Newbie ... First Deal & I Need HELP!

Hi everyone ... i've learned so much from all of you over the couple months and decided to jump in and buy a foreclosure that is a great deal ...

market value 130-145K
offered judgement amount of 63 plus
10K to sellers ...

question is how do i structure the contract to show higher value for purposes of loan to value for the mortgage ... i'm trying to put 5% down or as little as possible ....

i understand most companies will only lend 65% loan to value on stated investment properties .. i must close by 4/1 to avoid courthouse steps ...

really need all the help i can get ... thank you so much!!! :-?

Comments(3)

  • rjs935219th March, 2004

    Ugh. Lenders will give anywhere up to 100% financing on investment property. You're going to run in to trouble trying to play with the LTV. I believe the lender will give either the lower of appraised value or purchase price. That's where the trouble is as far as I'm aware. I would love to hear otherwise.

    Ryan J. Schnabel

  • way_motivated19th March, 2004

    know of any hard money lenders?

    i wouldn't get into the loan frauding, that could cause problems....[ Edited by way_motivated on Date 03/19/2004 ]

  • kathyk20th March, 2004

    you're right, i got some wrong info from one lender ... i should be fine and be able to get it with 5% down .. .thanks for responding ...

Add Comment

Login To Comment