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dvought

Need Investor Mortgage Refinance ASAP

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I was supposed to close on Friday on a refinance loan for a house in Kansas City, MO. Everything was going along fine, but now at the last minute the Underwriter is saying they won't move forward because it is 100% financing (which it's not) on an investment house. Here's the details:

 

Location - Kansas City, MO

Cash flowing with Section 8 Tenant in place

SFR - just appraised at $78K

Refinance Loan Requested - $58,500 (75% LTV)

Personal credit score (mid-score) - 792 on 2/12/08

 

I just bought this house recently, so I need a lender with no seasoning requirements. (The house was recently rehabbed, so the title work shows a lot lower purchase price within the past year by the investor I bought the house from.) Also, I'm not looking to pay any points.

 

The appraisal and title work are already done. I would like to work with a mortgage company who can close quickly. The house is cash flowing, and I'd like to start making money on it!

 

Also, I have 2 more houses (and in discussions for 2 additional right now) in Kansas City, all of which need refinancing at the same 75% LTV. In addition, I have 3 Birmingham, AL houses that will need the same within the next month or two.

 

I am looking to work with someone on an on-going basis who can keep the costs down for closing costs, act quickly, and most importantly DO WHAT THEY SAY THEY WILL DO.

 

I can also close in my LLC, if anyone has a program for that.

 

Feel free to respond on this forum, email me at hopefulhomesolutions@hotmail.com, or call me at 631-219-2295.

 

Thanks.

Dawn

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