10% Down Financing
Im having a difficult time finding lenders that do 10% down stated loans. It seems for non owner occupied these loans are non existent. Even with a 700+ fico and plenty of assets its still hard to get done. Does anyone know which lenders have a stated 10% down non owner occupied. Im in san diego, and looking for a conforming first of and a second.
I have a lenders who still offer the stated products on N/O/O 90LTV. Give me a private e-mail.
Drier fires can be pretty common. when i was on a submarine, it seemed like everytime there was an actual fire (not a drill) it was from the drier. I clean my drier at home the same way joblo does, and about every three to 6 months I remove the cover off the front and blow/vacuum the insides.
I have made numerous purchases with Section 8 tenants already in place. It has never been a major problem although on occasion there have been minor delays on some Section 8 checks.
If you close in the middle of the month, have the seller gives you a prorated credit for scheduled rents and a full credit for security deposits as adjustments on the HUD-1.
ideally I would like to close in he middle of the month - but I may be forced to close 31JAN due to the fact the closing has been delayed several times
If you close on Feb 2, you get nearly all the scheduled rents for the month and full credit for the security deposits. Close in mid month and you get less credit from the seller at the settlement table.
The seller will want to settle near the end of the month so he gets to keep most of the rent collected that month.
Call the lender directly. Have them assign the rents to you or have the checks written directly to them. They have a legal right to assign rents to whom they wish as they are the owners. The liability also goes to the current mortgage company. What ever you do. Do not have the rent checks in your name without written consent of the lender. The lender should have no problem doing this. As it was stated prior on this post. The lender wants to have a rent roll so they can get more value on a producing income property. I just read about a situation exactly like this. The realtor got caught taking rents from tenants. He ended up getting thrown in prison for fraud. Be careful. I hope this helps.
I am getting cross signals. You stated you cannot tell the tenants, but you are saying you are showing them new places to rent/buy. I am confused. What are you telling them?
The owner has not been foreclosed on. He is simply letting me know this is a possibility given his current losses. So, there is nothing in public record regarding foreclosure. This is something we are trying to prevent at this time.
He has put the properties on the market for sale. I am informing the tenants that the properties are being sold and they have 60 days to move rent-free with deposits refunded. I am trying to help those tenants find other properties in the meantime. I work closely with an expert atty on landlord/tenant law to ensure the tenants are taken care of. I took precausions from the beginning to make sure my agreeement with the owner gave me no liabililty in any such case.
I was hoping some of you had enough experience to offer suggestions.