Posted by Jasonrei on January 06, 2003 at 22:38:53:
Some lenders care. Suggestions:
If you get a property under contract, ask the mortgage broker if this is going to be a problem. Better to find out quickly rather than 2 days before closing. That’s how it happens. 2 days before closing you get a call from the lender asking for your settlement statement from earlier in the year. It’s all bad news from there.
Find a mortgage broker that can do your deal, then steer prospective buyers to that mtg broker. Call around.
Buy the house, do minor work, rent it out for a year. Get the tenants out, then do a nicer fix-up.
If you buy a house cheap enough you can let it sit a year.
Seems to me that on FHA loans the lenders don’t care how long you’ve had the house. If this is the case you might consider ONLY selling cash or FHA. That kinda goes against my principles seeing how FHA is an immoral program.
Close on the purchase of a property on 2/1/03 – and
payoff the existing mortgage. Get the necessary work done.
Put house on market and go to contract (for the sale) say 4 to 6 weeks later:
Will the person buying the house from me have a problem getting a traditional mortgage due to the fact that less than a year has passed in between mortgages?
I am located in NY and looking to get started - either with own cash (excellent credit) or with an investor.
One mortgage broker said that if less than 1 year old, there will be an issue - as the lenders won’t be able to sell the new loan…
You can owner finance and then sell the note at closing. Increase the sale price because the note will be bought at a discounted price. E-mail if you have any questions. I have over 150 different funding sources and I can help find a buyer for your note.
adria