Where are these 100% financing lenders? - Posted by SteveA (FL)

Real Estate Investing
1

Posted by Marc Burnstine on March 07, 2006 at 15:39:33:

Hi, You should have no problem getting 100% financing, especially with your credit score over 700. This is what mortgage brokers are for!!! email me, I can help you. brokernewyork@gmail.com, I am new to this newsgroup, so I hope I am not violating any rules here.

2

Where are these 100% financing lenders? - Posted by SteveA (FL)

Posted by SteveA (FL) on March 07, 2006 at 07:16:56:

I keep hearing about it, but everytime I try and get one I hear “Oh, you have to have an 800+ credit score” or “Investor loans don’t qualify” or “That’s only on homes over x dollars” or some other reason.

Best I’ve done in 5 purchases is 90%. My credit score is still over 700 with 4 mortgages. What am I doing wrong? I’ve got a contract now that I’m going to have to tie up $35,000 to buy (90/10) and I don’t want to.

Thanks.

3

100% financing lenders? - Posted by Natalie-VA

Posted by Natalie-VA on March 08, 2006 at 14:54:04:

Steve,

You seem to be rolling along pretty well and have a decent track record. It might be time to stop by your local banks and speak with someone in their commercial lending department. Once you establish a relationship with them, you should be able to get your 100% financing (without PMI) as long as the lender’s LTV is below 80%.

–Natalie

4

Re: Where are these 100% financing lenders? - Posted by Ben Carmona

Posted by Ben Carmona on March 08, 2006 at 12:48:30:

There are plenty of lenders that will do 100% financing. As mentioned before, most will need to split this up into a 1st/2nd combo.

However, there are a few which will do 1 loan at 100% with no pmi.

You need to be working with a mortgage consultant that specializes in Investment Loans.

Sent you an email.

Ben Carmona

5

Re: Where are these 100% financing lenders? - Posted by RMW(FL)

Posted by RMW(FL) on March 07, 2006 at 09:35:28:

They are out there Steve…Most are not one loans however…They are 80/20, 75/25 something of that nature…Get a mortgage broker that has the wholesale lenders signed up that offer these products…Good Luck!

6

You read my mind - Posted by SteveA (FL)

Posted by SteveA (FL) on March 09, 2006 at 05:13:13:

I’ve been seeing my local banks ad in the paper about commercial lending, etc. and have had the bug to go talk to them. I’ve found two people to do 100% but it’s not cheap (in fact it’s extremely expensive!).

Now I understand the value of investor money and lines of credit!!!

Thanks Natalie.

7

Re: Where are these 100% financing lenders? - Posted by Mark (SDCA)

Posted by Mark (SDCA) on March 07, 2006 at 13:42:19:

I have no looked recently but there absolutely were single-loan 95% loans out there. Higher PMI of course.

8

Re: Where are these 100% financing lenders? - Posted by clar

Posted by clar on March 07, 2006 at 12:37:11:

Yes, I would like to know as well. Have heard enough promises, and now at the 11th hour, been turned down twice on one loan, and had the terms of the other loan changed such that the deal may not work. That’s after contracts had been written on the properties after being given the go ahead on them from lenders. Anyone can help, great. See my post in the finance forum.

thanks,
clar