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Old 01-21-2013, 01:06 AM   #21
monkeyjuice5150
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Quote:
Originally Posted by FadeToblack View Post
There are hard money lenders that will do it, but they want 40-50% down etc.

Show me a bank/credit union that will write a 30 year mortgage with 1 year documented income....
I know a few mortgage brokers who deals with people who don't show all their income on a tax return because they either get pay under the table or their business is mostly cash.

So to get around it, you pay the broker a higher %/pt. or under the table commission to get the loan approved.
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Old 01-21-2013, 01:12 AM   #22
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So what are the thoughts of those in the industry re: rise in interest rates over the course of the next year...any educated reasoning for vs against rising interest rates?

Reason I ask is...I had a lot set to build on and now, the city has come back saying - no build until water pressure pumps can be installed to increase water pressure should there ever be a fire. Evidently, the home site is too high in elevation at this time that if the FD needs to put out a fire, there isn't enough H20 pressure. Builder can't be for certain when the city is going to get things installed- guessing anywhere from 3months to 1year!

I like rates now and price to build would be at higher end of what I want to spend already but if rates rise significantly, I'm not sure a lender (or I) would be comfortable with the higher payments.

Any thoughts?

Additionally, do lenders take rental properties into account as increased income or increased liability? (More directed at a construction loan scenario).

Thanks
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Old 01-21-2013, 06:44 AM   #23
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Originally Posted by USCTrojanMan29 View Post
If you work in the field that you degree is in, it won't be a problem.
Haha this is crap.

Most people have degrees in general BS.

People with hard science degrees like Engineering are doing fine. Advertising/marketing/general BS degrees are where the pain is
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Old 01-21-2013, 07:03 AM   #24
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How does nobody know or recognize that real estate goes in 18 year cycles?

This has been proven lol. Next crash will be in the mid 20s so just cash out before then and wait

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Old 01-21-2013, 07:22 AM   #25
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fack real estate

let the bank choke on it
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Old 01-21-2013, 08:19 AM   #26
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Not in my case, even if I bring in a decent down payment, they look at the amount of taxes I pay which most of the them get written off and not my income...
I thought they usually look at gross income?
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Old 01-21-2013, 08:23 AM   #27
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I have access to 3
I remember I PM'd you with this very question and you said it wasnt possible with 1 year tax returns for self employed. I remember calling around tons of banks/credit unions and couldnt get anyone to do it. This was almost a year ago...maybe things have changed...
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Old 01-21-2013, 08:46 AM   #28
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Just buy with cash...
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Old 01-21-2013, 08:48 AM   #29
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I need to fuucking refinance but I'm lazy as sh1t.
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Old 01-21-2013, 09:03 AM   #30
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Just buy with cash...
A house?

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here today, gone tomm

i spend it while i can, if i run out i'll swallow all my meds
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Old 01-21-2013, 09:13 AM   #31
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I remember I PM'd you with this very question and you said it wasnt possible with 1 year tax returns for self employed. I remember calling around tons of banks/credit unions and couldnt get anyone to do it. This was almost a year ago...maybe things have changed...
Yep
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Old 01-21-2013, 09:23 AM   #32
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I need to fuucking refinance but I'm lazy as sh1t.
What is your interest rate right now? Surely you aren't too lazy to spend a few hours which will save you (potentially) hundreds per month. Heck, you can probably do it over PM to Griffin while you fap his threads.
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Old 01-21-2013, 09:30 AM   #33
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A house?

F2B's in Detroit... houses cost less than cars there

For $5k-
http://www.realtor.com/realestateand...7_M39794-11125

$7.5k
http://www.realtor.com/realestateand...4_M32968-42344

etc etc

Heck, even around here you can save up for a few years and buy a house with cash (though, with these prices and current interest rates, you'd probably be better off taking out the mortgage and investing the money instead).

Not everyone lives in LA or NY or other places where home prices are ridiculously expensive relative to the average household income...

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Old 01-21-2013, 10:03 AM   #34
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The final money grab/bubble inflation before the BIG collapse. Would not buy.
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Old 01-21-2013, 10:04 AM   #35
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The final money grab/bubble inflation before the BIG collapse. Would not buy.
What is the "BIG collapse"?
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Old 01-21-2013, 10:15 AM   #36
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How does nobody know or recognize that real estate goes in 18 year cycles?

This has been proven lol. Next crash will be in the mid 20s so just cash out before then and wait
I don't know that its as precise as 18 years and choosing what constitutes a peak and valley, might be a bit harder to sit and wait.

Business cycles definitely seem more concrete to me.
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Old 01-21-2013, 10:43 AM   #37
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I'm finding some pretty boss houses around our area for under $100,000. I found a 3 bed, 2 bath house with .37 acres for $99,000. I figure they'll take $89,000 for it and a loan of $120,000 would cover the house, taxes, some furniture, appliances...

Dudes. I think I'll be getting a house.
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Old 01-21-2013, 10:46 AM   #38
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I bought a house 6 months a go and ever since then I have been following the real estate markets around my area. Prices have for sure increased and I see houses going "pending" a lot quicker then I used to.
.
Typically people watch the market and then buy a house.

Did you go with Quicken?
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Old 01-21-2013, 10:54 AM   #39
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I'm finding some pretty boss houses around our area for under $100,000. I found a 3 bed, 2 bath house with .37 acres for $99,000. I figure they'll take $89,000 for it and a loan of $120,000 would cover the house, taxes, some furniture, appliances...

Dudes. I think I'll be getting a house.
You'll have a hard time getting a mortgage for 120% of the purchase price, lol.
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Old 01-21-2013, 11:05 AM   #40
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the final money grab/bubble inflation before the big collapse. Would not buy.
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what is the "big collapse"?
+1
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