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Transcription (Tulsa Mortgage)

Steve: This is stevecurrington.com and The Steve N’ Tyler Show episode number 64.
Announcer 1: Welcome to The Steve N’ Tyler Show with stevecurrington.com and TylerWhyburn.com
Steve: Who negotiated the contract for you?
Tyler: A realtor.
Steve: Oh. You’re pretty smart.
Tyler: Yes.
Steve: Good for you, man.
Announcer 1: They’re talking about everything you need to know about mortgages, home loans and more. Nobody knows mortgages like these two. Get ready because here’s Steve and Tyler.
Steve: Yo, yo, Tyler. What up, man?
Tyler: Yo.
Steve: Wake up, bro. Wake up. Hey, so today, what types of property can I expect to tap problems with? Hmm.
Tyler: There’s a long list Tulsa mortgage.
Steve: Carrying on our theme of the type of property that I can have problems with.
Announcer 2: Broadcasting live from the Koala Studios in Tulsa, Oklahoma. You’re listening to The Steve N’ Tyler Show.
Steve: Come here, koala. Listen.
Tyler: See if I can name off some without even looking at the list.
Steve: Ooh, yes. Name them all.
Tyler: Yes. Mobile homes-
Steve: Ooh.
Tyler: – can be difficult. A lot of acreage can be difficult. Log cabins can be difficult.
Steve: Yes.
Tyler: Berm houses.
Steve: Preach.
Tyler: Might want to google that because probably 90% of the population don’t know what berm house is.
Steve: Preach. Keep going.
Tyler: What else? What else? What else? Did I say single Tulsa mortgage wides, did I say mobiles?
Steve: You said mobiles, you didn’t say single wides. Single wides and double wides?
Tyler: No. Double wides would be a little bit easier, depending on the acreage you’re sitting on. And the age, probably. Condos Tulsa mortgage.
Steve: Condos?
Tyler: How would [unintelligible 00:01:44] but maybe a town home? That might be.
Steve: Properties that are particularly unusual. That’s what my notes say. [laughs]
Tyler: Yes.
Steve: If it’s particularly unusual then it might be a problem, so you just have to be careful about that. Mate in the studio, bringing us our party time. We got Jonathan in the studio today as well. Jonathan as well. What types of property can I expect problems with? Units that are bought under a timeshare agreement might be tough. That’s really not mortgage related. I guess it is if you’re doing a timeshare Tulsa mortgage.
Tyler: That’s a new installment one.
Steve: Condos, mobile homes, properties that are unusual. The list goes on and on. The list goes on and on. We got Johnathan singing unusual. Did we cover about every property you can think of?
Tyler: It’s really about the majority that we’ve come across Tulsa mortgage.
Steve: That’s about the majority of what — yes, because here’s the thing. This is the question. It’s not that you can’t do a unique or a different property, it’s just talk to your lender first. That’s the thing. It’s before maybe you decide that you want to get some type of a major surgery, you’re going to probably want to talk to your doctor about that, right? So before you go do surgery on some kind of unique property, you probably aught to talk to your lender and make sure it’s something you can get done.
Oftentimes what people do, and this is all we’re really trying to help you avoid, is what the people do, is they go out on a Saturday and they find this house, they’re not even expecting to buy a house, they’re perfectly happy in the house they’re in. They go on Saturday. They drive by this house and they’re like, “Would you look at that. Would you look at that.” And they’re like, “Hmm. I really like this.” And then they start negotiating, they talk to their realtor, they get in there, they negotiate a contract Tulsa mortgage.
Then on Monday morning, they call stevecurrington.com, their favorite Tulsa mortgage lender, and they’re like, “Steve, you’re not going to believe this. This is amazing. We found the most perfect property in the whole wide world. It’s three double wides and it’s on 860 acres, and I don’t even know how I found 860 acres is still available in Bixby, but I did and it’s amazing, and they only want $1.6 million for it. I know you guys have that USDA loan and I figured this will probably qualify for USDA because there’s no money down, and because it’s agricultural, because it’s like out in the middle of nowhere, and it’s like perfect.
Anyway, we came to an agreement. $1.9 million. I hope you can — My wife is so excited. I mean this is what we’re going to do. Like 200 of the acres, we’re going to make like for cows and then another like 300 acres we’re going to put horses on it and we have this — there’s this huge shop on it. I’m going to do like my plumbing business on it, did I mention I’m self-employed? It’s going to be amazing.”
Tyler: Oh, you forgot about the trailer park that’s on 10 acres.
Steve: There’s also a trailer park that’s on 10 acres?
Tyler: So we’ll have the income. It’s already income-producing.
Steve: Yes.
Tyler: We’re good.
Steve: Yes. Obviously, I’m being very extreme. That’s the extreme right there, but you want to talk to your lender.
Tyler: Yes. Those people need a $1.5999 million personal check from their own account.
