All Forum Posts by: Bill Hamilton

Sorry. As @Jay Hinrichs and others indicated, ain't gonna happen with a Hard Money Loan. Keep in mind that your first position lender most likely won't allow a second position loan to happen for the deal to close. And HML people really don't do second position. Unless you are at a stupid low LTV to start with. Realistically you have to have a JV or equity partner to do this unless you can pony up the down payment on your own.

1. Check with a mortgage broker or bank but.....I can almost guarantee that you won't be able to get standard conventional financing until you have been Self Employed for at least 12 months. And even that is due to a recent change that won't be forced on the GSE until February or so.

Well @Andy Webb I won't disagree with you on your experience. I will say that you, as the prospective borrower really have nothing to lose so what the heck. You might as well give it a try. The appraiser on the other hand should really not take input from you. They are supposed to have a firewall around them and are supposed to base their value conclusion on their own experience and opinion. The whole reason all these changes in how appraisals are ordered/done was supposed to be to prevent outside influences from pushing a value one way or the other. But it's the appraiser that is risking many things if he allows that. Not you so.......

Not really. If it's a bank appraisal then neither you nor the bank are allowed to talk with the appraiser other than ordering the appraisal. Assuming it's a bank appraisal, talk to your loan officer there. They usually have an appraisal review department. See what they have to say. If they agree with you, then sometimes they can/will order appraisal. If they don't agree with you or just aren't sure, sometimes they will offer to order a new appraisal if you are willing to pay for it (in advance). Good luck!! Let us know how it turns out.

I would primarily agree with @Bill S. here, but this is not "illegal" in the sense of police officers showing up at your doorstep. If you signed the Buyers Agreement then you are technically in violation of the contract. In reality most decent agents would just tell you that it is not customary for the buyers and sellers to talk directly because it can cause confusion when the agent is out of the loop. And generally if you violate the terms of the contract, unless their is a specific penalty laid out it just means the contract can be voided by the agent. Of course if you did sign one and you purchase any house within the timeframe specified in the contract, then you owe that realtor their commission. But I would say that to me this seems to be a very unprofessional approach on the part of the agent to, in essence, try and intimidate you into remaining silent when you established a connection with the sellers that could have benefitted you. I would not personally want to work with an agent like that but I don't know about the agent situation in Pueblo and will defer to Bill S. and others on that point.

Water share agreements are usually laid out in the title/deed. If you financed this purchase, I doubt any lender would have allowed this to close without the rights being spelled out and not subject to the other owners whims. If you got title insurance on this, go back through your paperwork and/or contact the title company.

I don't remember the detail on a VA loan so I will defer to the previous poster on that. Contact a decent mortgage broker. I don't remember which does what but I know Fannie and Freddie deal with rental income differently. Chat with a broker that understands these differences. They should either know off the top of their heads or be able to find the guidelines in a few minutes.

Maybe someone else will pipe in but I would guess the only way you can even get close to that LTV is to go FHA owner occupied. With 20k income you could qualify if you don't have a lot of other debt. What you aren't going to be able to get is an extra $100k in rehab costs. Your income just won't support it. The only way I see it happening is with a partner. But hopefully someone else here will have a better idea.

Actually FHA does commercial loans also for apartment complexes but the LTV etc is far different from a standard 1-4 unit FHA loan.

Find yourself a good, national title company. Maybe go with First American or Old Republic. They can run a title search for a few dollars and they generally have title plants in all or almost all states. I think the last time I asked, my title company charged $10-25 for a prelim title search depending on where it was located. Well worth the money to know how to structure a deal. As a former mortgage broker/lender I can almost guarantee it was your lender that killed the deal. Lenders don't fund deals without clean title or without everything being paid at closing. Call your lender and have him walk you through it. In fact, they probably didn't kill it, they probably just added "stips" that require all liens etc to be paid prior to or at close.