All Forum Posts by: Jimmy Rojas
Jimmy Rojas has started 55 posts and replied 101 times.
Post: First time home buyer, should i use my bank first to get pre approved or broker
- Posts 101
- Votes 22
During the mortgage crisis i worked as a loan officer for a very short period , in that time frame i saw how shady that part of the business was, customers where signing documents blind and for that very reason most lost their homes, everyone was taking full advantage of the situation and trying to get a wealthy as fast as possible before the party was over.
What i dont like working with loan brokers/officers is that there is a lot of jargon in their paper work that they only understand , i wouldnt want to get stuck in bad mortgage deal .
Post: First time home buyer, should i use my bank first to get pre approved or broker
- Posts 101
- Votes 22
I live in Phx,Az , where should i apply for a mortgage loan first at my local bank (wells fargo) or use a broker, a lot of people here tell me to start with my bank as they have all my info, if i get pre approved anywhere i wouldnt be committed/obligated to go along with the deal right ?
Post: Advice applying for a home mortgage with 1099 forms but no tax returns
- Posts 101
- Votes 22
Planning to purchase in Phx,Az and surrounding areas, my equifax score is 700, experian 645,no debt whatsoever, have 1099 for 2022 and 2023 (required 2yrs), on my 1099s it says i make 135k per year, do not have tax returns (yea, yea), im planning to first start with my bank wells fargo.
This would be my first home and at 1st plan to live in it, possible house hack, going for a -$300k loan. should i go traditional, fha , i plan to be on a fixed rate so I dont get surprises later on.
In my situation, what down payment amount do you think will be needed .
Post: Name of deal when buyer pays off sellers loan balance
- Posts 101
- Votes 22
Quote from @Bill B.:
They would go to Zillow, Opendoor, offerpad etc etc. They offer cash purchases. They would get a check within 7-14 days for $250-$300k. Even if they were already late on payments they could stop making payments and get the loan paid off that way.
I got news for you, most people in the U.S dont have not even $50k cash let alone $300k cash liquid.......................
Post: Subject to contract form/s for Arizona
- Posts 101
- Votes 22
Anyone know where i can obtain subject to contract form/s for Arizona.
Post: Name of deal when buyer pays off sellers loan balance
- Posts 101
- Votes 22
Quote from @Bill B.:
Where does the other $300k come from? I assume the seller isn’t selling their $350k home for $50k…
If the buyer gets a loan or pays cash for $350k then it’s just a traditional sale.
If the buyer wants the seller to take payments on the other $300k after paying off the $50k then it’s seller financing.
Personally I don't know if I'd take only a $50k downpayment on a $350k home if I'm using a realtor. If it's a FSBO, the interest rate is high and the term is short, MAYBE. I just don't want to chase payments or try to foreclose unless I'm getting MUCH more than I can get from a cash buyer.
THis is a scenario, its not a deal im working on, people sometimes have accidents or what not and need to get out of debt fast, i know this type of deal exist but i dont know the name for it.
Post: Name of deal when buyer pays off sellers loan balance
- Posts 101
- Votes 22
IM located in PHX,az and would like to know the name of this deal scenario where buyer agrees to pay off completly sellers loan balance, for example , lets say seller owes $50k on a $350k home buyer agrees to pay seller that $50k and is the new owner of said home. Is it a a subject to?
Quote from @Travis Timmons:
Don't buy your first property sub to or seller finance...there are enough question marks on your first deal. You don't need to add risk factors.
How do you have no proof of income? Have you been in this job for 2+ years? What do your tax returns show?
I would suggest getting past the story that you are telling yourself. We all do it, but get out of your internal dialogue and talk with a lender or three to see what they have to say about your options.
Hi, I am self employed, I buy used vehicles at dealer auctions and leave them at a local used car dealer lot on consignment, when it sells after commission and some fees i receive my check.
Quote from @Jana Crum:
Hey Jimmy, congrats on starting out on your investment journey! What do you mean by not having proof of income? Do you mean no proof of a W-2? If you are self-employed, there are specific loan programs designed for self-employed persons as opposed to conventional W-2 financing.
Hey guys, I live in Phx,Az , single no debt what so ever, in car sales business (self employed)and monthly I make anywhere from $3k to $10k after everything, experian score is 640, im guessing with that fair score and no proof of income Im looking at a crappy interest rate and big down payment on at least -$300k, here in Az anything lower than that its because it needs re habing and to be honest i dont have no experience whatso ever in that field and dont want to end up in a money pit.