All Forum Posts by: Julian Barnes

Okay..great info Ash01. Thanks greatly.... 8)

I too, have been around the world of Mr. Whale Big Bank and have now come full circle. This gem is priceless....

Here in my part of NC, we have about 10-15 communtiy banks within a 15-20 mile radius of each other. Brilliant! God is good!

Based on your experience(s), can you give me some questions I need to ask the LO @ the local community Banks?
For example: (Do you sell your mortgages to other Big Banks? What programs do you offer, -HUD/FHA etc.?)

My plan is to VISIT these institutions in person next week, speak w/ them of MY plans of action, and just want to make sure I get the answers and results I want.

Thanks for the info again, and good living to you... :groovy:

Jugo, USA
"Just crease, crumple; cram. You'll do fine."
-Newman (Seinfeld)

Ashamann

Thanks for the response and heads up! :)

In your honest opinion,...are community banks the best in providing favorable options? (HUD / FHA / FANNIEMAE)

Thanks in advance..

Jugo

Yes TC, it DOES help! Immensely enormous info on my part b/c I was under a complete misapprehension. Thanks greatly...

Ok, so if I bid as an "Investor" during the bidding only period, are the qualifications for bidding different than compared to that of an OO?
For example, higher credit score requirements? More downpayment?
Refi requirements?
Since this is my 1st home purchase, will that matter? Is the Investor Bidding period restricted to ONLY seasoned investors? (5 or more homes)

Thanks for clarifying the above questions in advance. I'll do an addtional "post" search on the subject of Investor Bidding. Pretty sure there's a lot of info here on BPockets.... 8)

Jugo, USA

Thanks TC for the response and breakdown.
I just had a few additional questions regarding your last post....

You said to "throw out" all those $100 DP's if I'm not living in it"

I'm confused about this statement, because I was told (thru H.U.D / FHA customer service/ Biggerpocket HUD forums) that you CANNOT REFI/SELL under 12 months w/o penalties, your ONLY option is to rent or livein it for 12 months, then REFI, SELL or whatever!
Please correct me of my greenness here if I'm mistaken in my info...

I also know, thru research diligence, that the 100 DP is NOT available to investors during the "Investor Bidding Period. The only time the 100 DP is valid/available is when bidding O/O.

My plan is to buy and RENT/HOLD for as long as humanly possible to reap all the benefits of long term home ownership. When the penalty period is over, THEN refi and go to the Super Bowl. -Well maybe not the latter, but the idea is there... :groovy:
Since I've got over $3000 to assist w/ paying my OWN c.costs/earnest, the ONLY thing now is to find a home that DEALS well. (i.e: good area, good numbers, etc.)

SO,..if my query is incorrect and needs correcting as I'm totally confused now...please advise...

Thanks in advance..

Jumungus
"Let all that does not matter, TRULY slide!!" -Tyler Durden (Fight Club)

Alt08, WHoa.....!
Thanks for the link and the info. Now that you've broken down the criteria, it makes it ALOT easier to read. I appreciate totally.

Now it's on..... :groovy:

Good luck on Monday...

Jumerican Express

Great response and great link!

You guys are like cold beers on Summer days!

Qustion for alt08--
You seem pretty knowledgable on how to read those numbers.
Can you elaborate on how to find whether a bank is desperate for biz or not based on the numbers shown?

Thanks in advance...

Jugocious
"One thought he was invincible, the other thought he could fly. They were BOTH wrong!" -Steven Seagal (Above the Law)

Hi all...name's Jugo.

I'm just starting out, currently shopping for financing.

My question is to the Vets:

Upon searching for some LOCAL banks in the area, I was befuddled to find that most banks have more than ONE branch. Duh!
Okay, so I just want to know what classifies a LOCAL branch as being a LOCAL branch?

For example, do we look for Community Banks in the search? Banks with NO more than 5 branches in the State?

Thanks for the timely responses in advance...

Jugonian

Ohhh Mike. You are scratching me right where I itch..
This question has been on my brain for ages and you answered it vangloriously! Thanks dude :groovy:

As a soon-to-be 1st time homeowner, do you recommend ONLY smaller local banks? You mentioned that you go to smaller local banks and get better rates than Mr. Whale @ the Bigger Bank USA.

Can you provide a some input (for us rookies)of how to go about finding the smaller local banks by state? Online link? Do you recommend going to the local bank in the city that the house is located in or do you just use 1 or 2 that know who you are and what you do?

Im asking these questions b/c I'm shopping for a loan currently and want to waste as little time as possible in getting what I want.

Jugantic

"The more you shoot, the more you score and the LESS you lose. You cant win if you dont shoot the ball!"
-Micheal Jordan

Hi all...Jugo here.

I"m currently shopping for a loan for my 1st home purchase, and I had a question about HUD and was hoping, no, counting on the pros here to answer a few pertinent questions I know several rookies here have thought about also..
Thanks for your timely response in advance....

Question 1: When a HUD home is "Price Reduced", does the buyer recieve the difference to the amount of his ARV?
For example: Reduced Price: 52K
Original Sale Price: 65K
ARV (comp) : 82K

What would the GROSS equity be when I purchase this property? Do I subtract the difference of the Reduced price vs. ARV to get TOTAL equity amount? In this example, would it be 30K? I KNOW HUD factors ONLY as-is value when pricing if the home has been sitting for awhile, which is why it's reduced in the 1st place.

In full disclosure, I am FULLY aware that repairs, etc. play a role in HOW MUCH equity will be available after purchase but just want to know what / how to calculate equity ONLY. Thanks.

I'm finding some really HOT deals on HUD website, but want to cross T's before jumping into a home I'm hoping will bank me and not break me.

Question 2: Has anyone purchased an HUD home using FHA financing?

Their website mentions a $100 down payment if financed using FHA! Count me in like Bingo if this is the case!

If so, how many properties can you purchase before you're able to buy another using $100 dp? I'm guessing that once you show proof that your CURRENT home(s) are rented, you can repeat the process again using the same methods?

Thanks for any and all input....

Jugganaut
"you are NOT your job, you are NOT your car, you are NOT your f'in khakies!" -Tyler Durden (Fight Club)

Ohhh Jax...excellent strategy.

So I would, for example, go to my bank's REO dept, (let's say..Wachovia) and get directed to the REO agent(s) handling there REO's. Then just make offers thru them, DIRECTLY to the bank! Brilliant!
That seemingly would cut down on the banks "lagging" on the counter. Makes sense b/c since the agent works for the bank itself, he/she can tell you what the bank will consider, and not just throw numbers to the wind HOPING it'll get accepted. You can BOTH buy direct from the bank (best deals) and avoid paying commissions to a realtor whose not playing fair. (lazy, does'nt return calls, etc.)

Brilliant!

Ohh Jax, you're scratching me right where I itch..... keep it up!

Jugantic