I AM GETTING READY TO PURCHASE A 1.4 MILLION DOLLAR HOME THAT HAS COMPS AROUND IT FOR 2.5 TO 3 MILLION. DOES ANYONE KNOW OF A LENDER WHO WILL ALLOW ME TO BUY IT FOR 1.4 MILLION THEN TURN AROUND IN THE SAME MONTH AND ACQUIRE A CREDIT LINE UP TO 3 MILLION?
If you are paying $1.4m for the house do you really think it is worth $2.5-$3m? There has to be a reason for the difference, perhaps your comps are not truly comparable, or have better location, more square footage are newer etc? That being said, you could go out and apply for home equity line of credit after your puchase but I doubt the lender will provide a line up to the higher amounts knowing that you paid $1.4m for the home. Your purchase sets the market value of the home. Others might disagree with me?
Supposedly there are lenders out there who have no seasoning guidelines for NOO cash-outs, but the shortest I have ever seen is six months.
THIS PROPERTY IS IN WINTER SPRINGS, FLORIDA AND THE COMPS ARE BEING PULLED FROM 10 MILES OUTSIDE OF THIS HOUSE. OTHER HOUSES ARE RANGING FROM 2.7 TO 7 MILLION WITH LESS SQUARE FOOTAGE AND LESS LAND.+
Last year I bought an owner occuppied SFH and then refinanced 1 week later and pulled out all the equity up to the full appraised value. So a 100% refy with a cash out.
Last year I also bought a non-owner occuppied SFH (rental) in Aug 06 and then refinanced in Dec 06 (4 months). It was a horrible experence trying to get that non-owner occuppied loan through, but I did get it refinanced at 100% of the appraised value and received a check.
If you are looking to refy 1 month later on a non-owner occuppied you will need to qualify for 3 million and you will need assets and income to support the refy for a non-owner occuppied refy. If you refy for 80% of the appraised value vs. what I did and refy at 100% of the appraised value, that might help get the loan through.
Let me know if you want to know the lender I went through on either loan.
YES CAN YOU GIVE ME THE LENDER YOU WENT THRU AND THIS DEAL WILL BE SET UP AS A SECOND HOME.
I don’t know about Florida but 10 miles from me might as well be on Mars. Isn’t there any thing comparable that’s closer?
THIS PROPERTY IS ON 5+ ACRES OF LAND IN AN ESTATE DIVSION, SO I GUESS THERE ARE NOT MANY HOMES CLOSE TO IT. DOES THAT MAKE A DIFFERENCE ON ACQUIRING COMPS?
Would you like the lender or my broker who found the lender to get these financed? I like using brokers, but some people like to use the lender directly.
I agree with Rich, the lender will not like comps 10 miles away, even if there is a good reason.
THE BROKERS NAME AND NUMBER IS FINE, JUST LET ME KNOW WHO THE REFERRAL NAME IS. THANKS
EVANBOY,
I sent you the information. Let me know if any ?'s come up.
THANKS, I GOT IT.
EVANSBOY,
Please take your CAP LOCK off whne posting in the Forums.
Thanx,
Keith
Moderator
Iron,
Can you forward me the information on the lender as well? I don’t need the broker information, just the name of the lender that you send your payments too. I would like to take advantage of that product myself.
My loan for the Non-owner occuppied SFH refy is set up as two loans, as an 80/20 with both loans through the same lender.
When I get home I’ll look up the contact information for the lender(s), they are probably two seperate contacts, and email you.
Thank you very much. I appreciate you taking the time to do that.
Typically 2nds don’t have any cash out restrictions - even on NOO - but I agree that the appraisal will be an issue. Comps are too far.
Yes, there are a lender and program out there. A passivity of a refinance once you acquire it.