"The Ultimate Challange" - Posted by David H Atwater

Real Estate Investing
#1

Posted by Tobe on January 18, 2001 at 17:08:45:

You wrote:

“It is possible to get a loan of 100% or more but it is rare anyone qualifies. You need a high income, high credit rating and/or other collateral besides the property being mortgaged.”

That is not true at all!! I just purchased a home and the lender financed the down payment AND the closing costs. Zero out of pocket to me. I am 23 years old and my income with my wife’s is only about $30,000-$35,000 a year. By no means high. True we have excellent credit but being only 23 I haven’t racked up many bills and don’t have much credit. No other collateral was needed at all. We paid $76,000 for the home. Lenders don’t care how much you make as long as your ratios are okay and you can pay the money back and proved that you pay your bills through a credit check. Employment time is also important, unless you have other income streams like your mother.

#2

“The Ultimate Challange” - Posted by David H Atwater

Posted by David H Atwater on January 17, 2001 at 23:20:47:

Is there such thing as a home loan for no money down???
Here is my situation. I have a perfect dredit rating. (AAA)I have two credit cards. But my greatest obstacle of all is that I am blind. I am 97 yrs old with my life expectancy of 120 Yrs old. Yet I have been confronted by brick walls in every direction. Is there such a thing as lending to someone in this situation. I am will ,able and capable of
fulfilling all that is required yet no-one will listen to me.
Is there any support or assistance in all of America or am I to remain in financial darkness too!
My name is David H. Atwater.
I live in Salt lake City Utah
My phone is 801 250 0320
Ps This typed in by my son in Australia,hence the Australian email address
direction

#3

Re: “The Ultimate Challange” - Posted by JPiper

Posted by JPiper on January 18, 2001 at 10:30:02:

David:

So that you know, the Equal Credit Opportunity Act prohibits discrimination based on age amongst other things in the granting of credit. Credit applicants may be evaluated based on their credit, income, etc…but not on age.

100% financing is available in the United States. Your credit has to be good…and obviously you need to illustrate income that will be sufficient under the guidelines to repay the loan.

My suggestion to you would be to call Ed Garcia at 909-944-0199. Ed is a mortgage broker who handles 100% financing, amongst other types of loans. I’m sure he’ll be able to determine whether you qualify for 100% financing.

JPiper

#4

Why do I get the feeling this is a joke? - Posted by GL

Posted by GL on January 18, 2001 at 08:45:23:

If I am wrong I apologize but there are often “funny” questions asked on these boards.

Lenders are normally only interested in one thing, the borrower’s ability to pay. Do you have an income sufficient to cover the mortgage payments? The usual rule is housing should not cost more than 32% of your income.

My mother is in her eighties and recently renewed her mortgage. No one questioned her age or her health which is not bad for her age but not good enough to work. She has never held a job in her life, but she has ample income from investments to make her payments.

It is possible to get a loan of 100% or more but it is rare anyone qualifies. You need a high income, high credit rating and/or other collateral besides the property being mortgaged.

100% financing deals usually involve owner financing or partial owner financing on top of a conventional mortgage. Lenders hate this and will refuse to have anything to do with such a deal if they know about it. Their position is that if a borrower has none of his own money in the deal it is very easy for him to walk away and leave someone else holding the bag.

By the way I find it astonishing that you have reached the age of 97, and have good financial skills yet have not accumulated a cent of net worth in real estate or other investments.