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clydesnodgrass
51 Posts |
 Posted - 06/09/2008 : 10:59:43 AM
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Have a borrower that's buying a home that is 1) a short sale 2) a partial rehab. The house appraised at $560k prior to any of the updates that he's going to do and is in a very desirable area of South Tampa.
He's self employed, has been for 3+ years, but his AGI is less then what's necessary to qualify due to quite a few deductions and write offs... he has a 730 mid and can verify some assets (he put a lot into the home already though). At 75% LTV, is it possible to go stated on this property using the appraised value? The comps are solid, were solid when the appraisal was done and like I said, the property was a short sale, way undervalued and in one of the hottest areas here. He rented for 5 months waiting for this to finally close... that's how good of a deal it was.
I don't do many refi's anymore... I asked around and was told he'd have to make 1 mortgage payment and then it would be possible since the LTV is less then 75%, this accurate? I want to get the loan started so he can get his money back out as soon as possible without him having to wait for 12 months.
Thanks guys. |
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AGreene00
2728 Posts |
Posted - 06/09/2008 : 11:35:10 AM
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| I don't know of any lenders doing cash-out after 1 month. Was the company that someone told you about Washington Mutual? They are no longer in business. |
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sfentress2
246 Posts |
Posted - 06/09/2008 : 12:09:59 PM
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| Try HSBC and CITI |
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FLhardmoney
236 Posts |
Posted - 06/09/2008 : 12:40:10 PM
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I can do no seasoning. Usually can only go to 50k on stated HELOC though. Let me know if this is enough. Low rates based on prime, not hard money.
deeles07@yahoo.com |
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clydesnodgrass
51 Posts |
Posted - 06/10/2008 : 09:44:18 AM
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quote:
Originally posted by AGreene00
I don't know of any lenders doing cash-out after 1 month. Was the company that someone told you about Washington Mutual? They are no longer in business.
FYI - a lot of lenders will do one day on title... that's not my issue... my issue is that it's stated. |
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