Question by goheels08: Are Stated Income Loans for Self Employed Buyers Still Available?
My husband and I are trying to purchase a larger home and are having the hardest time. Our credit is good and we have 5% to put down. The problem is that I am self-employed and have made 3 times more money this year than the previous two years. Every bank that I have talked to says they can only go off of previous tax returns and they give no account to what I have made this year. I was advised that the lovely “foreclosure boom” have wiped out stated income loans all together. Has anyone had any luck finding a lender that still offers stated income or low doc loans to self-employed buyers?
Best answer:
Answer by sam k
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Question by Brandon: Buying a house from a wholesaler with an FHA Mortgage? Is It Legal?
I have been looking for a house to purchase, viagra buy and I planned on using an FHA Mortgage to purchase. I have found a house that I really like, viagra 40mg and I want to buy it. However, a wholesaler has a signed contract on the property. He is willing to assign the contract to me or sell me the house; however it works. I plan to live in the house, and I know I qualify under FHA Guidelines. My question though is it legal and legit? Does the FHA even allow this type of purchase? I know the guy is making $ 5,000-$ 8,000 on the deal itself, and I am just not sure if it is allowed under FHA guidelines. I have done research and usually contract assigning is used by people who scout for investment properties.
This is a good price on this house, even though the guy is making some money. Which I really don’t have a problem with. I just didn’t know if the FHA allowed you to purchase a house via assigning a contract for purchase.
Best answer:
Answer by kebe48
Why not go out and find a house you like just as well, it exists, and save that 5-10 thousand for yourself? Some of these deals are pure scams and others legit but you are paying much more for a home tahn you need to right now.
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This is a question for your FHA underwriter. i know that HUD has rules about how quickly a house can be flipped to a new buyer using an FHA loan, but I’m not sure how this translates to the assigning of a contract.
Ask your loan officer if he has ever done an FHA loan on assignment of contract. Might not fly.
sounds like a flip to me. The only way to justify him selling to you for money so quickly is if he fixed it up or there were some upgrades made to the home. Underwriters are very sketchy right now so even if the appraiser brings the value in, the underwrite may cut the value to what he paid for it.
Investors purchase properties all the time, after which they turn around and sell them to someone for a profit.
This could be a great deal, a good deal or just a deal. It is now up to you to do a little home work. Find out the actual price this wholesaler is willing to let the property go for.
Then find someone that can give you the approximately value of 2-3 house that have the same approximate square feet, bath rooms, bedrooms, pool if any.
The other thing is make sure you go through an escrow closing agent and local title company. You want the title company to produce a deed with only your mortgage loan on the property. go over the title report and have someone from the title or escrow closing office explain any and all liens against the property before signing any closing documents.
You are probably taking the property subject to the existing mortgage, which is legal. This is a term that if you don’t understand it have the escrow closing agent explain it to you. Investors purchase property using this method all the time and in some instances sell the property the same way. Using this method you do not have to qualify for a new mortgage loan. You would be assuming the loan of the old buyer.
Now don’t be misguided by those that say you can not assume a mortgage loan, this is done daily by experts who know what they are doing.
Real estate investors can not and do not qualify for each and every house they purchase. I would say they do not qualify for any of the properties they purchase, the mortgage loan approval is much too long. This is the method they use.
I personally use this method of purchasing investment properties both for FHA/VA as well as conventional mortgages that are on a property I am interested in.
They assign their contract to you through escrow and a title company.
I hope this has been of some use to you, good luck.
“FIGHT ON”
A purchase contract is a purchase contract whether it is assigned or not right? If they lender’s qualification letter prohibits it than I think you should be fine!
I’m no attorney and I would consult one if I were you.
Check to see if this is a legitimate wholesaler. When a contract is assigned it can become tricky in that the person (in this case the wholesaler) may not even own the property in which you may be held accountable. Some wholesalers know that assignment of a contract is a loophole in the law that if done right can take unsuspecting buyers into a real nightmare as they go off scot free looking for more buyers.
Now others who assign properties and who are real investors will tell you more about the process, and don’t mind answering any questions you may have before the purchase.
If someone gets nervous or tells you that it will be alright just beware.