calling sassy lil brandy

Hi There...

FHA requires a 620 middle score. I work for a nationwide credit union so we don't bump the rate up for having this score. Meaning, as long as you have a 620 middle score, you get the same rate as someone that has a 700 score. Today's rate is 4.75% on a 30 year FHA loan.

Refarding the gov stimulus bailout for foreclosed homes. That is something that is lender related and is till in the works. At this time the government is not giving assistance to someone for buying a foreclosed home. The only stimulus that is out there is the $8000 first time home buyers tax credit. And it's not exactly $8000. It's 10% of the purchase price. A max of $8000 is given.

Again, as long as you have a 620 credit score. With us, since it's a nationwide credit union, and you don't have to be a member of the credit union to get a mortgage through us, you get the same rate as someone with a 700 score.

The 3.5% down has to be actual cash. You can not use equity from other parcels. The 3.5% down also has to be tracked. Meaning, if all of a sudden the 3.5% shows up in your bank account I have to have documentation showing where it came from.

If you are wanting to refinance your existing home, you do not need money down for that. The only out of pocket expense you will need is for the appraisal. The other cost are rolled into the loan amount. If you presently have an FHA loan, you can do a streamline which doesn't require a credit check or an appraisal.

I think I covered it all...lol

But please feel free to ask more if you need to.

i currently have a conventional 30 yr term with local bank variable interest..is there a loan out there to make my rate fixed w/out a credit check? i haven't always had not so good numbers..we have 10 yrs or so of equity which amounts to?..

also, is there a government loan available to fund multiple family dwellings if i am looking to put them into hud approved properties?

Is there a mortgage out there to refurb homes to hud approved?

i also want to expand my real estate parcels for commercial use

FHA is the only loan you can change without a credit check. And it still requires that you have no lates on your mortgage in the past 12 months. But thats the only requirement.

FHA only allows you to finance an owner occupied property. You can finance a 4 unit home with FHA but you would have to occupy one of the units.

FHA as a product for owner occupied properties only that will allow you to purchase a home and take extra cash to fix the home up. But it's not for investment properties. Only owner occupied properties.

Once a property goes to commercial status, in order to get financing for the property you would have to do a commercial loan. A home loan no longer is available. Even if you have an apartment up stairs, it's considered mixed use property.

so whats happens to a loan if it property was purchased as owner occupied and the owner moves to a single family home? I currently live in an apartment unit with an owner/occ morgage..w/no lates ever..will i have to refi before i can buy a singel family and move? it is commercially zoned yes

No. You can keep the loan you have. If you ever want to refiance you will have to use a commercial lender. If it's only 4 units it can still be done as a home loan.

You can purchase a single family home. As long as you have the income to prove you can pay for expenses at both places you will be fine. That is if you are planning to keep the unit that you live in now.

do you know anything about credit files for llc? how are they scored interms of commercial loans? I wanted to use my personal scores for single familiy residence and bussiness scores for commercial loans for additional properties..or will they need my personal scores for that also?

i've kept my bussiness score clean..not a blemish..one cc paid on time for 8 yrs and utilities..thats it!

Well, my personal scores have not been so lucky..mortgage on time(3 of em), but then comes the collections the last one was 5 yrs ago(but paid now)..but still my score has somewhat suffered compared to what it used to be..

just kinda wondering how mesh the two scores together or don't they?

i have wonderful cashflow, and can show account balances supported by legitimate bussiness transactions...i was hoping to keep personal vs. bussiness seperaate..

Here's where my knowledge stops....lol

I know very little when it comes to commercial lending. I used to do commercial lending about 8 years ago but so much has changed.

I know that Commercial loans have higher rates then home loans. They're considered a higher risk. I believe that it will depend on how they calculate the risk factor. You may be required to use your personal credit file.

I really wish I had more knowledge on commercial business to help you, but so much has changed since I dealt with commercial loans.