Hello everyone. This issue has been resolved for now.
Thanks,
John
Hello everyone. I am again looking for financing. I need to go stated income and have two chapter 7 bankruptcys discharged in 8/97 and 8/03. My middle score is a 637. I purchased a 4-unit building that is owner-occupied and am lookign to take cash out of that (appraised value 140,000 balance 114,000-already made many improvments) and or lower my payments–closing date was 2/05.
[b] YES, You can do a CO Refi with less then 6 mo and less then12 mo and these loans are considered high risk loans expecially when you are going stated with a BK less then 2 years old.
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would wait till 8/05 to do this loan so that your BK is 2 yrs old
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If you want even a better rate especially if you want to lower your payments I would wait to FEB to refi so you would have 12m seasoning of title.
I would like know how long to you plan on keeping this property and why do you need the money know and If you can wait till Feb.?
What rate are you at now?[/b]
I aso have a land contract dated December 2004 that I want to refinance conventionally at 100% and possibly take cash out also.
On this land contract
is in on land or a SFR and in what state?
if it is on a SFR or SFH with doing s STATED INCOME STATED ASSET 7 lenders will do it at 90%
Stated income verified assets 11 lenders with do it at 90% ltv
I did not find a lender that would do a 100% Non owner occupied SFR loan. with this info that you gave me.
I am lookign for more cash flow in order to operate and buy another property. Any suggestions you can offer?
Look at this thread this would give you some ideas that you can still get creative ideas on how to get 100% financing
http://www.reiclub.com/forums/index.php?board=26;action=display;threadid=4002