All Forum Posts by: Alex Correa

To add to @Tyler Bobo comment. If the deal is seller financed maybe you can switch it and find a hard money lender and convince the seller to finance the 50k. You would need to find a lender that allows 100% CLTV.

Hard money is strictly for investment purposes so house hacking would be frowned upon. 

Dan Marro I would disagree with other two comments. For me third party services would include insurance and title charges which have nothing to do with the the points on the property. If you are using hard money to make easier they might still do the closing with a HUD1. Check the 800 section and that would outline lender cost of loan.

Jackie Romo hard money on a primary will be a no go.

Adam Britt the HML is not going to take second position but maybe you could convince your family to take second position on the funds being lent. Most lenders won't be thrilled to find out you have a cltv of 100% but you will find a few who don't care as long as their first position is secured. Best of luck.

Ayodeji Kuponiyi Scam all the way.

@juan rincón. Can you pm me more information.

Any questions feel free to reach out. Thanks

@Dulce Beltran In theory yes. ARV and as is value will determine whether you can do the scenario or not. In order to do a $200k loan with a lender that does 65% ARV the ARV would have to be at least $310k. The next issue would be title seasoning requirements. If structured as a rehan loan then yes what David stated is accurate you would have to front the rehab and submit proof that work was done so lender can reimburse you and use that money for phase 2. i would suggest to partner with the seller to rehab. PM me if you need more info.

Tony Karns I am a hard money lender in Florida. All the loans I do don't report to credit. However credit drives the rate and ltv for us. So it doesn't report but we do a credit pull. In your loan application for TX the hard pull will come up and they will have you sign a form with all recent hard pulls stating whether you received loans or not and discrepancies in credit report and ask for explications. At that point you'd be lying on your application because if you say yes now you have to factor payment into your DTI if you qualify no biggie. If not dead deal. Try to see if the HML you are using would be willing to use your credit report and not pull a new one. Also omitting info technically is lying on your loan application.