All Forum Posts by: Tim Johnson

they have zero seasoning lenders, the rates are good for what it is.  5.75% to 6.5%.  Of course you can always wait but sometimes thats not an option.

You can do daily transaction if you get the bank to sign date and stamp them.  You will need both gift donors statements and the statements the gift funds are deposited into.

I have had this come up on a VA loan before and the VA denied the loan to the lender, so I think you out of luck going VA. Also big thing to check is build date if before June 15, 1976 that thing is dead

What you could do is go back to the previous seller and see they are open to a personal loan on the property.  I have a couple realtor clients do those and then the buyer can buy the house.  You will have to check with some personal loan lenders but for some reason i think 100k is the cap but its worth a look.

thanks for the info.  Sounds like you would like to share a story?

We get a ton of these issues in Michigan with snow melt.  If you have city water, they have a nice system that pulls suction of city water pressure and needs no power to work.  If you have well, the 12volt battery system works, but the pumps are smaller and sometimes they don't keep up.  And when you go to use them it always seems like the battery is dead or dies a couple hrs into the power cutoff.   The water backup is nice.

Put a cover on the top with screen so junk doesn't get in the pit then you will stop the debris issue

The 2 free standing houses are what the problem is just about everyone is going to throw that in the investment property bucket. You need to work with an investor friendly lender.  Quicken is not the answer on that front, they love to pull that stuff.

What kind of proof do you have that you plan to owner occupy the unit? Do you currently own a home? How close do you work to the property? It better be within in 20 miles or so, or they are going to flag it as investment. These are all questions the underwriter is going to ask and demand to see.

Hey Kimberly,   Let me know if you guys get the house, I have lots of contacts in the that area, depending on the scope and scale of the job, I might have someone that can help

Anyone can order an appraisal if they have access to the property.  But if you looking to use that appraisal it can be tricky to get it to transfer.  If i was you I would have a lender order it.

Is it a 1-4 unit?

check your loan docs to see if you have a prepayment penalty most do, some don't.  The hit can be rather large, so that would be the first step