provided me a good contact and I thanked him in a private message. However, the contact only covered 48 states and woudln't you know GA along with TX are the two states he doesn't cover.
Investor · Peachtree Corners, GA · Member since 2014 · 1k+ posts · 1k+ votes
12y
WIth the news that the banks have suffered a huge decrease in the number of refis, I thought I'd try this again. Does anybody have any contacts out there?
Wholesaler · Westminster, CO · Member since 2013 · 224 posts · 77 votes
12y
Hi @Cal C., have you tried to work with community banks (or even regional banks)? Do a search in your area of community banks, go a day or two before and open an account in your business name, and schedule to meet with their lender. The 10 loan rule is gov based loans (loans underwritten and then sold to Fannie Mae and Freddy Mac) and if the local lender lends on it they would have to keep it within their portfolio then it doesn't fall into the category.
The thing to have is a Personal Financial statement and details available for them to review, so have that ready to go when you talk to them. (you can find Excel templates online for free) Often times they will discuss strategy and help you understand your choices and products.
I know this may not be exactly what you are looking for but HARP just allows you to refinance your loan; it doesn't mean you can do cash out for more that an investment loans. If you decide to refinance, by bring them to a community bank will allow you to get past the 10 limit and only have to refinance once.
Hopefully others will add to this conversation as it looks like it has become stale and not high up on the forums. Don't get frustrated; sometimes you have to ask the question different ways to get an answer; so be persistent!
Hi @Cal C., have you tried to work with community banks (or even regional banks)? Do a search in your area of community banks, go a day or two before and open an account in your business name, and schedule to meet with their lender. The 10 loan rule is gov based loans (loans underwritten and then sold to Fannie Mae and Freddy Mac) and if the local lender lends on it they would have to keep it within their portfolio then it doesn't fall into the category.
The thing to have is a Personal Financial statement and details available for them to review, so have that ready to go when you talk to them. (you can find Excel templates online for free) Often times they will discuss strategy and help you understand your choices and products.
I know this may not be exactly what you are looking for but HARP just allows you to refinance your loan; it doesn't mean you can do cash out for more that an investment loans. If you decide to refinance, by bring them to a community bank will allow you to get past the 10 limit and only have to refinance once.
Hopefully others will add to this conversation as it looks like it has become stale and not high up on the forums. Don't get frustrated; sometimes you have to ask the question different ways to get an answer; so be persistent!
Good luck and hope you have an excellent future!
- Dave
David,
thanks for the reply.
I've tried working with banks that have one branch to the monster mega banks and I'm always disqualified for whatever reason despite having 750 plus credit scores, below 30 DTI, and more than adequate reserves. Sometimes it takes 2-3 months for them to figure that out after I've spent several hours/days putting together paperwork for them.
I'm at the point now that I'll only try a new source- mortgage broker, mortgage company, or bank that someone else with ten or more mortgages has used to successfully refinance using HARP 2.0. So back to my original post, I'm looking for a very specific recommendation.