I live in chicago and just bought a home less than a year ago(no money down)\nI would like to buy another house to flip (no money down)(stricly income purchase)\nare their any programs out there that would let me buy a second home after buying a home  < 1 year of buying my first one with no money down
217291
You can always purchase another home.  If you are not planning to live in it you would apply for a non-owner occupied loan.  The rates are typically higher for this type of purchase.  Additionally the amount a lender would provide is also typically less due to the increased risk. You mention doing improvements and flipping it.  There are some risks involved with this type of venture.  First a new lender may not wish to finance a property they know will be sold shortly after granting you financing as it is not cost effective for them.  Also after you renovate the home the new purchasers may have trouble obtaining financing since you purchased it less than 12 months ago.  If you do re-sell the investment property in less than 12 months the new purchasers lender may require evidence of improvements to the home to justify the increase in value from the time you bought it to the time you re-sell it.  I recommend you keep all receipts and cancelled checks you obtain during renovation to adequately substantiate the value increase.  House flipping is not easy task.  You can lose your shirt if you are not careful.
611373
I've been telling my clients that if you're planning on selling you house within the next 5 years, now is probably a good time.  Not because of a big crash, per se, but just because the investment doesn't look to be better than other alternatives right now.  I think housing prices, as a whole, will simply rise with the rate of inflation for the next several years.  Of couse real estate is especially regional, there is no such thing as a national real estate market.  So your place could go way up or down.  \n\nBut the point is that if you want to leave with no debt, I don't see a compelling reason to re-fi and hold.  \n\nIf you are planning on moving back soon, however, it may make sense to hold.  Because the transaction cost of selling and then coming right back and buying again are prohibitive.  If you have no intention of moving back, then go ahead and sell and invest in a diversified portfolio that may include real estate, stocks, bonds, etc.  Of course I recommend seeing a professional you can trust to help with these decisions.\n\nFor more personal finance info please go to my podcast, www.promoneytalk.com.  It's the #1 rated personal finance podcast in the world.\n\nHope this helps,\n\nJason
193284
There is such a thing as No Money Down financing.  I did thatabout two years ago.  You have to pay an additional insurance payment each month.  We refinanced after a year, and the value of the condo went up, so the insurance payment is gone.
143397
If you've had a good job for 2 year a 620 mid and good rental history you could get a 0% down 1st time home buyers program but do it soon rates are shooting up!!!!!!!!!!!!
464891
Yes, you should be able to refi the 2nd with no problem, assuming all the other credit issues are clear.  A neutral site I like with a lot of information on refinancing is at http://www.refinance-and-loans.com/ and they have a section in their topics on refinancing second mortgages.
269715
Get a mortgage BROKER (this person will help you decide, based on income,etc, what type of mortgage you should consider and then, on your behalf, go out and look for a good mortgage to suit your needs.) As a first time home buyer it can be daunting to talk to different bankers/lenders - best you go to a broker - it won't cost you more...and you will get lots of help.\n\nAlso, go to the www.HUD.gov website. They have lots of information for buyers/sellers.  Realty Companies have this info but they give it their slant because they want your business, but I would go to this HUD site first and check out, at a minimum: glossary of terms used in real estate; Common Questions/Answers for FIRST-TIME homebuyers, 9 steps to buying a home; consumer information.  If they don't have it, check or google: Home Inspection(s).  The site also has info on mortgages.\n\nSome sites even have mortgage calculator - it will help you determine how much home you can afford. For example: homegain.com or similar.\n\nInterest rates are going up right now and they do not believe that it will go down anytime soon. Sales of homes are down - even in Florida especially as 1 June (hurricane season) approaches.  \n\nSuggest you check out these websites - check out a book from the library on buying a new home - questions to ask - what to be careful of.  Govt or National Assoc sites are beter to consult as they are not supporting one company over another.\n\nALSO, as it is your first homem, strongly recommend you pre-qualify before you start looking - this will tell you how much house you can truly afford.  Remember, when buying a home that it isn't just the monthly house/mortgage payment you will have to afford, but the utilities, problems that come up (that when you are renting the rental company might normally fix), taxes, insurance,etc.  So give yourself some room\n\nConsider looking at foreclosures. When making the offer asking that the seller cover closing costs or help in thema seller is motivated to sell they might accept or split the difference)  A  motivated seller is one that has had the home on the mkt a while.  Don't forget contingencies: contingent on an inspection (which you will pay and select inspector --- make sure it is a 10-point inspection - it will cost you a couple hundred dollars, but it will be worth every penny).  What will convey - if the appliances won't convey, you will have to take that into account for expenses.  If you are planning on living thre a while - school district? taxes? etc.....\n\nRealtor: make sure you get a BUYER AGENT (i.e. the agent will represent YOU and only you).\n\nGood luck and happy hunting.....and remember the realty mantra: Location,location,location
