NOO Loan Suggestions?

[Guest de51]

I am looking for suggestions for the following:

 

I need to quickly buy an appraised 400K house

for 350K. It will be an investment property,

thus non owner occupied. I have high credit and

should be able to pay the whole thing off in

five months or so.

 

I was thinking of getting a 365K loan and have

the extra 15K to make payments until my money

is free to pay the whole thing off in 5 months.

 

Where is the best place to get a 100% NOO loan so

I don't have to come out of pocket at all at this

time? Is it difficult to get 365K if the house

is appraised at 400K?

 

Thanks for any help as I have never done an NOO

loan before.

[lacashman 0]

Most non hard money lenders will consider the value the lower of the sales price or apraised value. In this case 350 so getting a loan for 365 will be for more than 100%.

 

Hard Money lenders will only go to 65 or 70% of appraised value in this case 280 max.

 

So if you don't have the money to make payments your stuck.

 

But if you can get an option to buy when you get your cash then that will work. Perhaps pay a small option fee now and offer to buy in 5 months for 355 to compensate them for waiting.

[jesse 0]

If you have at least a 680, you can qualify for a NOO loan of 90% LTV. Ask if the seller will carry a note for the second. I do financing for these types of loans if you need any assistance.

 

Jesse

[-Tony- 0]

I just got a 100% noo today

[Kimberly 0]

I just got a 100% noo today

Tony,

 

And the lender is ....

[mpine 0]

If your credit is 720 or higher I can do 100% NOO in 36 states.

 

Mike

[Kimberly 0]

Thanks Mike! Is Oklahoma one of the states? I've got a guy who was transferred to Dallas. He currently has a 15 year loan on the property, with correspondingly high payments, and a decent chunk of equity. He's still barely within what the property can be rented for, but would rather take out some of that equity, apply it toward a home in Texas, and see some cash flow.

 

Kim

[mpine 0]

Kimberly,

 

Yes, I lend in Oklahoma.

 

Feel free to contact me.

 

Mike