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#77379 - 12/16/05 03:10 AM Prevalent financing???

This may be a dumb question, but this was asked on one of my BPO's. The most obvious meaning to me...."is there a type of financing that is most prevalent?" I can't help wondering if it has some more deeper meaning that I am missing. Any comments???

#77380 - 12/16/05 10:08 AM Re: Prevalent financing???
Greg Phillips Offline
Mortgage Professional
Veteran Member

Registered: 01/26/05
Posts: 1372
Loc: Lancaster, Ohio
I am not sure myself. It could mean how much or what kind.

Was the property in poor condition?

If so rehab and non-conforming lending.

I think a better answer that may be a qualifying answer would be "It depends on your credit and income type".

Typically investors look for BPO's so if you need some insight on credit scores and which qualifies for what let me know.

#77381 - 12/16/05 12:45 PM Re: Prevalent financing???
Dennis Teasdale Offline

Registered: 12/11/04
Posts: 231
Loc: Midland Texas
I've tried to research this term and my interpretation is type of predominate financing in the subject's pricee range and amount, or alternately adverse financing conditions. I would appreciate it if someone here could provide a better explanation.
Dennis Teasdale
RealtorŪ, GRI

Dennis Teasdale Realtors

#77382 - 12/16/05 01:06 PM Re: Prevalent financing???

It does give a choice for the type of financig, Conventional, FHA, VA, or Other. Then it wants a $ amount. That's the one I'm just not sure of what to put. Guess I need to call some local loan officers and see what I can find out maybe.

I appreciate both of you guys responding. It helps to get the wheels turning and maybe figure it out. eek smile

#77383 - 12/16/05 01:17 PM Re: Prevalent financing???
Greg Phillips Offline
Mortgage Professional
Veteran Member

Registered: 01/26/05
Posts: 1372
Loc: Lancaster, Ohio

Conventional is most popular.

FHA and VA cannot be used typically on a property with any structural or cosmetic problems unless is is 203k rehab or the seller will repair the property prior to closing.

#77384 - 12/16/05 02:56 PM Re: Prevalent financing???
Real Deal Offline

Registered: 08/15/05
Posts: 295
Loc: Northville

The answer is always no to that question. This is asked on Countrywide Bpo's and what they are really asking is if you know what all the costs inccured will be including but not limited to seller concessions,prorated taxes, title company costs to the seller, etc.. That question cannot be answered until there is an offer and even then the numbers can change on the day of closing.

#77385 - 12/16/05 03:02 PM Re: Prevalent financing???
Greg Phillips Offline
Mortgage Professional
Veteran Member

Registered: 01/26/05
Posts: 1372
Loc: Lancaster, Ohio
Thanks Art. I was not understanding the full meaning of the question myself.

Glad another agent helped!

#77386 - 12/17/05 12:09 AM Re: Prevalent financing???

Yes, Thank you Art. I really needed your help. Glad I put NO!! smile


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