Posted by Michael Steele on June 20, 2005 at 16:27:12:
What type of structure are you looking for? 100% 90% 95%??? And how quick is quick?
Please contract
Mike Steele
Possible to get 100% Financing…QUICK?? - Posted by Nick
Posted by Nick on June 20, 2005 at 14:46:14:
Investor in MA, found property with built in 20K equity.
Details:
Selling price: 260K (will offer less, most likely 235K)
Rehab costs: about 10K
ARV: 285-290K
She needs to cash out of this prop quickly (by the END of the month!) to finance land she bought in VT next to her family.
I am looking for equity based lenders, which I KNOW would provide the financing needed, but if need be, and if available, I could do credit-based. Score = 715.
Please reply ASAP, am checking the property out tonight, will need to move on this soon, will also check with her absolute deadline to close…
Re: Possible to get 100% Financing…QUICK?? - Posted by BobC
Posted by BobC on June 22, 2005 at 21:24:07:
Does she need to get all the way out by month end? Why don’t we do a HELOC for quick cash, then structure the purchase subsequent to that? Let me know.
Re: Possible to get 100% Financing…QUICK?? - Posted by Devon Daughety
Posted by Devon Daughety on June 21, 2005 at 23:11:13:
Do you need to finance the rehab costs as a purchase?
Re: Possible to get 100% Financing…QUICK?? - Posted by cynthia brewster
Posted by cynthia brewster on June 20, 2005 at 17:00:44:
If the place is habitable and you want to go credit based. Your DTI would need to be at 50%. Is this going to be Owner occupied or Non owner occupied?
Full doc or stated?
Looking for the lowest interest rate or just getting in quickly?
Loans can get done quickly but you’d have to have your paperwork in line! full doc…w2’s, 2 yr taxes, appraisal, purchase contract. Verification of either mortgage or rent for 12 months for you, verification of employment for 2 years.
If you want stated, there’s quite a bit less paperwork.
Let me know if you’re wanting to go this way.
cynthia@skyviewmail.com