Another L/O Financing Problem - Posted by HT

Posted by B.L.Renfrow on October 27, 2000 at 12:46:04:

Call Ed Garcia, who hosts the financing forum on this site. Don’t know whether he lends in MD, but even if he doesn’t, he’ll probably know some lenders who can help your buyer.

Unfortunately, my state is one of the few in which he doesn’t do business :frowning:

Brian (NY)

Another L/O Financing Problem - Posted by HT

Posted by HT on October 27, 2000 at 11:25:19:

In following to a post by Dee-Texas, I too am running into problems getting an L/O financed without an arm and a leg as down payment. It appears that they don’t look at it as a refi anymore.

The best the mortgage company would offer my tenant was a 75% mortage with almost $5000 to close on a $55,000 purchase!!!

Is is just me or is this completely ridiculous?

When I received a copy of the good faith estimate, with closing, prepaid, origination fees and the 75% approval, they were looking at almost 18K out of her pocket to do the deal on a 55K condo.

Can anyone offer any suggestions on how (or who) can make this deal happen? I want to get it done ASAP and holding a mortgage would be my absolute last option. (No problems, I just want to invest in SFH)

Thanks for any feedback.


Note: Following are a few details

Type: condo
Price: 55K (option money 1K)
Comps: About the same as price
Location: Maryland
Lease Term: Tenant has been there 14 months (all rent paid)
Credit: (about a ‘C’) but has paid off some debt