Hi all. I went through a couple of threads regarding the topic. But I think each case is unique so I'm presenting mine here to get better help.
This is for a SFH I just bought a couple of weeks ago for $570k. House is still in tack (everything works), but rough conditions (worn carpet, old paint, etc..).
It's all paid for. Ideally Heloc would be best but cash out is fine. 60% or more is fine with me. I need banks that don't ask for full doc!
My current options:
- Right now I'm working with a local bank who quoted around 5.5% (forgot the exact number at the moment) but with 1% origination fee and some other lender fee (I think $1000-$1300). Again, I'll update these numbers tomorrow when I talk to them again.
- A HM lender I've been working with would lend @ 9% no fee
- Another one has a program at 7.9% no fee, takes 30 days to close
You will want to find a portfolio lender (think community bank) if you don’t want/can’t do full doc. If a deal makes sense, they can write it as they are the judge, jury, and executioner.