Financing

I may be close to the mortgage company accepting my offer on my first short sale deal. The purchase price will be $53,000.00 dollars and with some work the property should sell around $110,000.00. I have a mid score in the 580's and I can get 100% financing on the $53K but I'm wanting to get an additional 10K for improvements. How do I get that financing right away. Is there a length of time I have to own the property?

Comments(3)

  • tinman175524th January, 2004

    you should have done it in one loan.

  • edp195924th January, 2004

    That is what I am asking, I'm new at this so bear with me. Can I get financing with a mid score in the 580's for more than the purchase price? Any suggestions on who would do that? I haven't done anything yet.

    Thanks

  • tinman175525th January, 2004

    You need a rehabb loan, you will need to find a broker who does rehab loans in your state. What that means is with a 580 middle score you would qualify for up to 80% ltv of subject to value, you say house is $110,000.00 then you would qualify for a loan up to $88,000.00.
    So that is what you should be looking for
    [addsig]

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