Posted by JoeS on July 18, 2003 at 14:15:21:
As stated there is no equity. Both of the mortgages add up to the value of the home. You will need to find a lender for 100% financing. Why not have the seller hold the entire note?
Real Estate loan??? - Posted by Dave in Washington State
Posted by Dave in Washington State on July 18, 2003 at 12:45:34:
I am trying to use Carltons no money down process but I have a question. Lets see if anyone can help me with this one. If a Seller is willing to sell me there home for $200.000 and the home is worth it and hold a note for $100.000 in 2nd position wont a Bank be willing to jump at the prospect at getting first position on this loan? Wont a bank be willing to get into 1st position on any loan where there is plenty of equity in the property? And if not is there any Investor willing to get into this type deal ?
Lost in the loan process Dave…
Re: Real Estate loan??? - Posted by James (FL)
Posted by James (FL) on July 18, 2003 at 15:38:41:
Dave,
You need to find a lender that will allow 100% Combined Loan to value. You would get a 50% LTV from the bank, and as long as they allow for 100% CLTV on that program, then you are ok. Wil it be your primary residence, or is this going to be an investment prop. Most lenders will not allow more than 90% LTV or CLTV on an investment property unless you have great credit. Then again, if you do, I know of a company that can get you 100% on a non-owner, with enough reserves in the bank to back it up. they require 6 months PITI sourced and seasoned.
If you would like some help finding a lender for your particular situation, email me privately and I will be happy to help out.
James Prince