Posted by Michael Steele on June 21, 2007 at 07:14:45:
Jamie
Depending on how the 53,000 home is positioned (meaning if it is a distressed sale or not) then assuming it is a distressed sale then usually the homes are sold for under market value and can easily be proven that equity is reasonable and assuming you qualify for it you can do an unseasoned refi and tap into your equity.
Please contact for more details
Mike Steele
Refinance question… - Posted by Jamie
Posted by Jamie on June 20, 2007 at 10:37:55:
Ok, what if I buy a house tomorrow for 53000 with a conventional loan and the value of the home is really worth 75000. How soon can I pull out some of the cash equity?
Another question…
I have found an awesome deal for a rehab. I need a loan to purchase and for repairs. How can I make that work with just ok credit. I know i can get a loan to buy the home, but then what about the repair cost? Thanks