If you don't show your income here in the U.S. It might be difficult for you to get a loan here. Maybe you can supply the down payment money to your relative and they could qualify for a loan.
Feel free to email me and I will point you in the right direction by referring you to a mortgage professional.
If you are able to purchase a home here, I will refer you to a good property management company.
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Yes, its possible to get financing for an unpermitted garage to bedroom conversion which is quite common in many part of the Bay Areas. As long as the work is done in a workmanship like manner its acceptable. I have done loans for homes that fit into this category with no issues at all going FHA. Also, no value will be given to the unpermitted conversion.
Typically, the appraisal will pinpoint that its unpermitted based on the appraiser's assessment if the seller isn't able to provide a permit or they can't attain it from the city office.
Currently, the only requirement for a termite report for an FHA loan, is when the Appraiser calls for it. However, if there is ANYTHING in the loan file that shows a need for treatment, inspection, infestation, whatever... this is considered a material fact and the underwriter WILL stip for it.
Lets just say that for all parties considered, it doesn't matter "where" it is listed or "how" it is mentioned, if there is a need for a termite inspection, it is best for all parties to get it out in the open, get it inspected and get it treated. Not only for loan approval but also as our duty to all parties in the transaction. Helping a seller "hide" an infestation will never end well for anyone and keeping it from a buyer just to "get the deal closed" will ALWAYS come back on you.
Be transparent and thorough in your representation and all things will work out ;)... more
There is no better time to start lending hard money than when the real estate is at the bottom that is clearly showed itself on http://www.lendinguniverse.com hard money brokers increase their lead purchase
Hello Greg and thanks for your question.
Actually, I have many clients who 'team" with their parents to purchase property, and if you don't have much down payment or less than sterling credit, doing so can be a benefit to you as a buyer. Unfortunately, however, it is impossible to "guesstimate" if there would be a reduction in the monthly mortgage if you add your parents to the loan as there are so many variables that affect the loan rate and amount. Adding your parents to the loan tends to make getting a loan easier, but not necessarily cheaper.
To get the best and most accurate information, talk with a qualified mortgage broker regarding your situation and that of your parents. If you should need any references for mortgage brokers, please feel free to contact me.
Grace Morioka, SRES, e-Pro
Area Pro Realty... more
Hi Greg, these are typically "best case scenario" rates meant to entice you to get on the phone and call.
There are 26 criteria that must be known before quoting a reliable rate, as listed on page 2 of this document:
Best, Steve... more
3 lenders. In the home loan process- your credit will be checked of course....everytime your credit is checked it actually lowers your score. If you are shopping lenders, you can have your credit checked 3 times by 3 different lenders and it only counts as one credit check, verses 3.
Good luck!... more