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edp1959

Financing for short sale

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I'm new at this. I may be close to getting my short sale offer accepted by the mortgage company. The purchase price is $53K and with some work the property should sell for $110K. I would like to get an additional $10K for the improvements. I have a mid score in the 580's, can I get financing for the entire package upfront or do I have to own the property for a while before I can get an equity loan? I will be living in the home until the work is done and then I will sale.

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For an owner occupied property you can get a Home Equity Line of credit up to 100% CLTV. Are you trying to get a no doc loan, stated income or full doc. On first mortgages the bank will loan you on the lower of the purchase price or appraisal, but you can get a HELOC after you purchase it. To refi the property you would need to be on title for at least 12 months.

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