Need advice & a bank, NOT broker, that offers 95% or100% investment property loans-GA

[Peach State Property Buyers]

Okay, we have done months of research, spent lots of time examing areas, and have tried to get a few houses unsuccessfully (gotta love the Atlanta bidding wars! :( ) We are now trying a new strategy to actually get to buy a house. Irregardless, I need to know of an actual bank or direct lender who offers 95% or (preferably) 100% investment property loans in the state of Georgia. We tried to go the mortgage broker route. The broker at America One Finance promised us a 95% NOO investment property loan. He knew my dh's credit score (672) and we had an appraisal done that worked out fine. We ended up NOT getting the house. The day of closing, we called him to double check the location of the closing. He never called us back. I logged onto my email acct. and saw an email from him telling me that, "Sebring Capital did an in house appraisal and decided that the property was too old to loan on. The great news is that you are STILL approved and we just need to find a suitable property!" I called him up, exchanged a few choice words with him, and vowed to NEVER again use a broker. The real kicker is that we just this week got the denial letter from Sebring and this mortgage broker had tried to push it through as a primary residence! Sorry, buddy, but we are not liars and don't want to help add to the Atlanta mortgage fraud problems. We also spoke with the appraiser that the broker told us to get to do the appraisal and she NEVER EVEN WALKED DOWNSTAIRS OR AROUND THE HOUSE! She, at least, gave us a refund. Okay, now that you know my life story, I would love to get a name, or two or three, of banks or direct lenders who will do no money down investment property loans. The entire deal with the mortgage broker really killed my motivation, but I am trying to get back in the saddle, so to speak. THANK YOU FOR ANY AND ALL ADVICE!!! :)

Angela

[brianb_cobbres]

Hey angela,

Yeah the Atlanta market is fun. I am out in cobb county with all the insane realtors.

I know you said no brokers but you may want to give Justin Jones a call over at Capitol Mortgage. I met him through the GAREI message board and have met with him several times to pick his brain about the local investors scene and financing. He seems to know his stuff and I am pretty sure he offers 95-100% NOO loans. His number is 404-846-8846 and his cell phone is 404-271-5594.

Let me know if you are looking for a rehab package. I found a great program in our area.

Brian

[Peach State Property Buyers]

Let me know if you are looking for a rehab package. I found a great program in our area.


I am all ears! :) We actually own a rehab company. We would love to find a good program ourselves and also be able to recommend one to our clients. It gets very old having to finance the rehab part when everyone is using hard money loans and we end up being the ones that have to wait on our money. We are thinking about a using a HELOC to finance the rehab part on a home that we buy and then doing a cash out refi on the property once the rehab is done. I would LOVE to hear about a better option, though! We actually live in Douglas County, by the way. We are almost neighbors. :)

[brianb_cobbres]

Here are the details on the loan package I plan on using if I ever find a house.

INVESTOR PURCHASE AND REHAB LOANS

Residential and Commercial Properties

7.0% Interest only
24 Month Term
1 Origination and 1 Discount Point
0% down-no money needed to close
Roll in all closing costs

Loans to 80% of ARV

No-Prepayment Penalty
Fast closing, low closing costs
Can close in your name or your Corporation, Partnership, or LLC

Apply online at

www.mortgageloanpro.net

Jim Black
770-714-6710
Fax: 404-845-0622

[brianb_cobbres]

Sheesh, just realized I am helping the competition. Hmmmm :SM114:



Note to Dan. Can we do anything about the 200 second shot clock for posting. How am I supposed to get my post count up if I have to wait a whole 3 minutes. :SM122:

[Peach State Property Buyers]

Are you a mortgage broker, Brian? I noticed that you said something about helping the competition. If so, I would love to have your contact info! I would be willing to try a mortgage broker, again, if I could find one with integrity and sense. :)

[brianb_cobbres]

I meant you!!!

Talk to Justin and Jim. They may have what you are looking for.



Edit: I had to look up Douglas county to figure out where it was. Figures Douglasville is in Douglas County. Imagine that.

[janisg344]

I need a good cpa that knows everything about RE investments in every aspect. And that is not going to cost a fortune....
thanks

[Burke]

I need a good cpa that knows everything about RE investments in every aspect. And that is not going to cost a fortune....
thanks

I recommend you start a new thread rather than tagging on to this old one. You should probably also indicate where you are unless you are willing to use an out of area CPA.