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Walt Terry's Answers


We purchase under a new LLC to purchase a 523 apartment complex i Dallas, Texas, Parqie Rio, 2777N Buckner, Dallas on a land of 23 acres. The purchase price we brought from auction is 3.6 Million and the closing is 15 Oct 2011. The apprasial is 23 million in 2004 and Property tax appraisal last year is 6.75 million, The occupany is 61%. We want to apply for aloan of 60%. Can we compleate the loan process in 2 weeks ??
I would be cautious of anyone who tells you that you can get this done in two weeks. While its feasible its not really probable. Thats a lot of money for any bank to loan on and Im sure they are going to want to take their time and not rush into something like this. FYI you would also be better served by a local bank...
What happens if loan is deemed unsellable at post-close?
The previous answer is right on point. Its the lenders problem. The biggest issue you may have is that you are obligated to provide any information they request so you want to make sure you comply with that so they cant come back and say they were not able to sale the loan because you wouldn't...
Condo refinancing with less than 50% occupancy
The issue you are running into is that its whats considered non warrantable. The property would not be eligible to be sold to Fannie Mae or Freddie Mac. I would suggest you contact a local bank and see if you can get a in house loan versus a secondary market loan. You may be able to get a bank to do a 5 or 10 year...
What do I do about financing two homes?
You cant do two primary residences however you might be able to call one of them a second home and if so the down payment and rate are pretty close to the same as the primary residence.
Mortgage with 3 different employeed residents.
Doesnt really sound like you need your sons income. Jsut do the loan in your and your wifes name.
756 Credit Score, can I get a no money down home loan?
Yes you can. There are a couple of options available. I am here in Little Rock and would like to discuss more with you. You can reach me at 501-225-5626Conan WattersPrimary Residential Mortgage

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