ok, so I have $5,000, plus closing costs, ok credit and want to buy  a $130,000 home, do I need more cash?
117310
NO! Keep in mind though that for every $1000 you put down, it only lowers your monthly payment by $7.00!!! I found that by negotiating not only the price, but the monthly payment you are comfortable in making, is easier than you think, and if all you have is $5000, than work with that.  In todays market, it's all about making the sale, and they will figure a way to please you to make that sale.  Plus, there are programs out there to help you with the down payment AND the closing costs, and if you live in the home for a minimum of five years, you might not even have to pay that back. Ask your Real Estate Agent or bank for the information. Good luck!
378957
You can only do a cash-out REFI if you have equity in your house. What is the value of your home and what is the outstanding debt agst the house? That will give you an idea of how much equity you have. To go througb the process, you can use anybody...a broker, another bank, your current bank etc...it's all about who gives you the best pricing. But remember for every enquiry you make, they have to pull your credit so get your credit first and then get some preliminary quotes. Good Luck!
686300
the fish don't have to walk. \nIt depends upon several factors one your credit got to have good credit. \nsecond condition on investment property it's kinda hard \nif it's a primary residence it a piece of cake. \nin your offer to purchase as for say 4,000/ or estimated closing costs to be paid by the seller if they don't want it to come out of there pocket wrap it into the purchase price.  \nget two loans an 80/20 \nI do this all the time for my clients, most of the time they leave to closing table with a couple hundred in there pocket
868118
If you are a buyer with that much cash upfront, you can pretty much call the shots as to when you want to close.  You talk about the developer, are you building new construction?  Check with them to see if they have a mortgage company you can work through.  Often times, they will give you free closing costs if you use their company.
625547
Having your business buy the property will cost you more because you will need a commercial mortgage with higher interest rates. It is easier to get mortgages that are for you personally, or for a multifamily with 4 units or less. Talk to a lender about this and they will give you a good sense of your options.\nIf I you have the means you might consider buying and renovating a house for yourself and moving every two years. Research you market carefully and put ion alot of sweat equity instead of capital. This way you get to pocket the entire profit without captial gains, as long as you declare it your primary residence. You can also look into doing a 1031 exchange if you live there for less than 2 years to delay the tax payments and use the money in your next acquisition.\nAnother path could be to buy a 3 or 4 family with a commercial mortgage and an LLC to protect youself, rent them, convert the whole building to condos, then renovate the units one at a time as tenants turnover happens and sell the condos indiviually if the market is good. Be sure to talk to the lending bank about your conversion plans before setting up the financing.\nI recommend a trip to the library and read as much as possible before doing anything. Others have done this before, and they share the experience through books.\nGood luck!!
41577
As little as possible is often the most popular idea. However, it is wise to put down enough to make sure the property income will service the debt payments and taxes. You don't want to be paying out of pocket evey month unless you really need the loss for tax purposes. \n\nMost banks or savings and loans will require between 20 and 30 percent down payment in the US. The lenders are looking for the property to break-even or have some positive cash flow based on their projections income and expenses. The appraiser is often asked to make these estimates. However, I have purchased investment property with nothing but closing costs out of pocket using hard money lenders. I've even borrowed more than the purchase price when the appraised value was much higher than the purchase price. I have also run across some credit unions that loaned 100% for borrowers who had a good track record with the credit union. It's all in the deal.
1171176
NO - NOT AT ALL - LENDERS WILL LOVE YOU - 500 IS THE LOWEST A LENDER WILL WORK WITH (ON A HOME MORTGAGE) AND THAT IS NOT 100 FINANCING - YOU COULD GET 100 PERCENT FINANCING ON A HOME / AUTO, ETC.  THE HIGHEST i HAVE SEEN IS 805 AND THAT IS AWSOME, THE AVERAGE IS 580 - 720  - THERE ARE NOT MANY OVER 720+  SO  YOU ARE DOING GOOD - LOOKS LIKE YOU PAY YOUR BILLS ON TIME, AND KNOW HOW TO MANAGE YOUR MONEY - CONGRATULATIONS.
77751
There is so much to do.  We just went through it for the 3rd time.  buying a house isn't a fun thing.  it is stressful but rewarding in the long run if you do your homework.  \n\nYou don't need to have a realestate agent.  We bought all three homes without using our own personal agent and we also sold both of our homes without any agent.  What you DO need to have, is a good lawyer to handle all the paperwork and contracts.  ( ours cost about $800) small investment but very worth it!!\n\nI would start looking for a home AT LEAST 3 to 4 months in advance of when you actually want to be moved in.  The hunting part can take 2 to 3 months even longer if your picky/ or there isn't much to choose from.  Then comes the closing process.  This is the time you get the mortgage loan, the title, the home inspection, and all other legal stuff out of the way.  Finally you will be ready to close on the home.  This is the day that was set by the bank, you and the seller for the ownership to change hands.  \n\nYou will need to have enough money in your bank to cover the down payment you will be putting - along with closing costs.  the average closing costs are about $5,000 to $8,000.  So you need to be ready for that.  \n\nI would suggest not to get in too deep. don't go for interest only loans, they are a bad idea.  If you can't afford a house with a regular fixed rate mortgage you should probably hold off until you are finacially ready.  \n\nThere is just so much more than what I posted above.  If you are serious about buying a home - you should start researching it many months in advance so that you will not be in over your head and get taken advantage of. \n\nGood luck
456695
I am assuming you are asking one of two questions...\n\n1) How far can I buy my rate down with points? or,\n2) What is the maximum amount of fee's/points I can be charged?\n\n1) This will depend on the type of loan be it an A-Paper or Sub-Prime deal. All of the lenders will have a floor rate for your specific product. Say you are offered a 10 year ARM at 6% with no points but you decide to pay 1 point to get a 5.5% rate; great you say, what if I pay 4 points thinking this will get you 4%... Wrong, the floor for this product maybe 5.375% minimum... (I made these number up BTW). An A-paper product will typically have a lower floor than a sub-prime product plus many lenders will only allow you to apply so many points for buy-downs.\n\n2) If your asking what the maximum 'points' in fees can be this will vary state to state and by transaction type. For instance FL is an 8% state on purchases meaning that adding all of the fees for origination, loan discount, appraisal, credit report etc, etc... can not equal more that 8% of the loan amount before it is a high cost loan. In Texas on a cash out refinance the maximum fees are 3%... Many lenders use a 5% cap across the board excluding Texas just top be safe.\n\nI hope this somewhat poor explanation is what you were looking for.
