need financing for my move
Hi I purchased my single family house that I live in 2 months ago with 3% down fha. I would like to rent my house. I would like to move somewhere else using a conventional loan and doing 100% financing. I have called around and I can't find a way to do 100% financing with today's low rates of like 5.25 on 30 year fixed. Can anyone help?
thanks
Kevin
**Please See My Profile**
Hi,
I can't do loans in Ohio, not licensed there, but I can let you know that the property is more important on this type of scenerio than credit. With the right equity position and creative ideas, I think you can get this done...just find a house with equity built in(distressed seller) or consider a rehab proposal for a Purchase and Improvement Loan. This situation usually ends up with an 80% or lower loan to value which means that the bank will finance it all. (100% minus closing costs).
hope this helps,
clear2close
[addsig]
Thanks, I do not understand the rehab proposol of 80%? so the bank will finance all?
If a seller will take $80,000 for his house and you estimate that after $15,000 in rehab costs you could sell the house for market value ($125,000) and can get an appraisal confirming this, then you will be able to get a "Purchase and Improvement" loan that will be for a maximum loan amount of $100,000(80% of the appraised value after improvements, $125,000) for purchase and improvement costs only, not closing costs or cash. That is $5,000 more than you needed!
hope this helps,
clear2close
[addsig]
100% financing is not a problem but you have to qualify. Give me a call and let’s get you approved. My contact info is under my profile.