Hi guys Im new to this and i was wondering if anybody has tried these pre-forclosure mags. Iv seen these for a while and wondering if anybody has had some success with them in NJ?
1. I know of no "minimum" time, the only requirement I am aware of is intent to occupy (and do so before applying for another mortgage, I would guess).
2. I would guess about two before the mortgage companies catch on.
3. Mortgage fraud applies to each application I believe.
Once when we went for a loan the lender had up go as far as showing utilities in our name, and even requested a drivers license showing the new address. Over the top? yes - but regardless they have the right to request proof of your "intended" occupancy status.
If you find a good investment it should not be worth loan fraud.
I believe a good property is at least 30% below FMV, even if I had to get a loan at 90% because it was an investment deal that fine. The first thing I would ask the seller to do is rise the price and cover all my closing costs. The rate difference between owner occ and non owner occ is only a percent or so. If a percent is going to make the deal no good then the house is a bad investment.
when filing out for a primary residence, the bank has you sign a document stating that it will be your primary residence
U.S. bank contract-
"i agree that i will repay my loan or line in full before i do any of the following:
1. permanently change the use of the property.
2. sell the property on a contract for deed (land contract).
3. sell the property and transfer title.
4. effect any volantry change of owership of the property."
but as far as court rullings, that would be very interesting.
How many owner-occupied loans can one do per year?
If the loan is federally insured the borrower can not apply for a second o/c loan until 24 months after obtaining the first. This is the FHA guideline.
1. I know of no "minimum" time, the only requirement I am aware of is intent to occupy (and do so before applying for another mortgage, I would guess).
2. I would guess about two before the mortgage companies catch on.
3. Mortgage fraud applies to each application I believe.
But I am a mortgage user, not a broker.
Once when we went for a loan the lender had up go as far as showing utilities in our name, and even requested a drivers license showing the new address. Over the top? yes - but regardless they have the right to request proof of your "intended" occupancy status.
you have to live there and provide proof. no kidding.
everything to the contrary would be fraud.
you have to live there and provide proof. no kidding.
everything to the contrary would be fraud.
If you find a good investment it should not be worth loan fraud.
I believe a good property is at least 30% below FMV, even if I had to get a loan at 90% because it was an investment deal that fine. The first thing I would ask the seller to do is rise the price and cover all my closing costs. The rate difference between owner occ and non owner occ is only a percent or so. If a percent is going to make the deal no good then the house is a bad investment.
when filing out for a primary residence, the bank has you sign a document stating that it will be your primary residence
U.S. bank contract-
"i agree that i will repay my loan or line in full before i do any of the following:
1. permanently change the use of the property.
2. sell the property on a contract for deed (land contract).
3. sell the property and transfer title.
4. effect any volantry change of owership of the property."
but as far as court rullings, that would be very interesting.
How many owner-occupied loans can one do per year?
If the loan is federally insured the borrower can not apply for a second o/c loan until 24 months after obtaining the first. This is the FHA guideline.