Posted by Bill K. - FL on February 17, 2000 at 15:43:21:
Many lenders want the home “seasoned” for one year at least. Then you should be able to do up to 80% cash out of the new appraised value.
Financing Dilemma - Posted by Ryan Stringfellow
Posted by Ryan Stringfellow on February 17, 2000 at 13:07:38:
I’ve been investing full time for over a year and I have an A credit rating but, I’m having a hard time getting a good rate for the long term on a particular single family. (around 8% 15-30 year fixed 75%LTV).
I bought this 4br 1 1/2 bath about 6 months ago for all cash at 21K. I did a quick rehab (1.5K) on it and it has appraised for 46.5K. I have it rented for 550/mo. I’m wanting to get 75% LTV of the appraised value.
Some lender’s that I’ve talked to over the phone will not loan according to appraised value since I purchased it only 6 months ago. They will loan on purchase price only. Others will not loan for cash out. Maybe I’m not going about the search in the correct way.(if there is a correct way)
I would greatly appreciate any suggestions or options that I may be missing on getting this property financed.