Home of choice - no credit check

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Home of choice - no credit check

Real Estate Investor · Fort Lauderdale, FL · Member since 2015 · 8 posts · 0 votes

If you have 15% down or more, you can get your home of choice no matter what your credit score is. I will buy your home for you ad then owner finance it on a wrap. Your cash is your credit.

For more information see the 2 minute cartoon on our web site

www.investingresolutions.com

or email me [email protected]

Gary Brown

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Investor · Central Valley, CA · Member since 2012 · 6k+ posts · 3k+ votes

11y

I want to say that I'm all for any legit lending program/product that allows for subprime lending by private investors to home buyers. There is absolutely a need for more choices in consumer home lending. IMO we need something to replace the storefront lenders and credit companies from the past, like Beneficial and Housekey here in CA. Until the Bubble, those were legit options for home buyers with poor credit or stated income, but who had a downpayment. The interest rates were high, and sometimes the points and fees were egregious . However, the goal was always to refinance out of those loans. Those were straight purchases with promissory notes secured by deeds of trusts. The wrap thing and wrap with lease option thing is way too convoluted for my taste.

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Mohit Madaan
Investor · Stockton, CA · Member since 2014 · 167 posts · 49 votes
11y
Do you work with Foreign investors willing to come up with decent Downpayments?
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Gary Brown
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Real Estate Investor · Fort Lauderdale, FL · Member since 2015 · 8 posts · 0 votes
11y
We can do foreign nationals with 20% down 9.9% fixed no prepay no balloon
25% down 8.9% fixed 30% down 7.9% All of it with no credit ck or verification of income
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Investor · Central Valley, CA · Member since 2012 · 6k+ posts · 3k+ votes
11y
Gary Brown: You say the re-sale to the home buyer is an "owner finance on a wrap". Does that mean you are purchasing with lender/investor funds and re-selling at a mark-up (purchase price and interest rate)?
The lack of credit isn't interesting to me, but the no income verification is. Are you actually re-selling to the home buyer, or are you leasing with option to buy (1-3 years)? I don't see how you could get around the lending regs to consumers.....unless you aren't really lending.
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Investor · Central Valley, CA · Member since 2012 · 6k+ posts · 3k+ votes
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What the requirements for property condition?
What are the lower and upper limits of the purchase amounts?
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Investor · Central Valley, CA · Member since 2012 · 6k+ posts · 3k+ votes
11y
For some reason the OP has written me privately with more details about his lending program. I hope he will consider answering my questions here. IMO there is a need for private lenders in consumer residential. However, it has to be lending....not lease option programs.
@Gary Brown Feel free to post more details here. Those of us that sell retail are happy to hear about a lending product that increases the potential buyer pool.
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
11y
@Account Closed
on the face of this post these loans if they are truly owner finance probably don't meet the qualified mortgage requirements. and I am sure that with your behind the scenes communication.. this owner finance is really rent to own or lease to own. or just plain don't care about the safe act.. :)
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Investor · Central Valley, CA · Member since 2012 · 6k+ posts · 3k+ votes
11y
Originally posted by @Jay Hinrichs:

@Account Closed
on the face of this post these loans if they are truly owner finance probably don't meet the qualified mortgage requirements. and I am sure that with your behind the scenes communication.. this owner finance is really rent to own or lease to own. or just plain don't care about the safe act.. :)
The OP's company appears to sort of pre-vet the buyer and then turns the loan app decision over to the private investor, the one who will be buying the house and making the "loan" on the resale. The investor is the one who actually qualifies the buyer/borrower, which does include income verification. He admits that some of the re-sales are lease options. I don't see a legit way to extend credit in the form of a home loan to a consumer buyer without a complete file. You know, old school ability to repay and credit worthiness. But maybe the OP knows the way. He's free to clarify here. :)
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Investor · Central Valley, CA · Member since 2012 · 6k+ posts · 3k+ votes
11y
I want to say that I'm all for any legit lending program/product that allows for subprime lending by private investors to home buyers. There is absolutely a need for more choices in consumer home lending. IMO we need something to replace the storefront lenders and credit companies from the past, like Beneficial and Housekey here in CA. Until the Bubble, those were legit options for home buyers with poor credit or stated income, but who had a downpayment. The interest rates were high, and sometimes the points and fees were egregious . However, the goal was always to refinance out of those loans. Those were straight purchases with promissory notes secured by deeds of trusts. The wrap thing and wrap with lease option thing is way too convoluted for my taste.
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
11y
@Account Closed
I have seen the sub to wrap to sub prime borrower many times and many times it ends with a huge mess.. especially for the original seller.. And especially with the new foreclosure laws and homeowners lawyer up and trying to find any way that they can get back at the extender of credit that put them in the home in the first place.
Podcast Guest on Show #222
JLH Capital Partners51 Review
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