A couple of great large home pictures I located:
huge property
Image by rebecca anne
Much more fantastic houses click here…
Question by shaneka s: What is the requirements for stated income loans in CA?
my sister is trying to find a lender that will let her due a stated income loan. She makes around 78k a year and has a mod score around 650. She has about 150 monthly debt that she pays every month. The house price that she is looking for is around 250k and she wants 100% financing. Is there still lenders doing stated and if so what is the min credit score. If she can’t do stated what is the lease amount of paper work she has to provide the lender?
Best answer:
Answer by mscarriem
There is no stated loans anymore at 100% financing, story why does she want to go stated anyhow, buy she should qualify fair and square and provide the proper documentation to show she can afford the house, there are lots of mortgage calculators she can check out and see what she can afford on what she can document income wise. Most lenders now also require 5% down if she is buying in a area that is in a delcining market which most of california is. SO I wish her luck, remember if she is trying to go stated to avoid showing income because she is stating more than she makes, that is a federal offence and she will go to prison, and pay fines for lying on mortgage documents,
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Question by bsbro: Types of mortgages for a commercial building?
I am trying to purchase a mixed use building (5 residential units and 2-4 commercial stores) in NJ. I know that commercial mortgages are a little different from home mortgages (i.e. there are no 30 year loans).
What different types of mortgages are available for purchasing a building like this?
Also, dosage the money borrowed to buy a home is called a mortgage, is it also the same term used for buying a commercial property?
Best answer:
Answer by MtgAdvsr1
They actually do have 30 year loans! The market has quite a bit of programs for Commercial purchase loans. Most of the financing available is similar to home loans the biggest difference is how you qualify for a home mortgage vs a commercial loan.
We have 30yr, interest only, balloon, and adjustable loans for commercial loans.
When you are buying a commercial property they refer to the money borrowed as a loan and not a mortgage to answer your last question.
Feel free to contact me if you have any questions, I would love to help.
Add your own answer in the comments!
I would call lenders to get information on mortgages, make a few calls, they will be happy to help you, ask your agent to recommend a few good local lenders in your area. Talk to 2 or 3 and see who gets you the best loan package for your project, and keep two lenders in place so you have a backup in case the first lender is unable to secure the loan for you
Commercial loans have only a little similarity to commercial “business loans”. The common denominator between the 2 is usually you. They almost always use your credit, your current assets, possible using your equity in other sources (as a means of collateral). The other factor of course is the actual property you wish to purchase. If it debt services strongly enough, many options can open up to you. Commercial business loans are a lot more complex than residential and take considerably longer to complete. You would be surprised what is available to in the commercial market for a loan. Each loan scenario has it’s own conditions, and you need a professional consultant to help you find the loan that best fits your need. I know of 30 year loan options, 90% loans, leverage buy-out investments, SBA loans (7A & 504), Stated Income, etc.