now that these mortgage lenders are cracking down on all their programs how do i buy property and pull equity out when i buy. my plan before was to buy for cash at a low price and then re fi at 90%. im not able to do that anymore because im doing stated loans and there arnt any lenders willing to do re fi within 1 year up to 90%. i would like to be able to at least pull out 7500.00. how do i do this?
There are still lenders that do no seasoning refinances.
90% stated 1-2 units
85% no ratio 1-2 units (5% less for 3-4 units)
80% NINA 3-4 units.
Available for those that are just paying off the initial purchase loan and getting cash back equivalent to their cash expenditures for documented work completed.
If cash out going towards debts or in hand.
80-85% stated available
75% no ratio
75% no doc
Still checking for other lenders.
If you have 6 months, this opens up more lenders to possibly 90%.
I was just going to post a similar question so I will add it to this thread.
I have a contract on a condo and the financing is getting to be a bitch really.
Seller agreed to lower price and rewrite contract for cash…
Sale Price 380K
Rehab (minor repair) $10K - will not increase value
Is it possible to refi right away to about 85-90% LTV. I need to do NO RATIO loans these days and the programs have gotten worse plus my fico dropped to around 670 now. I have very strong cash reserves and though about having the appraiser redo appraisal stating what needs work to help out in refi if needed.
What’s this mean?
Anyway, no ratio is much harder to get now a days.
75% is the best I’ve seen this week for no seasoning. Still checking other sources.
My original contract price was for 430K with a 6% seller concession with financiing… But now I want to just pay cash and then do work and refi and pull cash out. What I was really looking to do was pull out more cash then I put in since there is alot of equity.
And I know its odd to say this unit will appreciate in this lousy market, but it actually will since there is another Donald Trump condo being built next door to this one and units are starting at 500K for a studio where this is 580K for 1500 sq ft and ocean and intercoastal water way views in florida…
This is how fast the mortgage market is continuing to change. These were the lender’s guidelines as of their 8-13-07 underwriting manual.
As of today 8-15-07:
Stated, No Ratio, and No Doc have completely been elliminated for investment properties with this lender.
90% full doc is still available as outlined intially.