Trouble Getting Mortgage...
I bought a house cash and rehabbed it to rent about 4 months ago, I have a tenant but am having trouble getting a mortgage for it. It is a small mortgage which doesnt help but the bigger problems are no seasoning and non owner occupied. I have read numerous books that say this is the best way to do rehab/rentals if you can afford it, so why am I having so much trouble?
What is a HELOC?
What is a HELOC?
It's a home equity line of credit...
I like the HELOC idea and have used it myself. If you want to place a mortgage, work with a mortgage broker. They usually have access to dozens of lenders. Have them check out Entrust. They are a lender in the Bay Area of California. I don't know if they make loans in your area, but they have loans with no seasoning. No seasoning loans are not easy to find, but they are out there. They might require a "field review" and an appraisal. A field review is an appraiser reviewing the appraisal that was done by another company to make sure they agree with the value...
[addsig]
Are you full doc or stated income?
I have just recently been approved for a mortgage on what seems to be the same situation you are talking about. Bought a house after the sheriff sale (during the redemption period) and had to pay cash because of the time restrictions. Found a company that will give 80% Loan to Value (not purchase price) with no seasoning issues and no documentation on a refi. Called a cash out refi. I will have only owned the property for 3 months when I settle on the loan. Mortgage officer said it had something to do with Fannie Mae lenders and thier guidelines.
Gateway Funding is the name of the company and they are located in NJ. Don't know if they will make loans for properties in your area but might be worth a phone call. The guys name is John and the number is (856)616-0061. And no I don't work for the company, nor will i receive a referal fee and he won't even know who told you to call. The reason I post this is it took me a little while to find what I was looking for but he says he can absolutely do it. The only thing that might cause me a problem at this point is the appraisal.
Bill
I thought you could only take out a heloc on the house you lived in not an investment property that you do not live in,Right or wrong?