My partner and I bought a lakefront preco 3 BD, 3 bath single family house to flip in Virginia. Beautiful home on a beautiful lot with a point on the lake. We paid $360k; at the time of contract in late 2005 we were going to be able to list for $425k. Well that has gone south! We financed 100% LTV and left the closing with $9k to use for payments during for the couple of months it was going to take to sell. Well we have reduced the price twice now and are at $389.9k i.e. almost break even after selling costs. The market has turned in Virginia to a slow one with lots of inventory. I need to get the payment low enough so we can minimize our out of pocket after the rental income of $1800. This property will make money over the next few years but we need to buy time. I have full income of $96k/year. 673 credit score last time I looked. It was appraised for the contract amount of $360k a short two months ago but we may be able to squeeze a 95% LTV out of it if the right appraisor came along. I need to anticipate the good old conservative appraisor coming in at 100% LTV and that is the problem. I have heard of the 50 year mortgage supposedly only in CA right now but will that go 100% LTV and are other states picking it up?
I need to get our 100 LTV payment of $2900 down to $2100-$2200 area regardless of the terms. I realize I could probably find a 95% LTV Interest only ARM at maybe 7% that would do it.
Any ideas if I don’t get my $385k appraisel i.e. 95% LTV?
Thank you in advance!
You have a few options. I’m sure you’ve been contacted by some L.O’s already, but if you still have questions I will be happy to speak with you.
You bought it on a 100% investor loan late 2005?
Yes, but it is my partners “second home” so we were able to get it under his name as a second home. The loan is actually in my partner’s name but we would refi it as a joint account loan depending on guidelines. At this point is would be refinanced as an investment property since I own three other properties.
Do a rate N term Refi on a 40 year term
Interest Only
Carol Wilson
Nationwide Loan Consultant
Carol,
Can you email the specifics of this program and it’s guidelines.
Is stated ok, DTI, LTV, etc. Do you write loans? Is Nationwide the lender/broker on this program?
Carol, why would you put a borrower into a 40 year interest only term? If I’m not mistaken, :silly:, an interest only loan is the same payment whether its a 40,30,10, or 1 year term. The only difference in payment you’ll see between a 40 am 30 year term would be if you wanted a principal and interest loan.
Also, I don’t know if you’re sending spam emails or what, but I don’t believe I’ve ever asked you to commit to a 7% interest rate for me, and I most definitely will not let you pull my credit report. Here is a copy of the email I’ve received (if anyone has received a similar message let us know)
------Beginning of email---------
Hi I am responding to your question in REI.
Rate N Term Refinance Interest Only 40year term
I cant commit to a 7% unless I see your credit first.
Looking for a Commercial or Home Loan? Let Starlite Funding Consulting Firm help you get started with Up to 100% Financing on Commercial, Residential, Hard Money and Equity Investments. We have access to over 600 Lenders Nationwide who are waiting to help you get the Funding you need. Contact Carol Wilson at M_Carol_Wilson@[REMOVED].com or call 888-XXX-XXX for more information.
Carol Wilson
[REMOVED] Loan Consultant
[REMOVED]
M_Carol_Wilson@[REMOVED].com
888-XXX-XXXX
Carol, why would you put a borrower into a 40 year interest only term? If I'm not mistaken, , an interest only loan is the same payment whether its a 40,30,10, or 1 year term. The only difference in payment you'll see between a 40 am 30 year term would be if you wanted a principal and interest loan.
Carol I have to agree with Mark. What were you thinking? If you are just trolling for business, giving bad info is not the way to do it.