Go ahead and take out a loan at 7% interest if you want, but don't forget to actually pay the installments and keep every single receipt, just so you don't end up facing whatever mess happened back in Canada; and for heaven's sake, double-check that the account number on your contract matches the one on your payment slip, unless you fancy accidentally sending your hard-earned money into some private individual's pocket...
First objection...
I’ve been spending the last half hour replying to people, and I really need to weigh in on those links I posted last week...
I'm talking about that whole Canadian scandal involving Dream Credit...
Since I honestly can't be bothered to write a novel, I'll just say this: the people involved in that scandal were very real. Walter and his middleman are real enough, and they're still operating within the bank as if nothing ever happened. Regardless of the fact that he was the sole buyer for the auction properties—and considering how the local president of the court and a prominent local attorney, whose wife happens to be Walter's associate, were busy rigging deals—it all reminds me of an acquaintance of mine who ended up rotting in an Austrian prison over some commissions. But that's not even the point; the point is that this is simply how these Austrian banks operate...
Sam Martinez67 said:Does anyone happen to know which specific branch in Austin offers construction loans for Americans?
I'm not sure which bank it is, but I personally secured a rate of 7% up there... It isn't so much about the number of pay stubs as it is about the actual income shown on them. For instance, if you have a single pay stub showing $3,000-$1333 and you want a $50,000 loan with a monthly payment of roughly $500, you’ll likely need at least 3 or 4 pay stubs, or perhaps 2 that show $6,000-$2333... with each being $1333. It's also helpful if those pay stubs belong to family members or relatives...
The maximum amount available a year or two ago was $150,000 for a single family property. That is what I witnessed, though I heard people pulled out over half a million dollars for high-value properties in coastal areas or similar locations....
My advice is to go to the bank yourself. You will find people there who know exactly which banks in the US offer these products. Or, just pick up the phone and start calling to ask which institutions provide these loans. As someone mentioned earlier, brokers will take a 5% cut just for dropping off your paperwork at a branch and waiting alongside you to see if you get approved or not.
P.S.
To qualify for this right now, you absolutely need at least two substantial pay stubs (at least $2000 net)
No existing liens on the property...
And the property needs to be in a solid location... meaning it shouldn't be in some tiny rural town 31 miles outside of a major metro area like Dallas where there are only five houses in the whole area.
If you meet all those criteria, go to the bank yourself and you are 100% certain to get the loan....
Thank you.
Best regards,
Oh, and you forgot to mention that the bank providing the loan isn't located in a village, but in some tiny hamlet where there are only five houses. And if everything is supposedly so clean and transparent, why hasn't the Federal Reserve stepped in here in America so our citizens can get loans under the exact same conditions they get in Austria?
Probably because the Federal Reserve wouldn't be able to play their shady games like they do now; they won't even give the brokers official contracts, so these people just work under the table. Commissions are handed out inside the bank, but strictly off the books—under the table—with a portion of that kickback going straight to the banker who doesn't report it to the IRS. Meanwhile, these gentlemen continue to work alongside Federal Reserve employees, pulling whatever stunts they want and buying up real estate through shell companies in Canada, and at this rate, they'll be doing it here in the States too. Who in their right mind thinks this is okay!!??
Take Raiffeisenbank St. Stefan-Jagerberg - Wolfsberg, for example—a "major metropolis" consisting of maybe five or ten houses. Have you ever even heard of such a "metropolis" in Austria? No, you haven't. Yet they hand out loans left and right, and working there is none other than Mr. Walter, who will settle whatever loan you're looking for for a tiny 6% fee (paid under the table). Just, shhh, don't tell anyone—he's also the bank director, but that's a secret... Read that and then tell me if you still have the appetite to head over to Austria to hunt for a loan.
I really don't want to sound like a broken record here, but if you actually care to know what's going on, just head over to Google and search for the "Dream Credit" scandal or look up those mortgage companies out of Ptuj involved in the credit mess... honestly, there is a massive mountain of articles out there waiting for you, and if the English isn't clicking, just use Google Translate to make sense of it all... it’s all right there if you bother to look...
