Need financing for personal residence - Posted by khadija
Posted by khadija on February 14, 2002 at 03:15:33:
I would appreciate suggestions and/or referrals for purchasing a home for my personal residence. I am new to REI and would like to have own residence before starting. Live in Cleveland, Ohio area. Here’s what I have been offered so far: 1) Purchase of a 2 bed, 1 1/2 bath condo at $89,900. Credit score around 578. Financing with one company @ $71,920 + 5% down payment grant + $12,980 seller carryback. 2 yr. ARM at 10% plus around $3k in closing costs! 2) After I had put a $500 deposit and signed contract for condo, I found two homes in the area I would prefer to live in that are REO properties, one listed for $69k, other for $80k, haven’t made offers yet pending CMA totals and ARV values. Would like to purchase one and flip the other even if deal goes through with condo. Will rent one and live in other.
Can I get a better financing offer? Any suggestions on how to submit multiple offers for REO’s.
I love this site and am looking forward to attending the convention!