Looking for a Loan - Posted by Brad (CA)

Posted by Brad (CA) on January 23, 2001 at 01:33:23:


Looking for a Loan - Posted by Brad (CA)

Posted by Brad (CA) on January 22, 2001 at 19:44:17:

I am looking to buy a property for around $185,000 that needs only small fix up. The value is approximately $230,000. Does anyone know of a Lender that will loan based on the higher appraised value.

or is there a Lender that will refinance me once I buy it based on the appraised value, even if I haven’t owned it for a year. I know most Lenders want a minumum of 12 months seasoning on the purchase refinance.

I am looking for a stated/low document, cash out loan at conventional loan rates with no prepayment penalty. No hard money please.

Here is the situation:
I will put down 10%, $18,500 (with $5,000 cash back at closing), and then assume the first TD of ~$76,000 and the owner will carry the difference at 8%.
Down payment $18,500
Assume 1st TD $76,500
Owner Carry $90,000
Total purchase price $185,000

And i was looking to refi and take a little cash out after I buy the house.

Oh, this is in the Southern California area (Los Angeles)

Thanks in advance

Re: Looking for a Loan - Posted by Rick(CA)

Posted by Rick(CA) on January 22, 2001 at 23:33:24:

Ed Garcia should be the one you ask. If he can’t help you, maybe it can’t be done. Try posting this also on the Financing forum.