All Forum Posts by: Max Matrin

The American banks likewise have been ordered to tighten their mortgage regulations and underwriting criteria quite a bit, similar to the stress testing Karl describes. The old rule of thumb was that a prospective borrower could get a mortgage of about three times (2.8-3.6) times gross household income at interest rates in the 6-8% range. That makes a 180K loan on a 35K gross income completely unrealistic.

modular home, unlike a manufactured home  is a home that adheres to the same construction codes as a site-built home. Modular homes are typically constructed at a manufacturing plant or facility, in 3 or more pieces, and then transported to a permanent site on a flatbed truck to be assembled on a permanent foundation. Modular homes are often confused with manufactured homes. It was difficult  finacing to modular homes . 

 Its depends upon you which type of loan you want . According to me the Home lonas are the best . 

I have been trying to make a deal for the redevelopment of old mobile homes into a nice RV Park. My personal credit is all messed up. I can cure that with a blanket lien on my paid for properties. The lenders or loaners have hidden under the rocks. They are not friendly. They shy away from anyone who isn’t already loaded with money. The sad thing is having property in a location that is the best for a transformation and no one wants to help. I don’t want to sell out to a developer. I want to be the developer. This is a hard sell in my area. I am not a politician and that may be the broken spoke of the wheel.

Aliant Bank provides conventional, FHA, VA, and alternative lending products, Aliant's mortgage division combines a broad array of mortgage options with state-of-the-art technology that helps streamline the mortgage process. With offices in Birmingham, Montgomery, Pell City, Auburn, and Alexander City, Aliant provides the feel and personal service of a hometown lender, but with national-level capabilities. Aliant Bank also provides Birmingham AL.

We just bought a house: with insurance, taxes & mortgage, we’re paying 15% of our income per month. It was important to us that we live well within our means. Though we do need to do some significant/rather expensive projects on our house, since the previous owner didn’t do a lot of maintenance.We live in Baltimore, where housing is generally reasonably-priced, though you need to be careful about the neighborhood you choose.

I live in Silicon Valley and you have to shell out 1.5m to get an okay house. So does it make sense to put all 400k on that house which is what would be required to get a house in that price range based on income, or do I just accept that I can't afford a house here and put all that 400k in stocks/bonds and keep saving until I can afford something?

Rehab loans are usually provided from private money sources. Typically, these rehab lenders have in depth knowledge of rehab loans and are in an excellent position to come up to speed rapidly and give you a funding answer.

Bank loans are business loans offered by commercial banks or specialized banks such as Bank of Industry, Bank of Agriculture, Microfinance Banks, etc. Some small business friendly banks offer low interest rates and long repayment plans.But most bank loan applications are not approved due to very strict loan approval conditions, such as the requirement that a business must have operated for a certain number of years before being eligible to take a loan.

If you get an FHA loan, which is common among house hackers. House hacking a 4-unit property, living in one of the units and renting out the other three, was actually my first venture into real estate, and I'd like to share my experience.