reo - opportunity - Posted by martin

import · July 25, 2006, 7:47pm

Posted by Patrick S. Lawson on July 25, 2006 at 20:01:11:

You can get a loan up to $280K to cover purchase price, closing costs and rehab costs if you have a credit score of atleast 660 and can document your income.

import · July 25, 2006, 7:47pm

Posted by martin on July 25, 2006 at 19:47:41:

Home current listing = 237k, is reo, tax assessed valued = 327k, needs some repair mostly tlc can sell for 350k (current comps)
how can this deal get done if I have no money and fair credit?

thanks for the comments

import · July 26, 2006, 6:28pm

Re: reo - opportunity - Posted by Larry K

Posted by Larry K on July 26, 2006 at 18:28:44:

It is according to how much your bank will loan you.

I deal with three local banks. Two will loan 85% of purchase and 100% of improvements provided total of both is less than 85% of “as improved” appraisal.

The other bank will loan 85% of an “as improved” appraisal regardless of the purchase price and improvement cost. Therefore, no cash is required.

Im sure terms vary due to geographic area, specific lender, and borrower. I would shop around.