Jrj2820 0 Report post Posted September 12, 2006 Property bought at $184K, appraised at $240K.I wanted to know how long before I can take out the equity on a home after closing? Share this post Link to post Share on other sites
Investment Loans 0 Report post Posted September 17, 2006 Property bought at $184K, appraised at $240K.I wanted to know how long before I can take out the equity on a home after closing? Immediately if you scores are high enough. What is your middle credit score? Value? How much in current loans and how much cash on top? How long on your job? How much in the bank thats been there for 2 months? Share this post Link to post Share on other sites
Jrj2820 0 Report post Posted September 24, 2006 Immediately if you scores are high enough. 1. What is your middle credit score? 2. Value? 3. How much in current loans and how much cash on top? 4. How long on your job? 5. How much in the bank thats been there for 2 months? ____________________________________________________________________________________-----------------------------------------------------------------------------------------------------------------------The middle score is 650.The appraisal will be done this week.the loan is for $192k. down payment and closing cost are wraped up in the loan.1yr.$0 budgets been tight for the past three months. Share this post Link to post Share on other sites
Investment Loans 0 Report post Posted September 27, 2006 If this is an owner occupied property, then this should not be complicated. Those loans are easily run through an automated underwriting system. However, if this in an investment property then your options tighten up. Most lenders will need you to have at least 6 months of reserves (1 month of reserves = 1 month of principal, interest, taxes, and insurance) verifiable. Those funds need to have been in that account over the last 2 months. In addition most lenders will require that you have a solid 2 year history of employment. An exception would be if you just graduated from college and have been working in the field in which you hold your degree. So this narrows down your options to a NO DOC loan. This means that no employment, no income, and no assets are disclosed on the application so nothing needs to be verified. Your over all credit, not just the score, will play a huge factor on whether or not this program is something that can be done. There are several other questions that need to be addressed before determining if a loan is available. Share this post Link to post Share on other sites
Jrj2820 0 Report post Posted September 28, 2006 THANKS and one more question the seller wanted to know from the lender if the loan could have been for more than the price i am getting it for so that I can use the funds to pay off debts so that when I refinance i can gaurantee myself better rates and possibly lower my payments.. Share this post Link to post Share on other sites
silver 0 Report post Posted October 7, 2006 THANKS and one more question the seller wanted to know from the lender if the loan could have been for more than the price i am getting it for so that I can use the funds to pay off debts so that when I refinance i can gaurantee myself better rates and possibly lower my payments..You can get more to pay off debt. You have to buy the property first, get your name on title, before refinancing. Share this post Link to post Share on other sites
