Sub 50k sale in PA, bank besides WF loan on em? - Posted by Sean

Real Estate Investing Real Estate Financing
1

Posted by John on September 17, 2004 at 08:58:04:

Matt

Are we talking OO or NOO down to $25K?

It it is not too much hassle, can you post contact details? Or email
them to me.

I am doing some seller financing deals or HML in this bracket and it
would be good to know who to refinance with when it comes time to
cash me out.

John

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Sub 50k sale in PA, bank besides WF loan on em? - Posted by Sean

Posted by Sean on September 16, 2004 at 07:35:05:

Quick run down.

Got a 35k house, bought as REO fixed up and have buyer. Buyer’s qualified 80% loan, everythings good to go… last minute their mortgage broker gets word bank wants 6 months seasoning (have 2 months currently). Bank likes buyer, likes appraisal, no problem with deal, just wants 6 months seasoning. Bank is Wells Fargo.

No big deal, find another lender. Unfortunately in PA at this point I can find no lenders that will go sub 50k other than Wells Fargo other than some that will go 60% LTV…

Does anyone know of any lenders or banks in PA that loan on sub 50k homes, purchase mortgages to B or C buyers at 80% or higher? Any help would be appreciated. I have spoken to many brokers in my area, they all say Wells Fargo is pretty much it for this case.

Any help definately appreciated.

3

Here is a lender for you - Posted by Matt Christensen

Posted by Matt Christensen on September 16, 2004 at 08:51:13:

Yeah, try Long Beach Mortgage. They do subprime deals less than 50k with 80% loan to value. Hope that helps and if you need any help let me know!

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Re: Here is a lender for you - Posted by Sean

Posted by Sean on September 16, 2004 at 11:43:27:

Thanks, will they loan on a 35k sale price? I know more will do for to 50… I guess I should have asked more specifically in original post.

Thanks, will definately pass the name on to the buyers broker.

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Re: Here is a lender for you - Posted by Matt Christensen

Posted by Matt Christensen on September 16, 2004 at 12:49:13:

Yes they will do loans down to $25,000

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Well they say won’t go to 35k too low - Posted by Sean

Posted by Sean on September 17, 2004 at 20:34:43:

Matt,

Broker talked to them and after prelim saying they thought they could do the deal, came back with loan amount was too low for them to do… So beats the heck out of me.

Any other suggestions?