M
Mr. Nevermind
animosity2k1 said:
Correctamundo.
Nevermind
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How to go about PURCHASING a house...
- Thread starter animosity2k1
- Start date
Correctamundo.
Nevermind
animosity2k1
Member
No income verification loans
Thats what one of the mortgage companys sites said, so exactly what I'm looking for?
Thats what one of the mortgage companys sites said, so exactly what I'm looking for?
M
Mr. Nevermind
animosity2k1 said:
NIV loans are same as stated. There is stated, stated with assetts and so on.
Nevermind
animosity2k1
Member
Called a local place, have a meeting monday afternoon there gonna run my credit score and as long as it checks out I should be good to go for like a 120k loan. I talked to him on the phone for about 20 minutes and we talked about my computer company, how I made all my $ in webdesign, how I'm sick of paying rent and having nothing to show, etc etc and he seemed to follow me well ;o let's pray.. then it's down to seeing how fast I can pay this off.
Not saying Mr N is wrong, he sounds like he has a good system that works. I think you may not find most banks so willing, or willing to do this type of loan. But you are thinking right.
I got my start buying a house contract for deed, and there is usually a lot more room to work a deal - if - you find a house that you like that they will sell that way. They may not in your area, adds will mention contract if they are willing to do that. That way you pay the seller monthly payments and there is no bank involved. This is used to sell houses that are not selling or that banks don't want to finance for one reason or another, or when folks need a sale anyway they can get it. Good luck.
H
I got my start buying a house contract for deed, and there is usually a lot more room to work a deal - if - you find a house that you like that they will sell that way. They may not in your area, adds will mention contract if they are willing to do that. That way you pay the seller monthly payments and there is no bank involved. This is used to sell houses that are not selling or that banks don't want to finance for one reason or another, or when folks need a sale anyway they can get it. Good luck.
H
SaintVicious
Member
animosity2k1 said:
Start a webdesign company and you are self-employed... thats income verification. Thats what I did (Not to buy a house but for other reasons)
M
Mr. Nevermind
Haps said:
Most banks dont have a wide selection of programs for mortgages. Neverf go to a bank for a mortgage, they bump up rates from lenders that they in turn sell the loan turn. Banks are good for heloc's and thats really all they can do well when it comes to home purchase.
What you are talking about is seller carying the second and making payments to them. Which works but most private sellers wont carry a 2nd for a 1st time home buyer with not much credit.
trust me , i do these things in my sleep and have been in real estate for years
Nevermind
animosity2k1
Member
Nevermind could it be easier to obtain this loan if I told him @ my meeting monday I have another friend that would like to help and he has a established job, $, etc.
Regular paycheck is what banks like, and if it is your bank they can look at deposits and such. By contract for deed, I mean just that, a 2 party contract between buyer and seller for the down payment and monthly payments like a mortgage with no bank. Got my real estate license 20 years ago, eh? Bought my first house with lebanese hash profits.
H
H
M
Mr. Nevermind
animosity2k1 said:
yes but then you have to consider your friend being on the loan and if you two fall out he can be a dick when it comes to selling home.
Nevermind
animosity2k1
Member
He's a great friend, and were in on the house for the same various reasons... I doubt it'll be and issue... Plus his extra 5k or whatever could sure help w/ some stuff.
7
70s_PotHead
Try to do it yourself, it may sound good to have a partner now but in the long run you will regret it.
Try and find a owner that will carry the note will be your best bet, cash talks for sure...
70s
Try and find a owner that will carry the note will be your best bet, cash talks for sure...
70s
animosity2k1
Member
"Try and find a owner that will carry the note will be your best bet, cash talks for sure..."
What does that mean? Also, if this loan DOES go through, I'll have like 10k put down on the house, leaving me with about 10-15k in cash still w/ about a $2,500 a month mortgage? Now I'd also need to pay bill's and be able to afford about 5k in equipment... I'm not sure if I have ENOUGH to do this all on my own.
Not to mention the extra help and security I'd have over the place... Atleast one of us would always be home @ once ect.
What does that mean? Also, if this loan DOES go through, I'll have like 10k put down on the house, leaving me with about 10-15k in cash still w/ about a $2,500 a month mortgage? Now I'd also need to pay bill's and be able to afford about 5k in equipment... I'm not sure if I have ENOUGH to do this all on my own.
Not to mention the extra help and security I'd have over the place... Atleast one of us would always be home @ once ect.
animosity2k1
Member
Also, while I'm at it... I'm looking to run about 8-10k watts out of this house the first time around, either of you have any input as to what size room I'd need, could I use one basement or would I have to do this in multiple rooms? What kind of rewiring would I have to do? And would it be best to find a house with an attic so I can vent out somewhere up high...
Any other things to watch out for? Not getting a place by a school for sure, trying to find somewhere in a rural area.... Going to get a dog, security cameras...
Any other things to watch out for? Not getting a place by a school for sure, trying to find somewhere in a rural area.... Going to get a dog, security cameras...
