. The seller owns the properties free and clear and is willing to work with me. Does anybody have an idea for me. Thanks.
PS. This would be my first Real Estate Investment.
Here is another way. - Posted by Michael Morrongiello American Note
Posted by Michael Morrongiello American Note on December 14, 1999 at 19:02:05:
Scott:
Try to determine exactly what the seller REALLY NEEDS and will accept in CASH if you could close and fund quickly? He may come off his $184K & $91K he wants.
An alternative way to put together this financing would be to have the seller agree to take back (2) two mortgaages and notes. A 1st lien note that would be in the 80% -85% range. This is the mortgage that can be sold and converted into cash at the time of closing. Along with the 1st lien mortgage, the seller will take back a 2nd lien mortgage and note. He / she will retain these mortgages for income which is essentially been agreed to already.
Depending on how much you can put down, your credit and employment background, etc. will in large part deterime what a note funder like American Note can fund in CASH to your seller at closing for the purchase of the 1st lien mortgage(s).
Visit our web site www.americannote.com or call us toll free 800-659-2274 to discuss how we can assist you with alternative options to placate your seller.
Michael Morrongiello
Operations Manager
Re: Need better understanding of Mortgages - Posted by chris
Posted by chris on December 14, 1999 at 14:16:18:
Go to your local real estate investors club ( I think this site has a link to them).
Mortgage brokers who do all sorts of properties will be there. Many of them do the entire purchase price.