finance help,closing next week - Posted by jj

Posted by AE on April 22, 2003 at 18:03:54:

How are you planning on making any money with gross rents at 1000/unit?

finance help,closing next week - Posted by jj

Posted by jj on March 08, 2003 at 09:23:52:

hi there,
here is my situation , i need to know if i have a good scenario here or if i can get a better loan.
i’m closing this coming friday(Mar 14th) so time is of importance.

property :4plex in west Los Angeles, CA built 1975, prime condition(i have inspection report that says so)
price : $595,000
appraisal : came in at $595,000
income:$4000(from rentals on this property)
credit score : 700 (never been late in my life)
job:self employed
wife working regular job
residence : currently renting
money in bank : $25000
money in stocks :$25000
money in escrow : $17850
debt : $12000(paid my car off on 1 of the cards for 1.9%)
i will be living in this property once i buy it
this has to be stated income type loan

i wanted to go with a 0 down loan that my broker said he was unable to get.the best he got for me was a 5% down with the first(80%) at 8.125%(3 year pre pay penalty)
second(15%) at 13%
not sure yet about the points but probably around 1.5

my question - is this the best loan out there? i know for a fact my broker was not diligent at all and only submitted the loan to 4 banks.
can i still go with 0 down and get a reasonable 80-20
most i can afford is 5% down,is there a better loan than what he got me?
like i said i’m closing next week so i need help and fast.
if you are a lender please understand i have only a week to complete the whole thing.
email me if you need any more info(i will not drive my credit score down by having multiple people looking at it ,but i do have my file)
thank you

Re: finance help,closing next week - Posted by Charles Clark

Posted by Charles Clark on March 09, 2003 at 23:07:49:

Hi JJ,
If time is the most important, then I do not think that anyone can get you funded in a week, unless it is a private investor, and even then I would wonder.
If the most important thing is the 100% loan, yes, Brad is correct, he or any of us can get you a loan for 100%. Nice thing about a 95% single loan, which the original broker did not offer you, is that the rate would have been less.
It is great that you are coming to our board to question, but if indeed time if of great importance, you waited too long.
Have you said anything to the broker about your concerns?

Re: finance help,closing next week - Posted by Brad

Posted by Brad on March 08, 2003 at 12:33:54:

There should be no reason why I can’t give you a better program than you have. I need to know a little more about the income situation. Your are self employed…are you currently showing a positive on your tax returns? What is your average bank deposits made per month? I should be able to get you into this for 100% LTV all in one loan rather than an 80/20 and this will not have PMI. e-mail me some more details. thanks