All Forum Posts by: Account Closed

I am considering purchasing a manufactured home on 5 acres in Northern California.  I want to know if it is a good investment -- if it will qualify for lending in the future, be re-sellable in a few years and hold its value. 

The home was manufactured in 1977 and a 433a foundation will be installed before the close of escrow, so it will qualify for a conventional loan.  It is in good condition, well-maintained with a recent remodel.  I will use it as my primary residence, but want to be able to rent or sell it (relatively quickly and with no loss) in a few years.  

I know that currently, many loans do not cover manufactured homes and those that do require them to be built in 1977 or later.  Does this date change often?  For example, if I want to sell in 5 years, will lenders then be requiring homes to be built in 1982 or later, and therefore my home wouldn't qualify for a loan?  (The cost of the property is $200-220K, in a very rural area, so a cash sale would be unlikely).  Will I have a hard time selling if I want to and finding a buyer who can get a loan?  The foundation is going to be put in, so that shouldn't be an issue for the next buyer.

What other factors should I consider buying a manufactured home of this age?  I know that stick-built is preferred, but is this a sound investment if the home is in good condition?  

Thanks.  

My spouse and I want to find a loan for our first home purchase. We are self-employed and 2016 was our first year of business (so we have no returns from 2015). I have been told that Freddie Mac loans can be approved with just 1 year of tax returns for self-employed applicants. We want a relatively small loan (about 200K with 10% down). Our combined AGI is roughly 35-40K. 

We are buying in California. This is for a single family home that will be our primary residence, so it is not a rental/investment property. 

Is this feasible?  For how much will we qualify with this income? What documents will we need to provide? Can anyone recommend a mortgage broker or lender that specializes in these types of approvals?

Thanks for the help.  

I need a loan to finance a home that will cost $80-100K.  I can put 20-25% down.  I'm looking for a no-doc loan but don't know exactly what kind of lender and loan I should be seeking.  

I do not qualify for a traditional mortgage. I am self-employed but did not make enough to file taxes in 2015, so I can't provide tax returns, W-2s or pay stubs. I need a "No Income Verification" loan. My credit score is about 700. I do not think that the properties I am looking at would qualify for a traditional mortgage anyway, as they are slight fixers / cabin-style properties.

This would be an owner-occupied, residential purchase for my own use. I might rent it eventually, but it's not a typical fix-n-flip or investment scenario, and I would need more than 12 months to repay the loan.

What are my options? I have read about hard money loans, but most seem to be 12-month loans for commercial investment only, not owner-occupied. Do I need a private lender? A sub-prime loan? I have also looked at sites like prosper, upstart and lending tree, but they all seem to require more income verification than I can provide.

With a pretty good credit score and a need for only about $60-80K, where can I find a no-doc loan to finance this purchase? Should I work with a mortgage broker?

The properties I am looking at are in California and New York.

Thank you for your advice.

I need a loan to finance a property (single family home) that will cost about 80-100K. I can put 20-25% down.  This is my first property purchase and I am wondering what kind of loan I should seek.  

I do not qualify for a traditional mortgage. I am self-employed but did not make enough to file taxes in 2015, so I can't provide tax returns, W-2s or pay stubs. So I believe I need a "No Income Verification" loan. My credit score is about 700. I do not think that the properties I am looking at would qualify for a traditional mortgage anyway, as they are slight fixers / cabin-style properties.

This would be an owner-occupied, residential purchase for my own use. I might rent it eventually, but it's not a typical fix-n-flip or investment scenario, and I would need more than 12 months to repay the loan.

What are my options? I have read about hard money loans, but most seem to be 12-month loans for commercial investment only, not owner-occupied. Do I need a private lender? A sub-prime loan? I have also looked at sites like prosper, upstart and lending tree, but they all seem to require more income verification than I can provide.

With a pretty good credit score and a need to borrow only about $60-80K, where can I find a no-doc loan to finance this purchase? Should I work with a mortgage broker?

The properties I am looking at are in California and New York.

Thank you for your advice.

 Are those loans based solely on credit scores?  Would I qualify without W-2 and tax return documents?  

 Thanks for the suggestion.  I didn't mention in my original post, but this would be a personal-use home -- for living and home studio/business use, and not a flip-renovation or pure investment property.  Does that make a difference in a hard money loan situation?  Thanks.  

I am looking at a piece of property that will cost about $65K. I can put down $30K but would like to borrow the rest. This will be my first real estate purchase and my first loan. I am unsure what kind of loan I should get or for what kind I might qualify. A conventional mortgage? A large personal loan? A private lender or hard money?  I am still learning the basics about loan options.

I have very good credit (650-700) and no recurring debt payments, but I am self-employed. I didn't earn enough to file taxes in 2015 so I have no tax returns from last year or W-2's to provide. I do have current bank statements that show regular deposits of $5K/month. I don't want to wait until 2017 when I have 2016's tax returns available, as I would like to buy the property now.

I would think that with a high credit score and such a large down payment, I could get some kind of loan, even if at a higher rate and with shorter terms -- but I am new to this and don't know where to start.

Other details: I live in California but am buying property in New York. The property is an older home, built in 1880, which needs some finishing -- so it might not meet all the requirements for a traditional mortgage loan.

Where should I begin?  Do I need a mortgage broker?  A loan officer? 

All advice is much appreciated.  I'm not seeking recommendation for a particular lender, please, just the kind of loan most appropriate to my situation.  Thank you!