69440
fannie mae and freddie mac are mortgage investors, most lenders will have some form of these products, my recommendation would be the my community 100 loan program, this is a zero down loan program which can help first time home buyers without excess cash available for down payments, it will also allow for up to 5% in seller concessions for recurring and non recurring closing costs.  I am a mortgage lender, and you would be very surprised at the programs that are now available to help purchase your first home.  Good luck and if you have any questions,  please e-mail me and I will get back to you as quickly as possible
142990
WOW you packed a lot into this question!\n\n1. Real Estate investment in a primary residence is typically a good idea.\n2. You say you have okay credit.  Does that mean you owe a lot or you have some derogatory credit on your profile?  This would affect your ability to qualify for a loan from both a debt ratio situation or challenged credit issue.\n3. A rent to own, lease option, or contract of sale it typically a good way to go if your credit is questionable as you may not be able to obtain traditional financing.  You would need to find a seller willing to cooperate with this type of financing.\n4. If you buy outright a Realtor is always recommended.  There is no cost to the buyer.  The seller bears the burden of all costs incurred.\n5. If you use a Realtor they can assist you in finding a source for financing.  Generally that would be a loan officer the Realtor has an existing relationship with that can cater to your individual needs.\n6. Lastly you say you are starting a new job.  Typically a lender is looking for 2 years in the same line of work with your new earnings similar to your past earnings.  If your new job is a significant increase in pay, the lender will evaluate your ability to secure employment for the same earnings should you lose your new position\n\nI know how overwhelming all this can seem to someone who is unaware of how the process works.  Don't be discouraged.  You may contact me if you need further help and if I know the answers I'd be happy to share my knowledge.  \n\nGood Luck!
394387
The time is now! I started on October 4th hopping by December 4th When my lease is up i was already out. Well Today is November 20th and I still haven't found my home, the good thing is my loan is already approved, the only thing missing is the house and the long wait between negotiations  and appressal. \n\nMy advise is, get pre-approved or approved FIRST, then start house hunting. The most important thing is to get approved for the best loan before the hunt, which is the easiest part. \n\nMy third application took 30-minutes over the phone with my bank and within 4-business days I was sort of pre-approved.  My original loan amount was for $300,000 which got decline by the underwritter, so I had to talk to him and settle for a $260,000 loan., But a week later, it was finally approved.   \n\n\nSince my original loan amount was decline, I had to look for homes withing that price range in another part of the state. Where I currently live, Homes start at $300,000 and they tend to be small, and needing a lot of work.\n\nMy bank  was my third and last lender, after trying with Credit Suisse which gave me 100% financing at 5.375% then change the terms to 7. 850% for 3-years fixed and 27-years variable without notifying me. \n\nThe second attend was with Quicken Loans, which was a complete waste of time. BTW, if you valued your sanity, AVOID Quicken Loans!\n\nA fixed interest mortgage is the best to go, you don't want to go for one of those "Interest Only" you hear so much about. Thouse will lead you to a foreclosure within 3-year.\n\nFor a 100% financing loan your mortage payments will start the first day of the month 2-months later, mine is set for February 1st. 2007. The monthly payments will  include Principal, Interest, Taxes and Insurance.
155407
I don't know how much house you are looking for, but you could buy 2 pretty nice 3 bedroom houses and have some left over where I live for that much money.\n\nI paid cash for a house last year.  It was the most liberating thing I have ever done.  I never again have to worry about the house payment.  Most of my peers are 2 paychecks away from going under.  I hated that feeling, and now it is gone forever.\n\nNo mortgage, and no credit cards.\n\nIs this house less than what I wanted?  I wouldn't have bought it if it was.  The peace of mind is everything.
