Posted by Tom in MN on January 13, 2003 at 14:55:25:
I’d consider 65% - 70% LTV loans too!!
Mortgage Broker for Rehab projects needed - Posted by Tom in MN
Posted by Tom in MN on January 13, 2003 at 13:48:54:
Could someone contact me, or help me locate mortgage brokers for rehab projects in MN. I am looking for 75% LTV or less loans, have decent credit, and initially am looking for a no-money-down deal. I am hoping to find someone I can run my projects through on a consistant basis.
Thanks.
Re: Mortgage Broker for Rehab projects needed - Posted by William Earl
Posted by William Earl on January 13, 2003 at 23:21:38:
Tom,
First a suggestion on a Mortgage broker from a professional in the business. If your credit is above a 680 Fico and you have no personal mortgage lates the world of finance is your oyster. My suggestion to you is not to “hop in bed,” with people immediately on the internet. I am a broker and my brokerage is secured in Minnesota, but I may not be the best suggestion for you. Knock on some doors of local brokers, get a single credit pull on hard copy and take it with you. If you need a comparable Good Faith Estimate I’m sure there are a ton of mortgage professionals that can help you out, but don’t shoot in the dark until you’re ready to move on a property.
Another suggestion would be to stick to cosmetic rehab unless you’re really well versed in structural makeovers. Remember your future buyers might be FHA, and you don’t want to have to redo a rehab. Also work with local appraisers to see what rehabs will do the best. If you are in a less than 680 Fico situation then you might need to settle with a little higher interest rate or less on LTV (which doesn’t seem to be a problem for you.)
Best of luck to you,
Any questions?
E-mail Uncle Willy.