Posted by camilo Moreno on October 17, 2005 at 12:51:56:
Hey Charles, in response to your question, you need to present the offer at a higher value, stating the amount that you need for closing cost; but you need to make sure that the property has a value of what the new purchase price will be (appraisal). also please make sure you are in compliance to the max closing costs in your state.
If you need help financing this loan, please email me and I’ll help you, I’m approved in all states.
RE: Investors are Pre Approved - Posted by Charles Fox
Posted by Charles Fox on October 17, 2005 at 11:43:33:
Good afternoon, My question is, When presenting the purchase offer, How do I go about no money down? For example, I offer 90,000 to purchase but need to ask for 5 to 6,000 back to pay for all closing costs. Buyers wants the 90,000. What to do? Please advise. Thank you and ahve a great day.
Re: RE: Investors are Pre Approved - Posted by Dave Adams
Posted by Dave Adams on October 17, 2005 at 14:56:41:
You have two options, look for programs that allow 103 -106% financing or work with the sellers by raising the sales price 7% and asking for 6% back to cover closing costs.
Re: RE: Investors are Pre Approved - Posted by mcole
Posted by mcole on October 17, 2005 at 13:34:36:
Greetings Charles,
Is this for your personal residence? Or, for an investment property? If for an investment, you will be limited in the number of lenders who will do NOO at100%. But they are out there, and some will even go stated income.
Either way, you need to include in your offer that the seller is to pay your non-recurring closing costs. Every lender has their own guidelines, but most will allow up to 2%-3% of the purchase price. I have seen a couple that will go as high as 6% (which would get you your $5k-$6k), but I don?t know that any will do it with 100%.
I hope this helps.