Which first - the offer or the financing? - Posted by New_To_IL
Posted by New_To_IL on February 28, 2001 at 01:09:09:
I currently have a couple of rental SFHs, and would like to buy more, however due to these plus a low income (debt to income ratio), I know I will have to get sub-prime financing; my credit is excellent however.
I would like to get the highest LTV NOO possible, 100% preferable (maybe an 80-20). I guess the question is, how can I start writing offers without knowing exactly what financing I’ll be able to get? Can I write an offer to purchase with “a combination of downpayment and new financing” even if I don’t yet know if I can get 100% LTV or 90% with 10% down or 80-10-10 or whatever?
I have a feeling that if I ask a loan broker what I will qualify for, he’ll say “tell me about the propery, is there instant equity, etc.”
The point is, if I’m making offers correctly, then I have to make MANY of them, and I don’t want to stop and consult a loan broker on each one, knowing most of them won’t be accepted. So how do I write the offer?