Need to refi my rehab.... - Posted by PamJM

Posted by PamJM on April 15, 2007 at 15:33:49:

Anyone with any ideas?

Need to refi my rehab… - Posted by PamJM

Posted by PamJM on April 14, 2007 at 22:10:37:

Long story but we have a rehab done that appraised for 154k. We are L/Oing it, already leased for a year. We owe 98k to hard money and we have 10k in it ourselves that we need to get back out of the refi.

The local bank said no, and we have a “mortgage broker” that hasn’t gotten it done for us. We do have some credit issues and are self-employed (2 years). Is there a way to get this done, hopefully before May 1?

Re: Need to refi my rehab… - Posted by Ben Carmona

Posted by Ben Carmona on April 16, 2007 at 11:08:54:


As Zach mentioned, more details are neededa about this transaction.

I suspect that your broker is having issues related to seasoning. This means the length of time you’ve owned the property.

For cash out refinances, in order to use the appraised value to determine ltv, most lenders will want you to be on title for at least 12 months. A handful will allow 6 months, and a few less.

Now, if you’re a credit challenged borrower, then you may need to deal with a subprime lender. These lender will most always be at 12 months. A very few at 6 months, and none at less. However, there are a couple that will allow you to use the new value if you are only paying off an existing lien and not taking out additional cash. So this may be the route you need to take to get out from behind the HML.

I highly recommend that you speak to a nationwide mortgage planning consultant that specializes in investment loans such as these.

Ben Carmona

Re: Need to refi my rehab… - Posted by Zach

Posted by Zach on April 16, 2007 at 02:07:47:

Need more details such as fico score, income etc. Sent you an email…