23147
You might want to start with a real estate broker?  The company I used to work for "flipped" houses...to find properties that had been foreclosed on, we used a broker, and the bank.  The bank is often helpful in finding properties people are willing to take over.  The process is basically you find houses that have been foreclosed on or homes that need major work, hire a crew, and do the work -- the key to flipping the house is knowing the demands of the local market.  For instance, one and two bedroom homes in a "family oriented" development may not sell as quickly as 3 and 4 bedroom homes...etc.  You need to know what the market is demanding and provide it...Realistically, you should be able to "flip" about 2-3 houses per month, if you are doing so as a secondary job.\nI found that hooking up with the right realtor/broker was key to finding the right homes with the most potential.
152542
YOU CAN GO ON DUN AND BRADSTREET'S WEB SITE AND THEIR RATE ALL BUSINESSES.  BUT, BEFORE YOU BUY RIGHT OUT, IF YOU QUALIFY FOR A MORTAGE FROM THEM, THEN YOU CAN QUALIFY ANYWHERE.  CHECK WITH YOUR CITY OFFICE AND SEE IF THEY HAVE PROGRAMS.  IN COLUMBUS, OHIO THEY HAVE A PROGRAM WHERE THEY PAY THE DOWNPAYMENT AND ALREADY HAVE LENDERS THEY WORK WITH.  ALSO CHECK FOR FORECLOSURES, HUD, AND AUCTIONS.  YOU MAY GET A BETTER DEAL.  ALSO GO ONLINE AND SEE WHAT OFFERS YOU GET.  IF YOU FEEL WORRIED ENOUGH TO ASK ABOUT THEM, MAYBE YOU SHOULD LOOK FOR ANOTHER LENDER.\n\nJJ
307195
You can, but it will cost you more than its worth, you will get an outrageous apr on you second mortgage b/c of you beacon score. Get the payments caught up, hold off on big expenses and once you get to apoint where you can make payments early do it. After six months to one year your score should be back in a lower apr range, where you have more flexibilty and hopefully more equity accrued to play with. Just like getting the job that pays that good, it takes time and hard work, Good luck.
677296
You could try to get the owners of the property to sell to you on a lease option for say 2 years, and lets say that you pay 500 a month, with 500 down, then you would have control of the property and you could do your fix-ups or rent it out and collect the rent.( Be sure and include that in the offer that you can rent the property out) You should be able to get a 2nd mortgage to do your rehabs, (most banks would want to be in 1st position and the owner would hold the 2nd mortgage) If you have control of the property it makes thing alot easier, check out a mortgage broker they can usually find something. I currently use GMAC mortgage and they found a place that we only need 5% down on investment property. Good luck!
214873
My husband and I run a mortgage branch in Temecula, CA.  The answer to your question is that you would need to get pre-qualified again to buy the new home.  If you are earning enough money you could, in order to prequalify, retain your existing home whilst buying the new one.  If not, you would need to make the purchase of the new home dependant upon selling the existing one.  In terms of hurting your credit, well a new mortgage account usually knocks it slightly, but generally over a few months having 2 mortgages is good for your credit rather than detrimental. And having an existing mortgage account which you have been paying every month is a good thing for the new lender, not a bad thing. It is always good to have open credit which you are using and paying as agreed.\nIf you need help in either CA, WA, OR, FL or AZ please call us and we will help.  951 302 6586 or toll free 866 606 8707.
552179
I have had luck in the Phoenix area using the new Buyer Hunt reverse MLS service. Not too many people on there, but still worth a try.
607475
Check your Note for the 2nd mortgage you're trying to refinance carefully.  Many 2nds have prepayment penalties!!!!  That would make any changes probably not worth it, as they're usually somewhere around 6 months worth of interest in the first year.\n\nI would say, if you qualified for the first and 2nd to begin with you could probably qualify again, but I'm assuming your financial information has changed in the month since you purchased and this may not be the case.\n\nDid you purchase the house for under appraised value?  It would be extremely rare for a house to appreciate in the first month, although some areas of the country are moving up quite fast.\n\nI don't know if there is any good answer.  The best thing you can do is go back to  your original loan agent and ask.  It can never hurt and they're always willing to try to make things work and make their commissions!