HELP! Got the deal…need the financing! - Posted by Denise FL
Posted by Denise FL on December 11, 2000 at 19:15:34:
I am in S FL and have spoken to 2 Mortgage Brokers, at length, in preparation of finding a deal. Went to contract a couple of days ago, and all of a sudden things are different.
I was originally told 100% financing wouldn’t be a problem. There are many programs, etc, etc. Now I’m told I need either 5 or 10% down. I was originally told buyer’s (my) closing costs are approx. 6% of purchase price; now 1 broker is close to 7.5%, the other was close to 10%!!! I was originally told I could build closing costs and rehab into the loan; now I’m told that I have to come up with closing costs up front and will get it back at closing.
This property is a steal. It’s a duplex appraised value @ $45K, after repairs @ $65K. I’ve got a contract on it for $32K. Needs about $4K in rehab. I’ve got EXELLENT credit, and steady income from work; and the property has tenants for 5 & 6 years @ $800 combined.
What am I missing???