My son's 3 year old boy had this great advice over the weekend which, if followed, would help all of us in the Real Estate and Lending "arenas"!
If you are feeling like the squirrle below, here's some good news: "Real Estate price index values rose from January’s low ($195,000) at a pace not seen in more than half a decade... Home prices have risen 2.5 percent so far this year, indicating an exceptionally strong spring... While prices typically see a boost in the spring, the magnitude and speed of this increase and its consistency across the nation have not been seen since October 2005.” Raj Dosaj, VP of LPS (Lender Processing Services Inc) Applied Analytics.
With the current ever-growing market and opportunities to work with so many good people in the Real Estate Industry, it’s only smart we work together more…. here’s a quick video with that greatest toddler advice!
Click here to view on YouTube: http://youtu.be/HQEaDzfnY0g
With the ever-increasing market, it is only proper to provide more options than conventional financing to help Buyers get into a [new] home. This is where Hard Money loans come into play.... these can finance owner occupied purchases with Hard Money – including Condominiums.
It does vary but for Sun Pacific Mortgage & Real Estate the minimum down payment is 30%. It used to be that we could do those with 25% down, but 30% has become the new minimum. This can be 10% of the Buyers money and a seller carry back of 20% or some such configuration to amount to at least 30% down - another way to be helpful!
Some more tips: If a Buyer cannot get an “A” paper loan and needs more down payment for Hard Money, look for the necessary funds from the parents, grandparents, 401(k) money, equity in another property, etc. Ask these pointed questions and make them into Buyers – I’ve done this more times than I can recall and it always ends in happy Owners!
Loan approved on just 2 criteria: 1) Good downpayment/equity; 2) Ability to repay. That's it.
If interested in potentially working together with Hard Money Loans, here are examples of just some recent loans funded through my office:
Lynn Tardibuono – Flipper Chick- Real Estate Agent and Co-Owner of Sun Pacific Mortgage and Real Estate. Serving Sonoma County since 1988. Her number is (707)523-2099 and you can also visit the newly designed website at http://www.sunpacmortgage.com