Posted by ski on May 13, 2006 at 20:53:51:
Or find a private lender. In most of my deals with private money I get money at closing 'cause of the ltv.
Who here has bought a house and got… - Posted by Ann
Posted by Ann on May 12, 2006 at 23:19:56:
…cash back at closing with no money down? Waiting to hear from those who have done it… because I need to do it.
ann
Re: Who here has bought a house and got… - Posted by John Corey
Posted by John Corey on May 13, 2006 at 09:52:04:
Ann,
Most deals require you to buy at a very significant discount to the true value and to use a lender who lends on the value (not the agreed sale price).
Easier to do in a market that is not rising fast as the discount happens when a seller realizes that waiting for a better price is a dead end.
John Corey
Re: Who here has bought a house and got… - Posted by Mike-OH
Posted by Mike-OH on May 13, 2006 at 05:54:41:
I have gotten cash back at closing many times. It is very simple. Find a bank that will loan based on a percentage (usually 70%) of the appraised value (not the purchase price). This is usually a small local bank that keeps their loans in their own portfolio. Buy the property for less than the 70% of appraised value that the bank will loan and get the balance in cash at closing.
You will need a good credit history to do this. Also, try to deal with a decision maker at your local small bank, such as the president, vice president, or chief loan officer.
Good Luck,
Mike
Re: Who here has bought a house and got… - Posted by Joe Kaiser
Posted by Joe Kaiser on May 12, 2006 at 23:55:50:
It depends . . . are you talking about keeping the house, or just deal
making?
Keeping the house makes it a little tougher, but not impossible, and is
generally buying right and a hard money loan to fund. HM guys in my
area loan up to 70% of FMV, so if you buy for 50% of FMV, you can
pocket 20%, less costs.
If you’re talking about doing deals, flips say, then by definition, EVERY
one of those deals is a “cash back at closing” transaction (if not
sooner).
Joe
Re: Who here has bought a house and got… - Posted by ann
Posted by ann on May 13, 2006 at 12:10:58:
what do you do if you DO NOT have good credit history?
Re: Who here has bought a house and got… - Posted by ann
Posted by ann on May 13, 2006 at 12:09:08:
Yes, I plan to keep the house as my First house. I would be a first time homeowner. And by the way, the credit IS NOT good.
If I qualified for any loan at all, I am sure it would be 7 1/2% or higher…don’t know for sure…just my feelings.
Ann
Re: Who here has bought a house and got… - Posted by Mike-OH
Posted by Mike-OH on May 13, 2006 at 13:27:33:
Work on your credit!!!
Re: Who here has bought a house and got… - Posted by ski
Posted by ski on May 13, 2006 at 20:56:31:
This is not an investor question, just a retail buyer. Talk to your local mortgage broker.