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Texas Banker


Mortgage Banker (14 years experience)

Purchase Loan,
Lot Loan, One Time, Construction


  • (516 Contributions,
  • 2 Best Answers,
  • 72 Helpful)

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Best Answer

Try a home equity line of credit if you need the money. You will have no closing costs.You have a great rate, after cash out adjustments and closing costs it not worth it.

Can I get approved with a federal tax lien?


Federal tax lien will take prior lien position to any mortgage. That lien would attach to any real property you own. You need to settle the lien or establish a trust if you want to acquire any property.

How to finance an unfinished REO


Best way to handle it will be an escrow holdback.Any portfolio lender should be able to handle it.Expect to allocate addtion 50% of repair cost for overruns.I can speak for my self; %5 is not an option for this type of transaction, expect to put down minimum 10%, perhaps 20%  depending on the scope of the project.Best Regards,   

What constitutes a legitimate contact??

I sent a no point 30 yr quote, @ 4.75%.Borrower emailed me thru zillow saying;"I got your initial quote in expectation was to get an interest rate: 4.5"No phone number or anyway for me to verify who this person is.I disputed it of course, zillows answer: "we have determined this is a valid contact and we will not be issuing you a credit."So it cost me $30 to find out I did not meet borrowers expectations!!!.How is that fair??  Besides getting verifiable contact information rather that a anonymous e-mail from borrowers; Zillow needs to disclose to the borrowers upfront that lenders are actually paying for this and if they are not serious they should not contact lenders.

Was there or is there a way to use th $8000 as a down payment on an FHA purchase?


Nic,8K is not borrowed, it is fronted.Sort of like the cash for clunkers program where the dealership fronts the money expecting to get it back from the government.I heard some builders fronting the 8K towards the purchase however I also heard a portion of it back fired because of money owed to the IRS.I say good luck sorting that one.