Look in the papers for these initials:
FSBO OWC
For Sale By Owner
Owner will Carry (tote the note)
I've been told that seeing that down payment Cash flappin' in the breeze talks very loudly to many a home seller and being it's a buyers market in many (in particular, rural, outlying) areas, their currently are many motivated sellers out there if you shake the bushes a little bit and look around.
Get wild and offer 'em appraisal value/their asking price and they'll think they died and went to heaven, they'll be so happy to have a live one with down payment money they wont be asking very many questions outside perhaps of how soon did you want to move in?
That trust fund annuity from the grandparents estate that you receive each month will cover that "contract for deed"/"warranty deed" type mortgage and the household expences very readily I suspect.
Find someone who owns a property outright (verify!) and between a wad of cash and an interest rate you can deal with, makes for a very profitable (to them) long term interest bearing contract for deed mortgage note that they'll be personally carrying and it is a beautiful thing for the seller. (and the buyer gets what they want too...everybody be happy, justa pickin' and a grinnin'.
In the U.S., one might perhaps choose to discretely put less than ten grand down and ideally deal with private party fsbo deal (fizzbo) with "ma and pa" (maybe retiring to florida?) type of sellers in an attempt to stay off the radar, so to speak.
(see below) fyi
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Currency transaction report
From Wikipedia, the free encyclopedia
A currency transaction report (FinCEN 104) is a banking form used in the United States to assist in the prevention of money laundering.
It came into existence with the passage of the Currency and Foreign Transactions Reporting Act, better known as the Bank Secrecy Act (BSA), in 1970.
A CTR is filed by a bank teller upon a currency transaction exceeding $10,000 by a person in a single banking day. A bank employee who processes such a transaction must complete a CTR immediately following the transaction and have their supervisor review it. The forms must be completed and filed on each deposit, withdrawal, currency exchange, or cash wire transfer over the $10,000 limit. Multiple transactions totaling more than $10,000 of currency in one banking day must be counted as one transaction, and reported accordingly. Used in this context, currency means cash, coins, or other monetary instruments that transfer ownership solely by transfer of physical possession of the instrument.
When the first version of the CTR was introduced, the only way a suspicious transaction of less than $10,000 was reported to the government was if a bank teller called an agent and provided the information. This was due, primarily, to the concern by financial institutions about the right to financial privacy. On October 26, 1986, with the passage of the Money Laundering Control Act, the right to financial privacy was no longer an issue. As part of the Act, Congress had stated that a financial institution could not be held liable for releasing suspicious transaction information to law enforcement. As a result, the next version of the CTR had a suspicious transaction check box at the top. This was in effect until April 1996 when the suspicious activity report (SAR) was introduced.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Who reports suspicious activity
SARs are filed primarily by financial institutions such as banks and credit unions.
Money Services Businesses (MSBs) such as check cashing establishments and money transfer services file a different report called a SAR-MSB.
Casinos are required to file a report called a SAR-C.
FINCEN requires a SAR report to be filed by a financial institution ...[on] any transaction or set of transactions that may be deemed suspicious.
* By far the most common reason for filing a SAR in the US is when a financial institution suspects its customer is trying to structure his transactions in a way so as to avoid a Currency transaction report being filed upon him. A CTR is required under the Bank Secrecy Act for any cash transaction or transactions greater than $10,000.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Financial Crimes Enforcement Network
From Wikipedia, the free encyclopedia
The Financial Crimes Enforcement Network (or FinCEN) is a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat money laundering and other financial crimes.
...
All banks, casinos, brokerage firms, or financial institutions that transfer money must notify FinCEN of any cash transaction over $10,000 in value, as well as any other "suspicious" activity.
An interesting side effect of this is that the FinCEN paperwork - in which a legal name must be given - is being used by casinos to catch some of the higher-volume blackjack card counters.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
List of real estate topics
http://en.wikipedia.org/wiki/List_of_real_estate_topics
P.S./disclaimer:
I do not advocate the breaking of any such financial laws in any way, shape or form, imho, it would certainly be a personal decision if one were to choose to do so..
IMB
FSBO OWC
For Sale By Owner
Owner will Carry (tote the note)
I've been told that seeing that down payment Cash flappin' in the breeze talks very loudly to many a home seller and being it's a buyers market in many (in particular, rural, outlying) areas, their currently are many motivated sellers out there if you shake the bushes a little bit and look around.
Get wild and offer 'em appraisal value/their asking price and they'll think they died and went to heaven, they'll be so happy to have a live one with down payment money they wont be asking very many questions outside perhaps of how soon did you want to move in?
That trust fund annuity from the grandparents estate that you receive each month will cover that "contract for deed"/"warranty deed" type mortgage and the household expences very readily I suspect. Find someone who owns a property outright (verify!) and between a wad of cash and an interest rate you can deal with, makes for a very profitable (to them) long term interest bearing contract for deed mortgage note that they'll be personally carrying and it is a beautiful thing for the seller. (and the buyer gets what they want too...everybody be happy, justa pickin' and a grinnin'.
