I have had terrible experiences with this new program, but some people still say it works. I am looking for a lender who knows the ropes and can do a good job. Clients in need I have in dozens, but nobody I've contacted actually knows all the answers. I know it's complicated, but the need is there, and the right person can capitalize on a niche that is growing by leaps and bounds.
If you are an expert on those loans, or know anybody who is, let me know.
Nilton,
I believe you mean "EIN" for IRS -Employer ID Numbers. This is the big lie that protects some so called credit repair firms. Read the small print "we'll correct your credit or get you a new ID number." If you're an employer or company of any kind this is what you use.
It's no big deal to use an EIN all you need is a successful business with established credit. Individuals using EIN's can have them traced back to their Social Security numbers, you are who you are regardless of which number you try to use. Fraudulent use of an EIN is a federal crime.
Bill
William J Archambault Jr
The Real Estate Investment Institute
http://www.reii.org
I actually meant TIN (Tax ID number). That's a 9-digit tax number, with dashes in between, similar to a social security number, assigned usually to foreigners who are not authorized to get a SSN. Some major banks are now advertising that they can qualify these people for a mortgage under some guidelines:
1) If they filed their taxes for at least 2 years (using the TIN number).
2) If they bring 3 to 5% down from their own funds.
3) If their credit score is above 620.
I had two deals going that way, but because it is all new to some lenders, it was a slow process. I am looking for others with better experiences in this kind of loans.
Nilton
Nilton,
I should have included a link the first time. Normally an EIN is only referred to as a tax IS Number by a business, as opposed to a person, because entries don't have SS#'s, but they're the same thing.
Semantics aside it's the same number. If your clients used it, it's only because it can be traced back to their SS#.
Check: http://www.gov-irs.com/main.php
I too remain interested in your question. I suspect that we're going to see a lot more unintended use of TIN/EIN numbers because of the growing paranoia of ID theft. Two separate numbers might be very hard to steal.
Bill
William J Archambault Jr
The Real Estate Investment Institute
Wow,
I've been put in my place. "Erik" is so articulate, and knowledgeable. Who could dispute his references, he sites them so well.
Just in case, I ate my prunes and rechecked the IRS site shown above. Funny thing is I come to the same conclusion.
Sorry, "erik"this is not "craigs list" vulgar adjectives don't trump the IRS or nearly 40 years in lending and real estate. I not only stand by my advice, I again say so including my full name.
Bill
William j Archambault Jr
The Real Estate Investment Institute
First National Mortgage Solutions
http://www.firstnationalman.com
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