Cash Out Refi on Investment Property with 566 FICO

[NYGuy 0]

Please only tell me something realistic, positive...and something I dont know already . Now, heres the scenario:

 

Property Type: 2 Family in New York

Bought : April 01,2003

Purchase Price: $250,000

Balance on Mortgage: $199,000 (approx)

Rental income: $2,400 monthly

Recent Appraisal: $300,000 (Nov. '03)

 

My Mid score: 566

Credit Issues: Only 2 30 day lates in past 12 months

Prefered Doc: 1.Stated or 12 months bank statements

Prefered LTV: At least 80% or better!

Prefered Program: Low interest ARM or any better with no pre-pay penalty.

 

I need to close before the end of this month. Please only contact me if you know the essence of above scenario, and can actually deliver. Thats why I have provided most of the important preliminary info here. If you got it, email me with details of your offering: enkay@netzero.com

 

Thanks.

[Andrew Ikeda 0]

NYGuy,

 

You might call some lenders in your area and see if they can help you out. I cannot personally do it because for one, I'm working on 6 loans this week that are demanding my attention.

There are two things that are causing me some concern about what you want:

 

1) no prepay penalties - please keep in mind that your interest rate is going to go up if you are adamant about this.

 

2) the timing- if you want to close, record, and fund by the end of this month, you must work with blazing speed as we only have 9 working days left this month.

 

Also, a 566 score may be tough. Is this your middle score or highest or lowest FICO?

 

Ask your mortgage company if they work with a lender called MILA. Don't know if they are available in NY but I know that MILA offers 100% financing with scores as low as 560. Another lender that might be available in your area is Oakmont Mortgage. I've seen on their flyers that they will do 100% refi on 520 FICO scores. I'm not sure they are available in NY either....that's about the best I can help you with at this moment.

 

Best wishes and good luck!

 

Andrew Ikeda (Loan Officer/Mortgage Specialist)

US Funding Group, Inc.

888-889-1640 ext 220

360-433-6820 direct line

 

andrew.ikeda@usfundinggrp.com and/or andikeda@netscape.net