This is to purchase a home and provide 100% financing
2006-09-13 08:44:51 · 5 answers · asked by Key Key 2 in Business & Finance ➔ Renting & Real Estate
Countrywide or Wells Fargo
2006-09-13 09:29:17 · answer #1 · answered by akc1106 4 · 0⤊ 0⤋
Lender will give you money for sure. Probably charge you a higher interests rate and extra insurance on the loan for not having the down payment or good credit.
Would you consider delaying your plan? Professional investors are careful in choosing each investment that would be near or immediately cash flow positive. With overpriced housing market, that is not possbile.
For example, it costs $500,000 to $550,000 to buy a two bedroom units in Sunnyvale California. Mortgage monthly payment with nothing down is $3500 to $4000 a month with 7% APR. The rent one can collect from such unit would be $2000 a month. Therefore, for each unit you buy, you would lose $1500 a month.
* We assume tax benefits would cancel out with tax and maintenance fee. Please consult your CPA.
**If you have large down payement, the rate may be lowered.
Another important factor to consider, home price may not appreciate as much anymore. In most area of the U.S., housing price stopped going up as inventory continues to build up. It is normal to see a correction as a boom that lasted for several years.
If you are investing new money in to real estate, this may not be a good time as the potential return on investment is small compare to the high risk of lower home price.
If you are doing a side way move, meaning you are selling one to buy another one, then it is acceptable.
Nothing is absolute, but housing market is very likely undergoing a correction and this is only the beginning. Some say this would be a soft landing (0 to 10%). Some say a big crashing is coming (10 to 20%).
http://money.cnn.com/2006/09/08/real_estate/caught_in_the_bubble/index.htm?postversion=2006090814
http://money.cnn.com/2006/09/05/real_estate/Ofheo_home_prices/index.htm?postversion=2006090514
2006-09-14 05:20:57 · answer #2 · answered by Price is what you pay for value. 3 · 0⤊ 0⤋
Lending Tree is a good site and I found that Mortgage Now is a good broker (877) 838-7725
2006-09-13 17:42:42 · answer #3 · answered by Sweet Mystery of Life 3 · 0⤊ 0⤋
SONORA MORTGAGE 18008038556 1% RATE!
2006-09-13 15:54:47 · answer #4 · answered by SHHH! 2 · 0⤊ 0⤋
search the net its full of them
2006-09-13 15:48:12 · answer #5 · answered by elizabeth_davis28 6 · 0⤊ 0⤋