In Need Of Better Terms, LTV
Any ideas? Anyone familiar with loan options in TX for a 1st time investor? Here's what I've got from 2 morthage brokers:
1st deal guy -- Up to $100k loan, either 80% LTV, 7.5% fixed, 30yrs,or 5 yr ARM at 6.75%, no ratio, no seller 2nd's...must be cash plus closing costs. Other options not favorable, says I'm at 80% debt ratio. No Refi for 6mos, has no 30day loans for refi to cash out.
2nd deal guy- up to $105k loan, 95%LTV, 10.6% APR fixed 30yrs or 9.7 ARM, says I am at 50% debt ratio, this is NOT a "no ratio" loan, No Refi for 6mos, has no 30day loans for refi to cash out.
All loan deals I can flip ANY time after close. I am in the sub-prime arean due to a BK 7 discahrged 2.5 yrs ago, no derogs in the last 2.5 yrs, I own my house (mortgage), and 2 car notes in my name (hence the debt ration for mortgage and cars!). Scores are in range of 635-685 all 3 CRA's.
I can give more inf, but there has got to be a better deal out there for higher LTV and GOOD interest rates like 100% LTV. I do plan to flip a property within a month of purchase, so in my opinion, interest rate is not a big deal. I am just trying to do this as LITTLE cash out of pocket as possible w/o bringing in others right now. Any suggestions? I have a few properties I have looked at but none I want to bid on yet. Or should I worry about details later and take what I can get? Suggestions are welcomed.
Tony
How much are you buying the house for?
What is the FMV for the house?
Does it need any fixing up?
When you say "All loan deals I can flip ANY time after close" are you saying you have a cash buyer lined up or you have a buyer that has a lender willing to lend money with no seasoning on the title?
Hi Sammy,
U asked:
How much are you buying the house for? -- None in particular--both brokers did not need a contract, i was just pre-qualifying;
What is the FMV for the house? -- don;t know yet
Does it need any fixing up? --it will, undetermined amnt
When you say "All loan deals I can flip ANY time after close" are you saying you have a cash buyer lined up or you have a buyer that has a lender willing to lend money with no seasoning on the title? --Neither, both mortgage guys said I can sell this property anytime after I buy it but I cannot refi or get a HELOC for at least 6 mos if I want to cash out for wking cap, etc.