Investor Insider Secrets
The rising number of foreclosures in San Francisco and the Bay Area offers ample opportunities for investors to find bargain properties and profitable investments to build wealth and create a secured retirement for the future. Some of the best buys and best values in San Francisco and the Bay Area during the next couple of years will be in Bank Repos (repossessed properties), REOs (Real Estate Owned by Lender), Foreclosures and Short Sales.
Where to find money to invest?
- Your retirement 401K and IRA
- Home Equity Conversion Loans (HECM)
- VA Loans
1) 401K and IRAs
Investing 401Ks and IRAs in real estate will become one of the most important tools we have as it gets harder and harder to find stated income loans and qualify for a conventional loan.
Benefits of investing 401K or IRA:
- Purchase real estate without lender
- Get higher return on investment
- Grow your nest egg faster
2) HECM: New Reverse Mortgage:
The New Reverse Mortgage program, known as HECM - Home Equity Conversion Mortgage, allows those who qualify to make a large cash down payment on a home or a condo and use the reverse mortgage as permanent financing for the rest of the home price. The size of the down payment varies depending on the age of the buyer and the interest rate of the loan.
The homeowner would only need to pay:
- Property tax
- Maintenance Cost
Eligible persons for HECM purchase loans
- Must be at least 62 years old (individual and couples)
- Must occupy the property within 60 days of closing
- No credit or income required
Type of Property
- Single family home
- Manufactured Homes
- 2-4 unit buildings
Acceptable sources of down payments
- Sale of current home (Equity)
- Retirement accounts
- Proceeds from selling personal properties
Unacceptable sources of down payments
- Credit card advances
- Bridge loans
- Personal loans - loans against personal assets and subordinate loans
3) VA loans
If you are a Veteran or Active Duty Personnel, this is the BEST time to buy your own home or purchase a retirement/vacation home! The new purchase price limits make it possible for you to buy - even in San Francisco!
- New limits $1,094,625 - $1,500,000
- No money down
- Seller pays buyer's allowable fees and closing costs
- Close 30-45 days
We work with experienced and dedicated mortgage brokers who specialize in VA loans and are ready to help you. TAKE ME TO YOUR LENDER