Posted by Dimpil on October 12, 2003 at 17:21:30:
Have excellent credit? That would be a jumbo loan since it’s over 322k. You can do a 2nd home or investment and with excellent credit you can get 100% LTV but you really want an 80/20 CLTV. I’d also see if I could get an interst only loan to really get my payments cheap, cheap, cheap.
Possible Dream Deal - Posted by Larry Williams
Posted by Larry Williams on October 12, 2003 at 10:59:46:
I have recently found a house where the husband died in March 03 and his wife of 1 year has recently had to use money from proceeds of another house to pay the payments to keep from going in forclosure. The house is vacant ad probably needs about 20K in cosmetic rehab but for the most part is in great shape. She recently listed it with a realtor for $675,000. The home is over 4000 sq ft on 3 acres and wili probably be worth $800,000. The home is vacant and I know she is very motivated, I beilive she realizes she may lose the house to the courts if it doesn’t sale quick. The catch here is that her husband owed $290,000 in debt when he died so the sale has to be approved by the probate court, I assuming to make sure his creditors are protected. I believe I can get the home for $350-400K but because I own another home all my capital is tied up in it. What is the best way to get %100 financing of the purchase price?