Begin Vent....
After 7 days on market, I got my first interested investor/buyer on Flip #3 -- He called off of the sign and was very interested to have my Realtor show him the place. There is only 1 small catch... HE DOESN'T HAVE ANY MONEY for the down payment! Gee, wouldn't you think to maybe deal with this problem before you start looking at houses?
So my super mortgage broker tries to hook the guy up with FHA, because we can still work around most of the rules & regs there, and get somebody into a home with virtually zero down. We just use some kind of down payment assistance program, and yada yada yada -- They are into the home.
Well this guy doesn't qualify for FHA because he already owns another home.... With his wife.... Who is a very successful investment banker (Are you kidding me, why don't you have any money for the down payment? Are you freaking KIDDING me??)
So now they are trying to find some other way to get him into the house... Which is nearly impossible these days without a down payment.... In the old days, we'd finagle some way for me to give him the down payment, and jack up the price of the home, but the lenders are now checking bank statements months prior to make sure the buyers have their own money. No contract has been written yet, because we want to leave it open for other real buyers with actual money and ability to qualify.
Talk about a pain in the rear! :smx4:
- Hakrjak
After 7 days on market, I got my first interested investor/buyer on Flip #3 -- He called off of the sign and was very interested to have my Realtor show him the place. There is only 1 small catch... HE DOESN'T HAVE ANY MONEY for the down payment! Gee, wouldn't you think to maybe deal with this problem before you start looking at houses?
So my super mortgage broker tries to hook the guy up with FHA, because we can still work around most of the rules & regs there, and get somebody into a home with virtually zero down. We just use some kind of down payment assistance program, and yada yada yada -- They are into the home.
Well this guy doesn't qualify for FHA because he already owns another home.... With his wife.... Who is a very successful investment banker (Are you kidding me, why don't you have any money for the down payment? Are you freaking KIDDING me??)
So now they are trying to find some other way to get him into the house... Which is nearly impossible these days without a down payment.... In the old days, we'd finagle some way for me to give him the down payment, and jack up the price of the home, but the lenders are now checking bank statements months prior to make sure the buyers have their own money. No contract has been written yet, because we want to leave it open for other real buyers with actual money and ability to qualify.
Talk about a pain in the rear! :smx4:
- Hakrjak
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? Jofi ov op vji catjit? Ximm, O en dsievowi, cav iwip gus e dsievowi haz moli ni vjev ot wisz nadj tvsivdjoph vji cuapfesoit ug gepvetz..jiji.
