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Updated over 10 years ago on . Most recent reply

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2
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0
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Thomas Young
  • Real Estate Investor
  • Cape Coral, FL
0
Votes |
2
Posts

Need help for unusual situation. Need Funding quick.. 14 days.

Thomas Young
  • Real Estate Investor
  • Cape Coral, FL
Posted

Hello I have a unusual situation for me anyway and am looking for any suggestions or help. I am a 100% disabled vet and have a VA mortgage on my current home here in Florida. I have a chance to get a incredible deal on a new home here. I already have a VA approval, not a pre approval but a approval on the purchase on the new home pending the sale of my home and re issuance of my VA certificate. But the seller on the new home will not accept a pending contract due to the low ltv hes selling it for. I have negotiated a good price without the contingency and thought I had a hard money lender that was real. But now he wants money up front. And by western union so I am bailing on that. But now I'm stuck... So here is the deal. My house is worth $495,000 per a very good realtor that I have know for years. I owe $318,000 currently, the new home is worth in the upper $900K range and I have a contract and approval for $650,000. I need immediate funding for the new home till the old one sells. So what I would prefer is 12 month term (even though should be way less) with payment in full of principal and interest as soon as mine sells and I get the new VA loan or end of term. But then it will be a refinance to VA loan instead of purchase which should be easier. It would be a struggle to make monthly payments on both but if the interest rate was low enough and need be then I may be able to pay interest only payments. I would be able to rent mine as a vacation rental until it is sold... I know this is a long story and asking for a lot put I would really appreciate any suggestions or legitimate solutions that anyone can offer.

Thanks for reading this...

Tom

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