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rehab: Critical information for rehab projects and flips - 05/30/12 06:25 AM
More profit, less risk, fewer hiccupsImportant tips for REO rehabs and flips
In my experience 2,3,4 family properties have the best risk-reward ratio, the best profit potential iow. Aquisition prices tend to be lowest, and rental incomes offset monthly interest, insurance, and tax expenses. Avoid profit erosion/losses by leasing properties at the earliest earliest opportunity - even if you plan to sell. Sales can take a long time. (See #1 above). 2,3,4 family properties work best for rehab loans, resale, and refinance to a home loan. (See #1 above). With the exception of the FHA 203K (owner-occupied only) there are basically no home loans … (0 comments)
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rehab: Market assessment - Rate influencers - Closing costs - Year-end tax pointers - 12/16/11 02:07 PM
As the year draws to a close, time to do a little market assessment....
It's a buyer's market, for homes and investment. Short sale and REO values are low due to market weakness and over-supply. REO rehab values are even weaker due to lack of mortgage programs to finance them. (Ever wondered why the lender doesn't just provide the loan?) Rental markets are strong. (I prefer 2,3,4 unit investment). More info. Mortgage financing is (an inceasingly more) fickle business. Thorough prequalification is key. Here is a form you can use to get a PQ from me. Credit improvement is even more fickle, and also becoming … (0 comments)
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rehab: Why rehab REOs are so cheap - Homepath incentives - Declines for no good reason? - 04/23/11 01:14 PM
The reason liquidation values of 1-4 unit, rehab, REOs are so low is because other than the FHA 203K (Prospect is the #2 FHA 203K lender in the country) there are no mainstream financing programs available. For investors there is no financing at all! In addition, seller ("the bank") usually wants you to close in 30 days, which is virtually impossible. This supresses the liquidation value of these types of properties even further. And it also means opportunity! How to invest? How to finance? How to sell under these circumstances? (See below). /// Closing cost assistance is offered on new Homepath purchase through June 30th … (2 comments)
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rehab: 203K direct lender - 1 in 3 apps declined - HAMP laswuit - REO finance+investment - 04/08/11 06:07 PM
As many as 1 in 3 applications are declined, so says the Fed. My average definitely better :) but the fact is that the current maze of regressive rules is a real challenge - and risk-based pricing makes getting the best rate difficult to attain. More info. /// It's about time! A homeowner is suing her loan servicer for denying a HAMP modification alleging they never had any intention of permanently modifying her home loan payments to an affordable amount despite having her make a slew of trial payments. I have hear this many times! /// Rates were up a little this week /// And lastly, a reminder that … (0 comments)
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rehab: ARMs a good option now - Helocs - fix-flip $$ - 12/24/10 05:40 PM
December 23, 2010 Not legible? Read as web page
ARMs are well-priced at the moment...relative to fixed rate loans, and as long as the Fed keeps supporting short-term rates, should be considered under the right circumstances. See below... /// Rates keep trending up, now approaching the 5% mark. /// I continue to have Fix-Flip partnership funding available. Request a quote for your scenario here (Up to 100% of cost). /// Happy Holidays! - Paul
Adjustable Rate Mortgages (ARMs)There is a natural attraction to the 30-year fixed rate loan because of long-term rate security, and because - well - that is what most people choose. In addition, ARMs are still getting … (2 comments)
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rehab: Fix-Flip loans: 6 mos no pmts - Rates edging up - Prospect rocks! - Mortgage overlays - 11/19/10 06:21 PM
Mortgage bond rates soared to a 5 month high this week, suggesting that the era of record low rates may be over. /// Have a look at what Prospect Mortgage's achievements!...(below) /// Make it a good week folks. - Paul
Fix-Flip loans: No pmts 6 monthsFlexible terms, quick closes. Ask me for a quote for your scenario.
Rates edging upThe 30-yr and 15-yr fixed rose dramatically this week, as did the 5-year ARM. The 1-year ARM remained unchanged. Read more.
Prospect Mortgage rocks!PM is a real success story. In a challenging real estate and financial climate, we are experiencing dramatic growth. Consider the following benchmarks that we have achieved:
No. … (1 comments)
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rehab: FHA Fico still at 620, but... - HB Tax Credit gridlock on the horizon - Rates down again - 09/20/09 03:21 PM
The industry standard for FHA loans remains at 620 - for now. It appeared for a little while the standard would be raised to 640, 660 even. (Regardless, I do have FHA and other solutions for scores as low as 500). /// You can still count on FHA standards increasing however. /// 203(k) loans remain the single best (and virtually only) option for rehab/renos. New alternatives are expected soon. Stay tuned. /// There is gridlock on the horizon due to the homebuyer tax credit which requires sales to close by the end of Nov. 30th. Get your mortgages fully pre-approved to minimize the chances of delays! /// Make … (1 comments)
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rehab: Constr/rehab loans - Commercial mtg problems - Loans for <600 Fico - 07/26/09 12:26 PM
Construction and rehab loans are available for virtually all scenarios. Planning is important: Underwriting criteria, loan structure, and pricing vary. Call me early on. // Conventional and FHA loans are still available at less than 600 Fico. // The new appraisal code continues to create havoc. // Despite this week's increase, rates are trending down. Make it a good week! - Paul Trading on home prices
With two new vehicles from MacroMarkets, you can invest in the outlook on housing prices whether they go up or down. Read
Rates up a bit
For the week ending July 23rd the 30-year fixed averaged 5.20% with … (0 comments)
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rehab: 125%LTV refi's? - Non-warrantable loans - 203(k) summary - FHA loans at risk? - 06/19/09 03:53 PM
FHA lending criteria have become stricter, and the trend will continue I think. The divergence between FHA and Fannie/Freddie is still significant. and F/F are not likely to lower their standards! /// And now the surging demand for FHA loans is putting the program at risk. US watchdog warning. /// Make it a good week folks. Call me if I can help - Paul 125%+ refinances?
The Obama administration is considering allowing Fannie Mae and Freddie Mac to refinance loans with current loan-to-value ratios of 125%, or higher. Read more FHA 203(k) rehab loans
203(k) loans are the perfect for home … (0 comments)
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rehab: Rehabs made easy - Rates down - 800 lbs loan mod gorilla - 11/15/08 09:21 AM
The "easy" part of loan modification is reducing payments by lowering rates, extending loan terms (to 40, even 50 years), postponing payments, etc. The 800 lbs gorilla in the room is the issue of loan balance reduction. Homeowners with significant negative equity will ultimately accept foreclosure as the only remaining option unless the lender forgives part of the loan. Lenders do this now, but they certainly don't like to talk about it publicly! // New loan applications are down, but the demand for rehab loans is up. Mostly for foreclosed property of course. I see some fabulous deals. I can help make … (0 comments)
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