Question on 125% financing - Posted by KIRK

Real Estate Investing
1

Posted by Buck_GA on August 08, 2002 at 11:37:14:

You might try Vulcan Financial or Tribble Investments. Other than those 2, with your situation, I can’t think of any others who can do it.

Tim,

Talk about “Out of Context”? This aught to land you there!

lol

Buck
:slight_smile:

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Question on 125% financing - Posted by KIRK

Posted by KIRK on August 08, 2002 at 03:59:40:

I want to find out if I were to get 125% financing for a house, do I need to have, a job, good credit, and money down?

If there is no equity in the property can I still get 125% financing?

I want to finance a house that appraises for at least $55,000. Can I get a 125% loan that will give me money beyond the appraised value?

Thanks group.

Capt. Kirk

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Re: Question on 125% financing - Posted by Tim Fierro (Tacoma, WA)

Posted by Tim Fierro (Tacoma, WA) on August 08, 2002 at 14:08:44:

If your last name is KIRK, and you are a CAPTAIN, then my apologies if you take offense to my post. I also mistakenly read that you had none of the attributes you mentioned in your post, but as I re-read it, you are only asking if they are needed.

If you ‘WERE’ to get the financing with those attributes, then you wouldn’t need to ask the question since you already ‘HAD’ it. But it looks like you are wondering ‘CAN’ you get 125% financing without those attributes.

Short answer, I doubt seriously anyone without a Job, Good Credit, Money, and a property with ‘No Equity’; is going to get a loan for 125% purchase price on a property. What is in it for the lender? You have no job to pay it back, You do not have a good credit to show you are responsible, and you have no money of your own in the deal to show some interest, and if the lender had to foreclose; there is no equity to get. I can’t imagine a lender that would do this.

If someone knows of a lender that will do this, then they should speak up with a contact name as I am sure there are lots of people who would like to do business with a lender like this.

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Re: Beam me up Scotty… - Posted by Tim Fierro (Tacoma, WA)

Posted by Tim Fierro (Tacoma, WA) on August 08, 2002 at 11:28:34:

You might try Vulcan Financial or Tribble Investments. Other than those 2, with your situation, I can’t think of any others who can do it.

There was The Borg Mortgage Company who would assimilate you and roll your equity into theirs, but I don’t believe they are around anymore.

Try the Holodeck, at least there your fantasies can come true.