Hello everyone. I am looking to refi a property I refinanced in January of 2006 that was originally a land contract purchased in 2004. I have had dealings with two or three brokers from this website with bad experiences and looking for people that can produce results without playing games. Please email me and we can go from there.
I am also looking to purchase more properties and need a lender to take care of it all.
Bridge Capital (Joleen Larsen) Please Do Not Reply to my post along with the previous people- you know who you are.
Thanks
Anymore detail into what happened exactly?
I am a direct lender here in NYC , so please do what you wish.
Thanks!
Quite a situation you’re in. Probably the reason you’re having so many problems is that the loan you are looking for will be an Alt A or portfolio product. The thing with these loans is just about every lender that offers them have some unique twists to their guidelines. One may have a bankruptcy policy that says none in the past 2 years, another may say if any bks, then you can only go full doc. Just about all of them say that you cannot have lates after a bk and must have some reestablisthed tradelines. I read your past post that your most RECENT bk was filed in 4/03. How many bks have you had? That may be an issue with lenders also. Not to mention the f/c. Although it doesnt show up on the credit report, the lender may want a mortgage history on it.
Then there is the stated issue…do you really make enough income and just cant show it or is your income/expense ratio too high?
It may vary likely that you cannot qualify for one of these programs and will be limited to noncoforming lenders. I can tell that this may be the type of loan you currently have because that’s about all they offer, 2yr, 3yr, 15/30yrs. In that case, the rate you have is in line with your overall profile.
Whoever puts this loan together has their work cut out for them. A lot of due dillegence upfront. That may have been why things didnt go well before. So what were some of the reasons why the loans fell through before? That is alsways helpful information. My recommendation would be to pick up the phone and keep trying mortgage brokers. You’ll find someone compitant enough, but please understand there are alot of quirks to this deal.
Seems like there is a lot more to this than meets the eye. I’m also wondering why you need to refi a refi from last month?
John,
As Ben mentioned, Investor loans are rarely cut and dried scenarios. Lenders are becoming more and more hesitant with investment properties and are starting to tighten the “purse strings”. I am not trying to defend anyone as I do not know what it is that the brokers you chose could or could not accomplish for you. I am just making an observation based on years of experience.
However, to the question at hand. I echo Rich’s question of, why the need to refinance after doing it last month. I would assume that it probably would have a Prepay which is going to eat up equity.
Hi there. I need to refinance it to get cash out. It originally was supposed to be 100% ltv and at the end of the game the bank changed their mind to 90%. Also, there is no prepayment penalty and the interest rate is 8.5 on a two year arm. Let me know.
Thanks,
John
In response to Ben: I make enough income just can not show it. I have a 2/28 arm now with a rate of 8.50%. The problems I have had with lenders is that they turned up not being licensed in the state and not knowing where to even place my loan. Many like to make promises and waste my time without doing anything. My middle score is 657 and filed BK in 1997 and 4/2003 fully discharged.
What state are you in?