Next week I am launching the Homebuyer Scouting Report, a fabulous homefinding service for prospective homebuyers. It is a feature-rich online service that presents all MLS listings in real time and (only!) your contact info. A great way to firm up relationships with your prospects, and my relationship with you. - You'll be impressed. /// Some construction loans and helocs are not available at the moment. Call me early on if any of these are part of a planned financing structure! /// Make it a good week! - Paul
Rates down
For the week ending July 8th the 30-year fixed averaged 5.20%
with an average 0.7% fees and points. 45-year mortgage trend.
Closing in an LLC
I recommend against it for properties with 4 units or less. Few lenders still allow it, and those that do - you've guessed it - will charge for it! I am advised that there are insurance policies available that, although not perfect, provide reasonable alternative protection. Contact me if you need help with this.
Real Estate seeing uptick
Forbes.com: Real estate might be seeing a seasonal uptick, after the RPX index for housing prices in U.S. metropolitan cities was up in April. "A lively discussion of property investments and the economy by a panel of real estate experts: Donald Trump Jr. of the Trump Organization, Peter Slatin of Real Capital Analytics and Michael Feder of Radar Logic". Read.
Year 2005 - a look back at popular mortgage programs
Here’s a look at some of the loan programs available in 2005 to finance real estate. The article is about AZ real estate, but with a few exceptions (conventional stated loans for example are available) applies to all states. Read.
Boom times for real estate fraud
The FBI reports a surge in suspicious activity. Expect more.
Read.
Available
- Direct lender of FHA, Fannie, Freddy, VA, USDA, Jumbo, other loans
- Same day loan decision (guaranteed)
- 30-day closes (45-days for FHA)
- Condo (conversion) financing services.
Information
- FHA loans down to 560 Fico
- 50-70% LTV stated income loans (600-700 Fico needed)
- 95% LTV Fannie Mae condo loans
- Loans for non-residents
- Rehab and construction loans
- Non-warrantable property
- Reverse mortgages
- Commercial loans
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Good advice on LLCs for investment properties. Many prospective investors to to the expense of setting up LLCs before obtaining pre-approval for financing. Most of the time, they will end up purchasing in their individual names.