Posted by James Strange on September 04, 2003 at 20:16:46:
The lenders say that they want enough enough cash to make 6 months worth of payments. This can include any type of liquid cash.
The 3% is of the purchase price.
James Strange
95-100% Financing NOO in Las Vegas with CA Buyer - Posted by Patrick
Posted by Patrick on September 04, 2003 at 19:14:29:
Hi,
We’re currently looking at purchasing a property in Las Vegas and was wondering if it would be possible to purchase it with 100% financing? Seller is willing to carry a second, pay for closing costs, etc. Pretty much anything to sell the property. I already had an full appraisal done on the property recently and wanted to close this YESTERDAY! 
Best I could find so far is 5% for NOO, but I’d prefer some way to get into this with as little cash as possible. Purchase price is $197,000 and I live in CA. Anyone have any ideas? Thanks!
Patrick
P.S. Middle FICO is 680, 2+ years w2’s, 50k/year gross. Please email if you have any solutions or opinions! 
95-100% Financing NOO in Las Vegas - Posted by JJ
Posted by JJ on September 04, 2003 at 23:22:28:
Patrick:
With a mid 680 FICO, you can get 100% LTV, one loan, NO MI (mortgage insurance), with appraisal and TITLE work ready, be able to close in less than 10 days. Yes, need reserves–but reserves do not have to be in cash. Don’t let anyone tell you differently,most will say 95%LTV. Did one just like that last week. You can get 100% LTV and keep all your money in the bank as reserves. Let me know if I can help you further.
Re: 95-100% Financing NOO in Las Vegas - Posted by Patrick
Posted by Patrick on September 04, 2003 at 19:23:15:
Hi again,
Forgot to mention but we’ll be leasing out the SFR for $1,500/month once we purchase it. Am I correct to assume that up to 75% of that amount can be used to credit the mortgage toward my DTI level? I could probably already qualify with my current DTI, but it would help if it were included. Thanks again.
Patrick
Re: 95-100% Financing NOO in Las Vegas - Posted by James Strange
Posted by James Strange on September 04, 2003 at 19:27:07:
Patrick,
With your score you should be able to get 100% but you will need some cash in reserves and the seller will be limited to only paying 3% of your closing cost.
Yes 75% of the rent will count as income for DTI.
James Strange
Re: 95-100% Financing NOO in Las Vegas - Posted by Patrick
Posted by Patrick on September 04, 2003 at 19:59:21:
Hi James,
First of all, thank you very much for the exceptionally fast reply. When you mentioned cash in reserves, do you have any idea on what approximate amount? Also, about the 3%, would that be 3% of the total purchase price for my closing costs (around 6k), or just plain 3% of my closing costs? You wouldn’t be able to do this transaction, would you? Thanks again.
Patrick