98978
No money down is not the problem. It is the bad credit. I have financed a lot of people with no money down. Seller credit buyer for re-occuring and non-reoccuring closing cost. Add that amount to your initial offer of the property. I am in the state of CA, therefore you need deposit when you make the offer, and money for inspections, unless you have the seller pay for all inspections. You need to fix the credit so that you can get a good interest rate.
888447
Well...its kind of a double edge sword here......\nOn one hand..he is correct......If you have excellent credit and you own your home to use as collateral...then you won't need any money down.....\nBut...If you don't have perfect credit or anything to use as collateral..then you will need a substantial down payment and the money needed for repairs to the distressed home to fix it up and make a profit.\nAfter doing a couple homes..then you should start having the ability to continue as he does......
54604
Your credit score isn't all that bad considering the national averages.\n\nHowever, you have some other options besides outright purchasing a home for sale:\n\n1. Lease Option or Rent-to-Own: Look for these advertised in the classifieds, that allow you to rent a house for a certain term (like 1 to 3 years), where some or all of your rent goes toward the purchase price. Then, when you're ready (you should repair your credit during this time), you can purchase the house. Part of your down payment will already have been paid.\n\n2. Talk to the Fair Housing Administration (FHA - http://www.fha.gov) about HUD loans for low-income and not-so-good-credit individuals.\n\n3. Look into purchasing a foreclosed home at an auction.\n\n4. Ask a close friend or family member with good credit to co-sign your mortgage.\n\n5. See if anyone is advertising "seller financing" or "owner financing", in which the seller will allow you to make mortgage payments directly to them.\n\n-----------------\nUpdate: DO NOT apply for an interest-only loan. You will be severely hit with a balloon payment down the line, or higher payments, or at the very least you'll have to refinance and pay additional closing costs. Interest rates are rising, and you won't want to do that. Stay away from these!
1164912
Depending on your credit profile (A-paper, Alt-A or Sub Prime) will be a major determining factor to this answer. The quick answer is yes, however this needs to be quantified.\n\nIf you are an A-paper borrower there are a few lenders who allow you to use the value of a new appraisal to take cash out over and above your purchase price. If however your looking to just recover the money you put down (ex. 20% down payment) then the answer is also yes. \n\nIf your more in the Alt-A or Sub Prime arena your most likely going to be capped using the purchase price as the value of the home until you have 6-12 months seasoning in the property. You should be able to cash out the equity you have now but it may not be as much as your looking for.\n\nAs to payments... It should not make the payment skyrocket but this will all depend on what type of loan/loans your doing, your loan to value, credit etc...\n\nIf you would like to discuss your specific scenario drop me a line.\n\nKevin 866-562-6838 x 106\nkruorock@firstratelending.com
643190
Depends on how much you are needing. Second mortgage on the house maybe (if you have one). Anything of value. Is your vehicle paid off? Just shop around. You can find a good deal with some shopping. Just remember, if it sounds too good to be true...it always is.
1065748
Basically you add a certain amount to the mortgage that you want to use for the closing costs, say $5,000.  This $5,000 is then given to the seller by the bank which they then give to you to use for the closing costs.  You are basically financing this additional amount with the bank.  There are limits on how much you can do this for and the bank must allow it but most do.  If you make an offer of $205,000 with $5,000 of sellers assistance your offer is really $200,000 for the house.  I do not believe this money can be used for the downpayment because you have to have the downpayment with you at the settlement before the seller can give you the seller's assistance amount back.
397583
It depends on your profile. Your credit, income and FICO score will determine the route that are available for you. In some cases, you don't have to place anything down and just pay for the closing costs. In others, you have to place down a percentage of the purchase price. You should research various loan programs to determine the amount that you will be required to place down on a property. Once you have established that, then go out and find a seller that is willing to accept those conditions. Again, it really depends on your profile to answer your question with true accuracy.
1060024
You need a private lender.  Explain your situation to them and hopefully one will be willing to take on the risk.  It will help a lot if you have a steady long term job.   Private Lenders charge more interest than banks and some of them do show up on credit search - make sure yours doesn't.  In Canada they advertise in major newspapers under the category, "Money to Lend."  We got our house this way and it worked great.  Good luck with the dream home!