In the U.S., one might perhaps choose to discretely put less than ten grand down and ideally deal with private party fsbo deal (fizzbo) with "ma and pa" (maybe retiring to florida?) type of sellers in an attempt to stay off the radar, so to speak.
(see below) fyi
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Currency transaction report
From Wikipedia, the free encyclopedia
A currency transaction report (FinCEN 104) is a banking form used in the United States to assist in the prevention of money laundering.
It came into existence with the passage of the Currency and Foreign Transactions Reporting Act, better known as the Bank Secrecy Act (BSA), in 1970.
A CTR is filed by a bank teller upon a currency transaction exceeding $10,000 by a person in a single banking day. A bank employee who processes such a transaction must complete a CTR immediately following the transaction and have their supervisor review it. The forms must be completed and filed on each deposit, withdrawal, currency exchange, or cash wire transfer over the $10,000 limit. Multiple transactions totaling more than $10,000 of currency in one banking day must be counted as one transaction, and reported accordingly. Used in this context, currency means cash, coins, or other monetary instruments that transfer ownership solely by transfer of physical possession of the instrument.
When the first version of the CTR was introduced, the only way a suspicious transaction of less than $10,000 was reported to the government was if a bank teller called an agent and provided the information. This was due, primarily, to the concern by financial institutions about the right to financial privacy. On October 26, 1986, with the passage of the Money Laundering Control Act, the right to financial privacy was no longer an issue. As part of the Act, Congress had stated that a financial institution could not be held liable for releasing suspicious transaction information to law enforcement. As a result, the next version of the CTR had a suspicious transaction check box at the top. This was in effect until April 1996 when the suspicious activity report (SAR) was introduced.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Who reports suspicious activity
SARs are filed primarily by financial institutions such as banks and credit unions.
Money Services Businesses (MSBs) such as check cashing establishments and money transfer services file a different report called a SAR-MSB.
Casinos are required to file a report called a SAR-C.
FINCEN requires a SAR report to be filed by a financial institution ...[on] any transaction or set of transactions that may be deemed suspicious.
* By far the most common reason for filing a SAR in the US is when a financial institution suspects its customer is trying to structure his transactions in a way so as to avoid a Currency transaction report being filed upon him. A CTR is required under the Bank Secrecy Act for any cash transaction or transactions greater than $10,000.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Financial Crimes Enforcement Network
From Wikipedia, the free encyclopedia
The Financial Crimes Enforcement Network (or FinCEN) is a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat money laundering and other financial crimes.
...
All banks, casinos, brokerage firms, or financial institutions that transfer money must notify FinCEN of any cash transaction over $10,000 in value, as well as any other "suspicious" activity.
An interesting side effect of this is that the FinCEN paperwork - in which a legal name must be given - is being used by casinos to catch some of the higher-volume blackjack card counters.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
List of real estate topics
http://en.wikipedia.org/wiki/List_of_real_estate_topics
P.S./disclaimer:
I do not advocate the breaking of any such financial laws in any way, shape or form, imho, it would certainly be a personal decision if one were to choose to do so..
IMB
Last edited:
G
Guest
120,000 for a home better be one hell of a home 
I am moving to Washington to buy my first home in the next year or two.
40-70 grand gets you a sweet bachelor pad in some places up there and it's close to seattle and B.C.
I am moving to Washington to buy my first home in the next year or two.
40-70 grand gets you a sweet bachelor pad in some places up there and it's close to seattle and B.C.
M
Mr. Nevermind
70s_PotHead said:Try to do it yourself, it may sound good to have a partner now but in the long run you will regret it.
Try and find a owner that will carry the note will be your best bet, cash talks for sure...
70s
Indeed, bringing a friend in th emix will be a headache in the long run. Plus if you plan on running several thousand watt grow your friend may not want his name on the house in case of bust.
And what 70's is talking about by seller carrying the note means just what he said. Seller carries a private party mortgage and you make payments to him.
As far as mortgage being $2500 a month? Not for a 120K loan. even at 8% interest your principal in interest payment on a 30 year mortgage for 120K would be $880.52, add 30-50 for insurance and then 100-200 for taxes a month. It depends on area you live for your tax rate. But you are no where near $2500 for a motgage payment
Nevermind
M
Mr. Nevermind
syrinx said:120,000 for a home better be one hell of a home
I am moving to Washington to buy my first home in the next year or two.
40-70 grand gets you a sweet bachelor pad in some places up there and it's close to seattle and B.C.
Wow, here on the east cost 120K gets you a nice outhouse. A condo here goes for around 220K and a townhouse is around 260K. 40-70K wouldnt get me a thing here
Nevermind
G
Guest
I'm sure you'll be fine, bro. but it looks like Nevermind knows what he's talking about, so I'd just follow his lead. As far as the cash goes, being so young, I'm sure that there's a million reasons why young people have cash nowdays. I would stress that it would be a good idea to pay property taxes and all other legit things that go with it. Sounds like you're on the right track. good luck, and by the way...$15k is alot to put down on a house, so that should be good..my parents put about $5k down on a $80k house in the late '80s and their mortgage was about $700-something.
