All Forum Posts by: Daniel Demint

John,

Thank you sincerely for your help and quick responses, sir. I'll see what lenders can work with, with my current home.

Hello John,

   Thanks for the reply. Myself and my Wife currently own a home (in my wife's name) that I make the payment on. I have a pretty extensive credit history with no missed payments. Is my only option to buy a cheaper house? Or are there alternatives to the "averaging" technique? 

I've hit another brick wall in financing a property. In March 2016 I had previously attempted to finance a property through a big bank. Was pre approved but didn't find a suitable property before pre-approval deadline. Fast forward to now and there is a property that fits my needs. The financing issues now: Firstly I have decent credit: 708, 703, 685. Secondly, my income is flat rate with a consistent average of $760 per week. The property I'm interested in has a sales price of 70k and is listed on the hudhomestore website. It honestly doesn't need much of anything but may require a renovation loan based on listing. The issue I'm having, embarrassingly enough, is that I didn't get into this current job making $760 per week until Late March of this year and my previous job income was pathetic making $11 per hour at 37 hours per week. I've doubled my gross since March. The problem comes when the few banks I've spoken with average my current income/ytd with previous 2 years w2's and can't get me to even 70k based on their rules. I know damn well I could afford this home and pay accordingly. Are there any other options or ways around this? Can anyone help? Any advice would be awesome.

Thanks,

Dan 

Thank you both for your input! I did find a lender today who'll do a 203k transaction with me on this property.

I've found a very pretty property with 10 acres, 2 car garage, Huge front and back decks, big pool with deck, back yard is literally state forest. The home itself is 3 bed, 2 bath, 1 story ranch home.. 1550 square. Ft. I've already been pre approved on the price, but I can't find a lender who'll loan on this home because it has been sitting and now has mold throughout. I really want this property, but everyone is saying it probably has to be a cash deal. What are my options?

Shawn Thom, 

   Thanks for responding. No rehab in the financing. Basically, if I tell the lender it will be a flip, am I still going to pay the standard 20% down because it won't be Owner Occ.? I've been trying to think about if it's at all possible to find anything less than 20% down for this type of transaction.

Do lenders consider a potential flip as an investment property (as they do a rental)? Do I come right out and say "Yes, I want to fix this house up and flip it"? Not sure how to approach a lender on this subject.

Thanks Phillip and Anson! I've researched hard money with refi, but never really knew how long you had to wait before you could get a refi. If 6 months is the waiting time minimum, this would definitely be something for me to look into.

Side note. This home would actually be a rental. A 3/1, 1 story.

Thanks for the response, Jonathan! Down payment isn't issue, as this home is somewhat dilapidated, and listed at $12,000. That number is extremely low, but in my market, you can easily find homes that cheap that may need as little as $10 - $15000 to retail. This particular home would easily go for $47-$54 ARV. I may even have an issue getting a mortgage by itself for this pricetag.