Bought a condo/townhouse and have 56k hard money loan on it.
Property should appraise at 70k (80% ltv).
700+ score for husband and wife (both on hard money loan) (full doc).
I’ve got a tenant ready to move in paying $725/month.
Property in OHIO.
Can anyone close this in 3 weeks or less?
If it is a townhouse that is possible. If it is a condo much more information is needed.
As long as there are no other surprises, and the renter is willing to sign a 12-month lease, there should be little problem. Check with small, local or regional banks, or mortgage brokers who specialize in O-O loans.
Was the property ever listed for sale?
You should definitely try locking in this loan before the end of the year as their may be some additional changes within the mortgage industry happening withing the next month or so.
That can close in three weeks or less.
What changes?
The continued break down of the subprime mortgage industry. With each passing day it becomes increasingly difficult to find programs that allow the parameters that you are seeking.
Bought from bank owned MLS listing…
If we want to get started trying to refinance, what’s the first step, and who should we contact?
You should contact a broker and have them start working the deal. Did you do a full appraisal when you bought the property through the HML? If so they can probably just do an update on the appraisal which will save you some money, but that needs to be done. Your title attorney will also need to update your title work showing you as the owner of record. Keep in mind that based on the numbers you posted you will have two choices. The first is staying at 80% and bringing your closing costs out of pocket to closing or you can go above 80% and roll everything in, but once you go above 80% keep in mind that you will have to have MI on your loan which will affect your cash flow. Hope this helps.