Posted by Joseph Madera on October 22, 2000 at 13:08:51:
MY financial condition is horrendous because I cosigned for 3 friends’ cars and they defaulted.I can find a AAA borrower.Can’t a no income program be used by myself and get cash back.I would prefer short term vs long term.
Cash At Closing - Posted by Joseph Madera
Posted by Joseph Madera on October 21, 2000 at 15:00:48:
Hi Ed,Its Joe again.I have found a property appraised at 200K.The sales price is 125K.It needs repairs in the amount of 5K.How do I structure this so I can get cash at closing. It is free and clear.I have been told that lenders will loan on the lower of the two appraisal or purchase price so how can i get the say 80% off the appraised value so I can get cash at closing?.How do I structure this so I could get the 80% of 200K and get cash at closing? What am I missing?Sorry for the repition but I want to do this deal mand leave with a check.
Re: Cash At Closing - Posted by Ed Garcia
Posted by Ed Garcia on October 22, 2000 at 12:55:56:
Joe,
This deal can be a nice deal. When you’re done with the buy, you’re at 65% LTV. Joe you don’t tell me anything about you such as your credit, income, and source of income.
This information is important in order to show deal construction for the financing.
Assuming that your numbers are right, this is a nice deal, don’t blow it trying to get kinky. The cleanest way to pull money out of this deal is to wait a year and re-finance it. No body can ever question that. Another thing you can do, is find a lender who will go by appraised value, not purchase price. That can take some looking but it’s not impossible it could depend on how strong of a borrower you are. When you’re a strong borrower and the property is in a good area, I’ve seen many times when the lender turns their head on seasoning.
Joe, you know that I know how to do what you want and not get caught. But I can’t teach it to you because no matter the justification, it’s LENDER FRAUD.
Any time you work a deal and try to pull money out of that deal unbeknown to the lender, it’s LENDER FRAUD.
Ed Garcia