Mortgage/loan confusion....?

you should not have the problem to get 100%- 105% loan with your credit score.

lender will not penalize you for selling the property after couple of mth.(you need time to fix the house and sell after)

banks don't consider any potencial income- they only consider what you make in the past 2 years.

if your boyfriend have of the book income, that's why lenders create no income verification programs- you can't proof your income,but we belive you, because paying taxes is between you and ancle sam.

no income verification programs come with higher interest rate and plus 100% financing mortgage will make them even higher, but if you will find good flip and you sure, that you will sell quicly - rate is not important that much, because you will keep this mortgage for very short time.

calculate your total investment money, like how much money you need to fix the house and add 20% (those are cost you don't have idea you will have to pay before you start remodel and you going to do this for the first time) and of course calculate 6mth of mortgage payment ( hope you will sell this house in less time then 6 mth, but today market...) if you have enough money to cover all the expenses- you ready for your flip. trust me i did 3 flips in my life .better to be safe ,then sorry.

if you don't sell this house, after remodel -you can refinance the house- the value of the house will be diferent after you fixed and you will get better rate and maybe you can rent out this house and wait for better market.

i don't know what state are you from, but there are also remodel mortgages and you can borrow the money from the bank to fix the house and of course lender will consider the value of the house before remodel and after, but you need to talk with your local loan officer, and see what options are available to you and will work for you, unless you are from IL and I can help you.

First, you need to speak to a mortgage broker. Banks will not help you much in this circumstance. Brokers have access to many more flexible plans and can look into private financing (hard money) for you.

Second, check out my mortgage blog to learn about the mortgage process: http://explaintome.blogspot.com/

Now,

1. No for the reasons already given.

2. No, but there is a different way to use this income.

3. The best advice I can give you is to open up a checking account with your boyfriend if you haven't already done so. If you take 12 months (sometimes 6) of your bank statements to your mortgage broker, he will add your deposits up and use it as your yearly income. You'll have no deductions or depreciation eating into your yearly income this way and you'll never have to show him your taxes. More and more lenders are using bank statements as full documentation so that it won't hurt your interest rate compared to stated or no documentation programs.

For a traditional Non-Owner Occupied Purchase you would need at least 10% down. There are some "creative" financing alternatives that can lend the extra 10% in a second mortgage.

There is also one lender I know of that will refinance the day after you buy the property and will use the appraised value of the home after improvements are made to qualify you. If your total borrowing amount is less than 65% of the after-improvements value (usually your final sale price) then you can use this unique program.

These types of programs are only available through mortgage brokers so find yourself a good mortgage broker. They can include all your fees into the interest rate of the loan, and like a previous answerer said, what do you care how high the interest rate is if you don't plan to keep the house.

If you are in PA, then send me an email at Proj1423@yahoo.com.

If not, open your phone book and keep visiting brokers till you find one you're comfortable with. As an investor it's good to use one broker continuously. He'll shower you with perks and cost reductions.

#1 Ha ha ha ... NO

#2 Ha ha ha ... NO

#3 Your good credit will help you immensely. HUD has a special loan program for rehab houses and there are other government programs for first time buyers that include down payment assistance and/or grants (the grants might not be an option because they are actually forgivable loans spread over 5-10 years that you never pay on). If you need help finding the first time buyer government programs, email me where you live and I will help.

Your low income will pretty much determine the amount you can borrow, but I am sure you will be able to find 97-100% financing after talking to a lender. If you need some working capital for rehab maybe your Realtor can write the contract in a way to have the seller concede some cash at closing (assuming the appraisal can cover the difference). Did you ever think about getting a partner (who has money)?

1. Unfortunately, no. A conventional lender will only give value to the collateral based on its current condition. (You'll need a conventional loan for 100% financing. There are hard-money lenders who will finance based on After Repair Value (ARV) but the typical LTV is 70%.)

2. They will consider your boyfriend's income only if it can be verified, or they can use stated-income if he's been in the same line of work for at least two years.

3. I can!

Rick Lanicek

http://www.primelendingonline.com/

I'm thinking 100-105 is a first time buyer option,in which you would have to assume the residence...

I don't think they will consider the flip..Don't think they will consider his off the books income but may consider it yours,you could call it rent..

Stop by the bank and sit down and talk to a loan officer,don't let them run your credit til your sure you found the rite bank,you can shop around..Don't do any of the online morgage finder things,more pain than its worth and could pull your score down..

Most people that do real estate start off with some cash in their pocket and the bank may require a chunk of it upfront..

The "off-the-book" income will raise red flags with any potential lender.

Not only does it suggest job instability but it also reveals an underlying tax liability which could jeopardize their position down the road.

Buying and selling real estate is a business and as is the case with all businesses, equity in the project is a number 1 priority....usually a minimum of 25%.

I can get your loan done! I am a mortgage broker whp works with over 100 lenders nationwide and many that have programs that fit your specific situation.. Please contact me at your earliest convenience, I would love to go over everything with you! Jcorreahq@yahoo.com or you can call me direct at (813) 655-9826 Joseph Correa/Consumer Lending Resources

Dealing in potential would be bad business for a bank in my opinion, so I would say no to #1.... now if you were to present that to a private person who wants to invest in you, then that might work.

Instead of guessing use this free resource to find out.

http://goaddr.com/8jk

There is nothing wrong in trying! That way your mind is at rest and you know your options.

Richard Lee and Jamie Lewis asked the same question. You should see their answers side by side.