Property At 90% Ltv And I Can Take Out My Equity?
Q: I have recently purchased a Forclosed Property for say 40,000 and fixed it up and I am guessing the Appraised value to be 78,000. Does any one know of a South Carolina lender that will refinance the property at 90% LTV and I can take out my equity? Better yet does anyone know how I can work a deal to do the above? I always hit a brick wall when I ask lenders on this issue. Any comments would be welcome
A: What your looking for is quite common, normally considered a very easy loan to get. Perhaps your trying the wrong type of lenders, look for mortgage brokers in your area, many can do the seemingly impossible in only a matter of days. Shop all of the brokers in your area too! Many are just blowhards that can say they can do what they can't and drag you on for months. If they can't lock it in in four days, theres a good chance they cannot do it at all. Move on to the next. My credits not all that hot, one lender turned me down for a 500 dollar limit credit card, 2 weeks later he loaned me 25,000 dollars NIV 80% of appraised value on a property I was only paying 1/3 of that as the purchase price without batting an eye.
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