Who can Refinance? (by Jermaine [VA]) Sep 4, 2009 7:42 AM
Who can Refinance? (by Ellie [IL]) Sep 4, 2009 7:54 AM
Who can Refinance? (by eddie [KY]) Sep 4, 2009 7:54 AM
Who can Refinance? (by Chris [CA]) Sep 4, 2009 8:08 AM
Who can Refinance? (by JC [OH]) Sep 4, 2009 12:47 PM
Who can Refinance? (by Jason PA [PA]) Sep 6, 2009 11:58 AM
Who can Refinance? (by Jermaine [VA]) Posted on: Sep 4, 2009 7:42 AM Message:
State Specific Question About: VIRGINIA (VA)
I purchased a property in January 2009 using a hard money lender, now I am having trouble to get the property refinanced. Purchase Price was $80,000, Rehab Costs was $10,000, Appraisal in July 2009 came back at $131,000. --205.188.xxx.xxx |
Who can Refinance? (by Ellie [IL]) Posted on: Sep 4, 2009 7:54 AM Message:
How much are you trying to refi for? Banks have went back to the old rules.
1. You better have a FICO high enough to interest them
2. They want you to have more equity in it than the sweat on your brow like 30%
3. They don't like quick refi's
Try a small bank that keeps their own loans. --208.94.xxx.xxx |
Who can Refinance? (by eddie [KY]) Posted on: Sep 4, 2009 7:54 AM Message:
Try a smaller bank in your area. If you have good credit they will try to help you. --72.49.xxx.xx |
Who can Refinance? (by Chris [CA]) Posted on: Sep 4, 2009 8:08 AM Message:
I heard Wells Fargo is fast and good when you deal with the local office. Afriend used WAMU (now CHASE) and she had to re-submit the works an incredible 3 times. It took MONTHS!!
Be creative. Raise money somehow to make this work. Reduce the HML balance now.
Being a foreigner, I had to rely on hard money a few times and only had 1 mortgage in my life. Good luck! --125.25.xxx.xxx |
Who can Refinance? (by JC [OH]) Posted on: Sep 4, 2009 12:47 PM Message:
Depends on how many loans you currently have, how long you have had the property,the amount of "true" equity and your credit.
I have not been able to get a loan from a conventional bank for over 1 year but I have well over 10 loans so NO major bank will lend to me....my only option is smaller local banks that hold thier own paper. That said, they are also not lending because of the MAJOR losses they are bracing for on the commercial side....you are probably stuck with the hard money loan or will need to sell. Hopefully, you are not on balloon (probably are)but if you are,try to re negotiate for a 5 year loan...hopefully things will change by then....good luck. --66.72.xxx.xxx |
Who can Refinance? (by Jason PA [PA]) Posted on: Sep 6, 2009 11:58 AM Message:
Hard money lenders act like this hardly ever happens when in fact people have a hrad time refinancing away from them all the time.
Don't apply at one lender and wait, apply at several immediately, and go to the commmercial department if need be, easier underwriting guidelines. --74.99.xxx.xxx |
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