Newbie ... First Deal & I Need HELP!
Hi everyone ... i've learned so much from all of you over the couple months and decided to jump in and buy a foreclosure that is a great deal ...
market value 130-145K
offered judgement amount of 63 plus
10K to sellers ...
question is how do i structure the contract to show higher value for purposes of loan to value for the mortgage ... i'm trying to put 5% down or as little as possible ....
i understand most companies will only lend 65% loan to value on stated investment properties .. i must close by 4/1 to avoid courthouse steps ...
really need all the help i can get ... thank you so much!!! :-?
Ugh. Lenders will give anywhere up to 100% financing on investment property. You're going to run in to trouble trying to play with the LTV. I believe the lender will give either the lower of appraised value or purchase price. That's where the trouble is as far as I'm aware. I would love to hear otherwise.
Ryan J. Schnabel
know of any hard money lenders?
i wouldn't get into the loan frauding, that could cause problems....[ Edited by way_motivated on Date 03/19/2004 ]
you're right, i got some wrong info from one lender ... i should be fine and be able to get it with 5% down .. .thanks for responding ...