Steve: Yes. That’s right. They need a — I tell you what you can do, sir. I’ll tell you what you can do. This is really easy, okay. You can just pay cash for it. Look, there’s so many problems there. The acreage obviously is a problem. Loan them out, you’re jumbo. That’s a problem. You’re probably looking at minimum of 30% to 35% down. I don’t know if you know what 30% to 35% down is on $1.59 million, but it’s a lot. It’s like 500,000. If you don’t want to put 500,000 down on your house then you might want to talk to your lender before for a multitude of reasons, and we’ve talked about that in previous podcasts about knowing what you qualify for. Don’t make the koala get mad, he’ll evict you. You get the koala mad and you’re not going to get koala-fied. It ain’t going to happen. So just talk to your lender because you can expect to have problems with even the — we talked about before, Tyler, even that condo when someone was doing a conventional loan on little $62,000 deal, we had problems with it.
Tyler: Yes.
Steve: The condo wasn’t Fannie Mae approved. There been condos in there that sold, but they do it. You know what the risk is on a condo? This is the big problem with the condo, is we’re dependent on that condo association, that business, really, that it’s run off o, and that budget, to maintain the property, to take care of it, to paying it, to do all that stuff, to pay the taxes, the insurance, all that stuff. If a couple of the units get foreclosed upon, if there’s problems, if it burns, if anything like that happens, they’ve got to have some money in the bank to make sure that they can maintain the property, right?
Tyler: Yes.
Steve: That’s what the issue came up. It wasn’t that they didn’t have a bunch of money to make, it’s just that, just like any business, they prepared a budget, their budget didn’t account for what the Fannie Mae guidelines required for them to have in reserves. You know what reserves are? What are reserves, Tyler?
Tyler: Money that they hang onto in case something happens.
Steve: Ooh. It’s like insurance, kind of.
Tyler: Yes.
Steve: It’s like money, cash. You know what’s great about having cash? stevecurrington.com quote. You know what’s great about having cash? Having cash.
Announcer 2: Broadcasting live from the Koala Studios in Tulsa, Oklahoma, you’re listening to The Steve N’ Tyler Show.
Steve: If that doesn’t get you excited, I don’t know what will. I mean I just give up. If that doesn’t get you excited I just give up because stevecurrington.com.
Announcer 2: This is stevecurrington.com and The Steve N’ Tyler Show. Go to getkoalified.com.
Steve: For further questions, if you need anything tulsa mortgage regarding the types of property you can expect to have problems with, do that. So this thing that we downloaded talks about timeshares and that kind of thing, mobile homes. Here’s the thing with mobile. We can do mobile, right, Tyler?
Tyler: Yes, we can.
Steve: We done them recently. There’s just other rules that go with it. The property has the permanent affixed to the thing and depending on what type of loan program you want to do, you want to do FHA, you want to do a conventional, we can them both. Want to do VA, we can do that. But it’s all about the property. If you’re trying to go buy a 1972 single wide trailer that’s on 418 acres, that probably tulsa mortgage isn’t going to work. You need to set some parameters for yourself, and your realtor, before you go out and start looking at houses.
I personally don’t have a problem with what type of property you buy. I do not judge, it doesn’t matter to me. If you want to buy a mobile home, or a stick build home, or whatever it is you want to buy, you go right ahead and do that. It doesn’t matter to .com, I don’t care. Just what matters to me is that you are setting the right expectation for yourself on what you actually can buy, because we don’t want tulsa mortgage  you to go looking at a house, spending all the time going through it, doing inspections, doing appraisals and all that to find out the property’s aren’t going to work.
Unfortunately, Tyler, what happens many times, you know we do this to be determined underwrite where we can pre-underwrite people and make sure that they’re good income, and everything like that. People don’t want to do that. They want to get their pre-approval and then they want to go find a house, and so oftentimes as a lender, we’re left to just figure it out. We’re left to just figure out a way to get it done. Look, don’t get me wrong. We’re very resourceful and problem solvers, but we don’t want to do that.
Tyler: Right.
Steve: I don’t want you to bring me your difficult deal after you’ve already screwed everything up, or done everything that I have to go fix, and then come back and figure out way to get it done. [laughs] It’s not that I’m going to discourage you from doing a certain thing, but it’s just that I’d rather have that discussion ahead of time, so we can set everything up. That’s the thing is it’s just going to be set up tulsa mortgage right. Set the right expectation. What starts, bad ends bad, so if we can get it started right, then we can get it finished right. You know what I’m saying?
Announcer 2: Tyler are you awake? Wake up Tyler.
Tyler: Something that seems like comes up quite a bit is with these union properties, it seems like when they come up, people are looking around because they’re cheaper. Seems to be like a theme. People come in and be like, “Oh, man, I found in — and it’s only 70,000. Can you do it?” Doesn’t really matter if it’s 70, or a 170, 370, it’s going to be difficult, so the price of it doesn’t matter.
