I own a house and I’m planning to buy another residential SF. I was just wondering if I could qualify for a 100% loan with 645 credit score. Also, the property has about 45-50k equity. I’m located in IL and I’m trying to buy in Indiana. I would like to cash out the property after I close. So, I don’t want any pre-payment penalties.
My lender said that they can only do 90/10. Is there a 100% for 2nd home. I want to put the least amount of money. Also, I’d like to close December of this yr.— 2005. I know it’s pretty close but we have the appraisal already. Do you think it’s possible?
Anybody?
Thanks!
Shouldn’t be that difficult… wouldn’t touch an 90/10 though…, try a 80/20… second home… scores should make it happen… Have you taken an application yet?
Do you have a sales contract?
I’m going to fax the contract today. However, I wanted to be sure that I’ll get 80/20 before I take the leap. How high of an interest am I looking at?
Is it the same as my first home? Around 6%+?
Need more input if I can close this within the month of december.
It’s a tight schedule, but I’m willing to submit all the docs ASAP.
Expect the rate on your first to be between 6.5 and 6.75 and the rate on your second to be between 8.50 and 10.00.
Thanks! Are you a broker?
Do you think I can close within the month?
There are only about 13 business days that the lenders will be open.
There are several lenders that are underwriting in 24-48 hours. So once the LO has a full package and appraisal it could theoretically be done in time.
Like Mark said…And I paraphrase…It’s Christmas. If you want to close in less than 30 days you have to be cocked, locked and ready to rock. ;D
If you want to get this done, I’ll need everything faxed over today.
…as the buzzards slowly circle over the cowboy’s near lifeless body…
Thanks to all your response. The seller and I found a lender who will finance the deal for us. Thanks!