Excellent Credit - Posted by julie

Posted by Chris on April 19, 2001 at 22:46:15:

I am aware of a program that is 100% financing for 2-4 units. Excellent credit is not required. With your FICO score you would not need to disclose any income.

The program has some pretty liberal guidelines (credit, ratios, etc.) but a few of them will not move on.

Contact me and I will fill you in on the details.

Excellent Credit - Posted by julie

Posted by julie on April 17, 2001 at 15:54:18:

I have come up with a business plan, am pre-approved through a large bank, and have a credit score of 760. Everyone I talk to wants 10% down. I’m looking at an $85,000 two unit property right now. Both units combined bring in about $900/month, and are currently rented out. I think I can get the property for $80,000. So the bank wants $8,000 down, $1,350 for 2 points. This brings me to $9,350, and I haven’t even talked about prepaids, or closing costs. I can probably get the seller to pay most of the closing costs, but I am still looking at puting up about $12,000 to get into this property, with good credit. Am I missing something? So, say I have $9,350 in equity… how do I get this equity out of the property, without paying closing costs again? If I do put up $12,000 I don’t want to have to do it each time I buy a property. Then, I still have to come up with another couple of grand on the next property I purchase. I would like to be able to move this equity around. Does anyone have any ideas? Or, can anyone help me with financing these type of properties???

Thanks in advance!!!