Posted by Ed Garcia on April 12, 2003 at 09:58:53:
Jim,
You don’t tell us where you’re at or if this will be OO (Owner Occupied) or NOO (None Owner Occupied)? If you have a credit score of 620 or better you should be able to do 100% financing of purchase price going full doc.
Rather then me throw a lot of information on the board that may not be applicable, just call me at (909) 944-0199 later today and we can talk. I’ll be in my office 10:30 California time.
Forget about pulling money out of the deal, you can do that later. For now you need to get the deal down.
I have a “project REO”. (newbie for first home purchase:-) As of 4/10 the bank says they will take $40k in “cash” or $42k conventional financed.
I HAD a Letter of Commitment in my RE agent’s hand for almost a month while the bank played footsie with us all.
Now that they have decided to do things “my way”, Mr. Money Man is nowhere to be found … hasn’t even been to his job in 2-3wks. This would not be so bad if only the company he worked for didn’t act like he took his entire desk when he left them.
So, here I am, set up to buy no less than $102,000 home for $40-42K. This is NOT funny!
I am hoping for 65-70% of the $102K, on a 30yr base loan, 3-5yr balloon at about 9.5% +/- about 2%. Preferably a no doc loan (…that means no stoopid questions) I’m picking up around $40-50K in home equity at close and if I welch the deal I not only lose my happy home, you’ll get to own my 2000 Dakota Quad Cab as well. I’ll wrap it up in the packag as well.
I’ve been a regular CRE fan for well over three years now and I own (AND have READ!!) Calrton Sheets’ 400buck course materials. This was a "done deal until this guy walked(or disappeared) … anyone out there have the knack for helping me to wrap this deal up anyway?
Ihave to at least have the written commitment by Monday AM (4/14)
