Posted by Jessie Watson on July 23, 2001 at 17:43:07:
If you are willing to take a second mortgage for 10% I may be able to help with a 85/10/5 loan. Total closing costs will only be around $1500 so he may have 7-8% down if that is the case. The interest rate will be somewhere around 10.5 to 12%
Need Financing - Posted by Claudine
Posted by Claudine on July 12, 2001 at 14:49:20:
I have a buyer for a home I am flipping in Plano Texas. He has Fica 539/542/584. I need to get him at 95 to 90%. He has 5% and closing costs. He was bankrupt two years ago.
Can anyone help me? Wants to close this month July 2001.
Thanks
Re: Need Financing - Posted by Lehman
Posted by Lehman on July 13, 2001 at 24:37:32:
Find out what the last 12 months look like as far as 30-60 day lates on the credit report. If he has been clean for the past 12 months he could go FHA depending on his income. Being out if the BK for 2 years and having no lates in the past 12 months put him as a good prospect for FHA(scores do not matter)
Re: Need Financing - Posted by Claudine
Posted by Claudine on July 13, 2001 at 09:57:55:
Thaks for the info. Did I mention this is a flip? I am pretty sure that this matters and can not go FHA. Please correct me if I am wrong.
Re: Need Financing - Posted by Lehman
Posted by Lehman on July 13, 2001 at 12:59:24:
Sorry…did not know that this was a flip