I am in the Dallas area. I am hoping someone can help with regards to borrowing NOO in the state of Texas. Here is the deal…buying an REO for 15k, rehab costs of 15k. Appraisal after rehab will be 60-65k.
I will do purchase and rehab out of pocket but would then want to refinance. Where is the best place to refinance? What LTV can I borrow, what is the going rate, and can I get cash back?
Thanks for any help.
Marty,
I am located in Dallas as well. The loan product you are inquiring about is available. But more information is needed from you such as FICO, LTV, etc… When you are talking about lower loan amounts and LTV you have to be careful because many, many lenders have a minimum loan amount of 50K. So if your house does not hit the 60-65K mark you could be stuck with an LTV that puts your loan amount under 50K and limits your loan choices. Hope this helps.