Steve: You still have to qualify and so does the property. People say all the time, “Well, It’s only 55,000.” “Okay, well then only just write a check if it’s only 55,000.” “Well I don’t have 55,000.” “Okay, well I’m not writing a check for 55,000 on that property. Sorry.” You know what I mean? Like what Tyler is saying is that it doesn’t matter if it’s 72,000 or 370,000, that isn’t really the point. We’re talking with tulsa mortgage  a client yesterday and she was like, “Well, we’re having this issue with whatever and what if we bought a smaller house?” “Well, it isn’t really an issue with you buying a smaller house, it’s an issue with the way that your income structured,” and it’s this big, old long dissertation on how their other income is. Buy a cheaper house is it wasn’t the issue. The issue is getting you qualified and doing it the right way. And you’re exactly right, Tyler. That’s really what the draw is with mobile homes.
Because you can get a four bedroom, two bath, 2,500 square foot house on five acres for a 100,000, and that’s sexy to people. Heck, it’s sexy to me. It’s like, well jeez. But here’s the deal, there’s a reason why it meets those qualifications and it’s that cheap, and it’s still on the market. Because if it was such a hot item, and people were just able to get financing so easily on it, it wouldn’t be there. What you’ll find — Okay, we’re talking about mobiles homes, so let’s — literally I’m going to give you guys what I tell any customer that’s buying a mobile home.
If you’re going to buy a mobile home nobody has a problem with it, but the problems that you’re going to have getting financed on a mobile home, which are just a little bit different, it’s a little more difficult property, are the same problems that people buying it later are going to have. If you’re buying one, you just need to be prepared that when it is time for you to sell it, It’s not like you’re 1,500 square foot cookie cutter house in a neighborhood that’s going to sell it in 30 days, or 2 days in the market. These things sit on the market for a long time, they just do. If you’re going to buy one, just like it was difficult for you to get your financing, it’s going to be difficult for whoever you’re trying to sell it to in 5, 10, 11 years whatever it is, right?
Tyler: Right.
Steve: Be prepared for that because we see them all the time where they’re like, “Oh, this is a really good deal, and I don’t know why this is still in the market.” Well, I’ll tell you why it’s still on the market because it’s a unique property. It’s a double wide, it’s a mobile home, it’s a whatever, and it’s hard to get financing on. If we get you done, because we’re Tulsa mortgage guys that can, if we can get it figured out and get you approved, just be prepared when you go to sell that house, because you’re not going to live in it, everybody always says, “I’m going to live in this my life.” No, you’re not. You’re going to be living in it for five to seven years. It’s what most people do. Maybe 10. If that’s the case, and that’s what you’re going to do, just be prepared that when you go to sell it that thing’s going to sit on the market, or what I tell people is keep it. Make it a family home. Make it a rental, because tulsa mortgage you may have a little bit of trouble getting that done.
Announcer 2: You’re listening to the Steve N’ Tyler Show. Don’t forget to visit our website at getkoalified.com
Steve: That’s where you go guys if you need more information about how to get qualified for your home loan. Maybe you’re that guy that’s out there that’s already gone through this, so maybe we’re preaching the choir with some people, but I can’t stress it enough that you just need to make sure that if the property is unusual in nature, or if it’s a condo, if it’s a single wide, double wide, a lot of acreage, then you’re just going to want to make sure you get with your lender ahead of time so that you’re not disappointed. We’re trying to keep you from being disappointed.
Announcer 2: Broadcasting live from the Koala studios in Tulsa Oklahoma. You’re listening to the Steve N’ Tyler show.
Steve: Tyler, what have we not tulsa mortgage covered about property types that you can expect to have problems with? Have we covered everything?
Tyler: I think we pretty much hit it all.
Steve: You said something about a berm home earlier, though. What’s a berm home?
Tyler: This is like it’s built into a hill.
Steve: Yes. It’s part underground.
Tyler: Yes.
Steve: A berm home, and hey, in the same thing with the berm home. There’s one of them out in Sand Springs, and there’s a couple of them.
Tyler: Oh, yes. I’ve seen several.
Steve: And here’s the only problem with this, there’s not comparables. That’s one of the other big problems, there’s not another berm home. We just had a lady yesterday that said she wanted a pole barn, or to build a metal home. Well, there’s nothing wrong with a metal home. They’re well constructed, they’re good. They probably stand a tornado in Oklahoma better than a lot of buildings, but there’s not comps, typically. So you just have to be aware that we — and here’s the thing with comps. We can’t determine tulsa mortgage the value. If there’s not another berm home that sold in the last six to nine months, I can’t determine if what you’re paying for this house is what it’s worth, because it’s different, it’s unique. Same thing with that. If you’re going to buy a berm home, or something that’s unique like that, be prepared to keep it for a while. That’s all, that’s all. If you want more information, guess what I got for you Tulsa mortgage.
Announcer 2: For more information go to getkoalified.com. That’s G-E-T-K-O-A-L-F-I-E-D.com.
Steve: I’m Steve. I’m here with Tyler. You’re listening to the Steve N’ Tyler Show. That’s all we got for today. Have a good one.