Looking for a Loan

Greetings, I just purchased a (Subject to) Townhouse in the Virginia Beach, Virginia. Details: assumed $78,000 in existing loans, home is valued at $180.000 :biggrin) I want to cash out refinance paying off existing loan. I’m looking for a lender with no seasoning requirements and can do bank statements or stated income loans with self employed for 5 years in business and at least a 630 score. Any Suggestions?

I believe your choices are going to be very limited… Wachovia (The World Savings Division) may offer that as well as Equifirst.

Expect to have real strong documentation as to why you were able to buy it so inexpensively and also make sure that when the appraisal is ordered that it is TIGHT.

The only other option that I can think of for this would be a hard money lender but those rates are going to be real ugly.

Yes, I thought it would be tough, My broker went out of the business and I’ve been using Chase, but they just cut their programs and raised the min. stated score to 720 and no bank statements. It’s a straight foward deal, the owner was in trouble and just wanted to start again, so I gave them a few$ and they gave me the deed, it’s a nice home (Power Puff) and I want to go long with it in RTO, I’m trying to avoid Hard Money but I may if I cant find a bank or may be just sell it? Any way thanks for the help, I’ll try the Bank you suggested.


Almost any mortgage broker is familiar with World Savings and Equifirst. If you have no luck, shoot me an email and I’ll get you a couple of names and numbers of brokers in your area that may be able to help you.

Nice deal by the way.

Once again THANK YOU! Im sending info out as we speak, I will contact you if I need a Broker reference. Thanks for the comp.


It will be difficult if not impossible for you to get a NOO stated income no seasoning cash-out from a conventional lender with a 630 credit score. Why can you not go full doc? The lender should be able to use the rent schedule to off-set the payment on the home. The biggest obstacle you will run into is called “continuity of obligation” (thanks Ben) which means you have to be on the current note to refinance into a new note. As for the other lenders that were recommended both of them require you to have at least 12 months seasoning on title before allowing you to use appraised value. Citibank used to have a bank statement program on the expanded product but just recently eliminated it. You might be forced to use a HML or private lender to get the note into your name and then start looking for a conventional lender. Hope this helps.

Thanks for the great info. I can/will go full doc with business licenses & bank statements, but not with taxes or paystubs. I’ve been in business so as you know I’m considered self employed. Wow, now thats a new one (“continuity of obligation”) (Thanks). Just when you think you know a little :biggrin (ha-Ha). Again Thank You! I may just go with hard money if this does not work, that sounds like the route and would solve my problem.


Hard money will at least get your name on the note which will get you around the CoO problem.Bank statement programs will be back someday and if your credit score goes up in the meantime younay be be able to get a conventional loan.

I truly appricate the info it saves me time and frustration and a few dozen hits on my credit report. I agree the great investor programs will be back (Banks gotta make loans!) My credit score seems to be stuck? I have no lates but lots of mortgages, most paid off, but I guess the computer still dosent like me :cool.

I am also looking for a loan. I called Equifirst and they said they suspended their investment mortgage program. I also checked online with World Savings but their website stated they are owned by Wachovia and directs you to their site.

My position is a little different. I can do a full doc and my credit score is 800. I received some good rates from Quicken Loans and GMAC Mortgage. Any thoughts on these lenders and are there others lenders that are possibilities?


How is the Va. Beach area? It was one of the stronger performers over the past few years but I haven’t heard about much fallout coming from that area. I’ve been contemplating trying to get into some beach deals down there because it was somewhere my family went annually when I was younger and I’m familiar with the area.

How would you rate it as a rental market? Thanks.


You will need to provide more information on what type of loan you are looking for… Purchase? Refinance? Cash-out? 800 FICO’s and full doc are a good start but there are many more pieces to the puzzle nowadays. Equifirst is a sub-prime company so you definitely would want to steer clear of them. World Savings still has investment products but there are many better alternatives.

Hello, with your score you’ll get a deal done but He’s right it’s a different lending enviornment, and he’s also right you should stay away from subprime lenders, you should not need them. Virginia Beach (And Most Of the Tidewater Virginia area) is a GREAT market: Prices are holding strong, and you ALWAYS have plenty of renters because of all the Military Bases in the area, No one gets laid off from the military, not even the contractors, and of course: IT’S A BEACH! :smile


I sorry…had that sentence in my head but never typed it in…looking for loan for an investment property…would like to put only 10% down with a 30 yr fix…maybe a 30year fix IO…basically keep my payments low but not have to worry about refinancing…thanks for the quick response…

Anyone know a good Private or Hard Money source for this deal in Virginia Beach? I understand how HML’s works, but I’ve never used one.


90% is still very much available. Keep in mind that above 80% you will have MI on the loan which will eat into your cash flow. If your buying at a large discount there are alternative methods to achieve the most attractive financing terms. :biggrin

Have you tried Fifth third bank or Coastal Savings and Loan. They should be in your area.

Sent you a PM.

Matthew Giegerich