I have just signed contract on a home in the outskirts of St. Louis. We ran into a little snag with funding and started to loose it a little Let me explain:
840 sq ft, Brick SFH
ARV 90-95k
Purched for 58k
10k in repair
Bank will pay title expences(itās an REO)
My personal situation is such:
694 Credit Score
No stinkān job
$20,000 on hand
No debt except 1 car payment
Wife has 700 score and makes $30,000 a year.
The financing, my guy at the bank refered me to, looked like a GREAT deal. 0 points, $400 LOF, 7.5%, 80%LTV. . The bad thing was they were going to require 20% down, which eats in to my stash of green-backs. He called me today and told me āhe didnāt see enoughā⦠what ever that means. Should I even be upset that this didnāt work? I know I can get 80%LTV from somewhere without 20% down! My wife recommended we get traditional financing (58k and 30 year fixed) and use OUR money to make the repairs. Is this a good idea? This being our first flip and all just makes me nervous, but MAN, what a rush!!
One more questionā¦Does anyone know where I can get a list of all the expences OTHER than repairs? We have a very organized Excel thing going but just feel like weāre missing something. Thanks.