Offer Accepted But Can't Get Financing....
Here's the skinny.
3/1/1 SFH brick, large yard.
Price: $50,000
Tax Assessor Office: listed at $63,000
Needs: $9000 (carpet,vinyl,paint,Central AC)
ARV: $72500
Looking to hold on for rental income.
Payment on 59,000 for interest only loan
would come to about $400 or so. Could easily rent for $600-$650.
Problem is that everybody wants %10 down or high 700's FICO with 35% Ratios.
What would ya'll do in this situation?
Hate to completely walk away from this.
Even if we just get an assignment fee out of it.
Thanks,
kevlp
How many brokers have you talked to?
Is the problem that you need 12K and don't have it?
Where is it?
The mortgage broker that we are using is with Carteret Mortgage.
We do have another letter of preapproval for the $50,000 with $0 down but then we would have to come up with the repairs ourselves. That would be like 6 of one or half dozen of another.
The property is just outside of Lubbock, TX.
Thanks,
kevlp
Why not go with the bank that gave you the approval with nothing down. And then get an equity line on the property. Some banks will allow you to do this right after buying the property with no waiting period. Try Wachovia bank for the second mortgage or equity line. I know they will do equity lines on rentals in VA. Good Luck
That's one way I hadn't thought of. Wachovia will not deal with Texas properties.
Does anyone know of anyone that will do "Non Owner Occupied HELOCs" in Texas?
I guess another way to get it done would
be to do a HELOC with my primary residence.
Thanks for the reply.
Keep em coming....
kevlp
If you have a fico of 680, I might be able to hook you up with a 100% rehab loan at 2 pts. over prime, interest only for a flat $535 fee that is refunded at closing. It is heavy doc outside of the Houston area. Converts to perm in 90 or 180 days. One of their loan officers is a member of my investment club. Be glad to hook ya up!
C- :-o
Will the seller carry a second mortgage for the 10%?