Another L/O Financing Problem - Posted by HT
Posted by HT on October 27, 2000 at 11:25:19:
In following to a post by Dee-Texas, I too am running into problems getting an L/O financed without an arm and a leg as down payment. It appears that they don’t look at it as a refi anymore.
The best the mortgage company would offer my tenant was a 75% mortage with almost $5000 to close on a $55,000 purchase!!!
Is is just me or is this completely ridiculous?
When I received a copy of the good faith estimate, with closing, prepaid, origination fees and the 75% approval, they were looking at almost 18K out of her pocket to do the deal on a 55K condo.
Can anyone offer any suggestions on how (or who) can make this deal happen? I want to get it done ASAP and holding a mortgage would be my absolute last option. (No problems, I just want to invest in SFH)
Thanks for any feedback.
Note: Following are a few details
Price: 55K (option money 1K)
Comps: About the same as price
Lease Term: Tenant has been there 14 months (all rent paid)
Credit: (about a ‘C’) but has paid off some debt