Posted by Michael Steele on September 08, 2006 at 15:01:35:
With the correct value situation along with all your other criteria (620 mid, 2 year self employment) and assuming this is an owner occupied deal you should not have a problem with getting conventional financing done and it should not take a full month. This is a week or 2 week deal at the most with everything put together correctly. The one thing you have to keep in mind is that you have to pay off the irs lien and achieving a payoff from them (which I have done for my cleints and put in a loan) can take time. IRS can move at thier own pace and no one tells them what to do (unfortunatly )
If that is somehting you have already worked out and have together than it should not take you long at all.
so far with the info you have provided your deal has the makings of a quck conventional deal with half the interest and possibly a quarter of the fees that hard money would require.
If you don’t need it, why use it.
Please contact for more details.
Considering HML… - Posted by Josh
Posted by Josh on September 08, 2006 at 14:43:38:
I just asked the question about an HML second. Here’s my situation. I have a deed to a home, where the original owner still has his mortgage of 76k active, and an IRS lien of 33k on top of that. I need to get the IRS paid off to stop action on the original owner. I would like to refi the whole thing into a 120k(ish) loan. I’m going to have a hard time with a bank, because of a few issues. I’m self employed for 23mos, I’ve been living rent free for the past 6mos, and my credit score is 620ish. This leads me to hard money. Even with a bank loan, my rate will be high, and it will take a month or more to get it. I’m looking for hard money to be quick, and simple. What kind of rates and points/fees up front would I be looking at with HML?
Re: Considering HML… - Posted by EricM
Posted by EricM on September 14, 2006 at 17:22:54:
You should be able to qualify for conventional financing.
Rates for hard money are from 10-15% in general and 2.5-5pts depending on the specific deal.
I would definetely go the conventional route. You can make it quick as I have closed conventional loans in under 2 weeks.