realestateremedies 0 Report post Posted July 11, 2006 I am closing on a short sale this Friday. $80K accepted offer, after closing costs and some additional costs Ill be in it for about $85,500. It needs interior and exterior paint, and tons of wallpaper removal as well as some Misc. repairs. I have a CURRENT appraisal at 110K. I can get the repairs done for $7500. My median score is a 779 and I was hoping to get a 120K appraisal on the ARV and do a 90% refi (108thereby paying off the $85,500 I spent to get into the property, as well as the 7500 repair bill and then take the 15K thats extra out and use that as cash back to me. Then rent the property out for a positive cashflow (which is possible at these figures and current rental market) Problem is my mortgage broker is saying that underwriters will NOT allow more than 2% cash to come back to me on a refinance that is less than 6 months! Is this true? I was hoping to have the repairs done inside 3 weeks and do a refi a month or so after the intial closing. Is this true or is it just a situation where I need to look into a different mortgage broker?? Any input much appreciated!! Share this post Link to post Share on other sites
lacashman 0 Report post Posted July 12, 2006 I have been out of the bus for awhile so I am not up all the programs but,,, Lets see a non seasoned 90% LTV cashout on a NOO. Not only that but your wanting to pull 22K out? If you can find it the rate will be very high. IMHO You would be a lot better off waiting 6 months. You say that it will have positive cash flow but what rate did you use to figure that? Share this post Link to post Share on other sites
MichaelC 160 Report post Posted July 13, 2006 I'm not a lending expert, but with a score of 779 I have to think there's a program or two available to make this deal possible. Share this post Link to post Share on other sites
realestateremedies 0 Report post Posted July 13, 2006 I'm not a lending expert, but with a score of 779 I have to think there's a program or two available to make this deal possible.Thanks for the input guys, I have it covered turns out it was rather easy once speaking with the correct mortgage broker (70% 1st, 20% 2nd unlimited cash back ability) Now I just heard from the bankrupcy attourney that someone has objected to the release of the property for sale These deals are fun arent they! ?? LOL ... Share this post Link to post Share on other sites
MichaelC 160 Report post Posted July 13, 2006 . . .I have it covered turns out it was rather easy once speaking with the correct mortgage broker (70% 1st, 20% 2nd unlimited cash back ability)That's what I figured, Ji. Find a mortgage broker familiar with an investor's needs, and treat him well. Now I just heard from the bankrupcy attourney that someone has objected to the release of the property for saleOh, boy! How does this all play out now? Share this post Link to post Share on other sites
lacashman 0 Report post Posted July 13, 2006 Thanks for the input guys, I have it covered turns out it was rather easy once speaking with the correct mortgage broker (70% 1st, 20% 2nd unlimited cash back ability)Did they give you an idea of the rates? It's been awhile since I looked at rate sheets so I have no idea what they are now. This can be a big factor in answering the question refi now or latter. You don't want a surprise at the closing table.Now I just heard from the bankrupcy attourney that someone has objected to the release of the property for sale These deals are fun arent they! ?? LOL ... Without a doubt you have to be ready for anything. Share this post Link to post Share on other sites
