All Forum Posts by: Marcus Mccray

If anyone can beat 3% plus $495 Commitment Fee I'm all ears. I will need funds around Feb 15 (depending on what day funding lands on) in the amount of $285k+closing costs.

Doing back-to-back closing.

Oh yeah I'm all over that the 90 Day Flip Rule waiver!!! When that came out I don't know how my fiancee' got me off the floor!

Sorry for so many replies but last thought....

You qualify for a VA loan (and FHA for that matter) with a 620 credit score so you can apply sooner than waiting for your score to hit 700.

To Ron and Kevin,

His post says his goal is to qualify to purchase a home if need be. He could but doesn't want to use a VA loan.

Alex,

Why wouldn't you want to use a VA loan? It's 100% financing, no down or closing costs involved except for up front mortgage charge which is I believe is around 1% of the loan value. and you might want to check with your tax person cause I believe there also tax benefits also.

Alex,

I do credit repair for those trying to qualify for home loans specifically and Ron hit the nail on head!
Get all your balances on your active revolving cards below 30% of the respective limits by asking for limit increases or paying them down.
By doing that alone you will see a dramatic score increase in just months.
I've gotten a client from 0 to a 700 (699) score in 4 months.
Oh yes ALWAYS keep a balance on your cards just never over 30% of the card limit.

Attention: I don't know if this will apply to those without an RE License but I read that per CA Law it is against the law to have sellers sign over the deed to you the investor before the seller's right to cancel period has ended!!!!
***Is on the new NOD Purchase Agreement, CAR form.

Mitch,
Can you send me more info on the option approach?

What about this idea????

Any and all input would be appreciated! Especially from experience!

I have just begun negotiating with a bank to buy a short sale which I plan to double close. The home owner is willing to put me on title in an attempt to get around the 90 day seasoning clause. My first choice is to sell to a cash buyer but I'm doing this to have another route to be able to sell to a retail buyer.

My concerns are:
1. Will this kill my deal if the short sale lender discovers this?
Note: I have done a short sale a year ago where father deeded property to son with no mention of the transfer by the lender

2. Is it better to add myself or have seller transfer 100% ownership?

Hey Bill and Rob,

Is there anymore info you can give on this? I am currently in process of buying a short sale (getting it approved) in order to flip it. I was going to have myself put on title while the short sale approval was in process to try and avoid the 90 day seasoning clause. How would I go about about buying the note (assuming that the bank approves my price)?