question for Ed - Posted by bill

import · January 16, 2003, 6:01pm

Posted by Ed Garcia on January 17, 2003 at 11:07:58:

Bill,

Even though seasoning many times can be an issue. You purchased it for $25,000, put $12,000 into it totaling $37,000.

Most Mortgage brokers shouldn’t have any problem getting this deal down for $40,000 and covering your closing cost.

You would have to show your closing statement for your purchase price of $25,000 and proof of the $12,000 expenditures (receipts, work orders, cancelled checks etc).

I feel comfortable in saying that any good Mortgage broker should be able to get it down.
If they say that they can’t because they don’t have the sources, give them First Franklin, BNC Mortgage, Washington Mutual just to name a few.

Bill, your numbers are justifiable if you can show the work done and prove your expenditures.

Ed Garcia

import · January 16, 2003, 6:01pm

question for Ed - Posted by bill

Posted by bill on January 16, 2003 at 19:01:42:

I have been a investor for 12 yrs. I have 14 properies 12 loans credit score 737-720-705 number 14 is a house on equity loan. paid 25,000 and put 12,000 into it. appraisal
came in at 65,000. We have only owned this home 3 months. We would like to finance 40,000 cash out of this home. What places will take this loan, being as we already have 10 properties already financed? The places we have applied will not loan without 1 years seasoning and will not loan us money based off of appraised value, they want to loan us only 75% of the amount that we have into the property. Our debt ratio does qualify us with no problems.